This can be explained by the fact that environmental protection and public spending on environment, including biodiversity, was traditionally viewed as a barrier, rather than opportunity for economic growth in Peru (MINAM, 2016b). Under the Law on the Creation of the Contingency Fund for Environmental Remediation (Law 30321, 2015), MINEM is authorised to make transfers to the National Fund of the Environment (FONAM) amounting to a maximum of PEN 30 million.13 Companies may also make contributions to the FONAM. For instance, the mining companies Buenaventura, Yanacocha, and Goldfields donated PEN 3 million to remediate the impacts from their activities in the Hualgayoc province (World Bank, 2016). The Contingency Fund for Environmental Remediation has a modest budget of PEN 50 million which is disproportionate to its ambitious mission.