A fund is being set up to compensate Kiribati for the loss in fishing licence revenue after it set up the largest marine reserve in the South Pacific.
The President of Kiribati, Anote Tong, announced the creation of the Phoenix Islands Protected Area at a UN conference in Brazil..
It is also the world's first marine park with deep-sea habitat, including underwater mountains.
A member of the Kiribati delegation, American scientist Greg Stone, says a new fund will help.
"An endowment will be established to generate annual revenues that will compensate Kiribati for the lost commercial fishing licence revenues by creating this protected areas. So it has a long standing financial plan for the government and also for the protected areas."
Greg Stone
