Indian Ocean protection :African nations aim to create the first-ever global “debt-for-nature” exchange.
African nations aim to create the first-ever global “debt-for-nature” exchange.
According to a worldwide conservation organization, at least five African nations are collaborating on what may be the first-ever global “debt-for-nature” swap to earn at least $2 billion to safeguard an area of the Indian Ocean rich in coral.
Debt-for-nature agreements are becoming more and more common as a way for developing countries to finance conservation. Savings from the purchase of bonds or loans are put toward environmental preservation. The cheaper debt is then substituted.
These exchanges have recently taken place in Ecuador, Barbados, Belize, Gabon, and Seychelles; nevertheless, the African project would be the first to involve several nations sharing a unique ecosystem.
In the future,the broader “Great Blue Wall” conservation plan include Kenya, Madagascar, Mauritius, Mozambique, Seychelles, Somalia, South Africa, Tanzania and the Comoros.
