The government of Indonesia announced this week a deal to redirect more than US$ 35 million it owes to the United States into the conservation of coral reefs in the most biodiverse ocean area on Earth. The “debt-for-nature” swap will fund coral restoration in two key areas of the Pacific Ocean’s Coral Triangle — the Bird’s Head and Lesser Sunda-Banda seascapes, which encompass three-quarters of the world’s coral species and more than 3,000 types of fish, turtles, sharks, whales and dolphins, Marc Jones reported for Reuters. Debt-for-nature swaps aim to alleviate two problems for developing countries: heavy debt burdens and a lack of funding for conservation.
It would be interesting to get more details on this. It appears the debt is being written off however over what period was the debt and what payment structure? Will these payments how be diverted to long term conservation? Are carbon credits part or this deal?
My country, Brasil, should pay more attention to it by seriuoudly looking at inovative opportinitues like this in Indonésia.
Good to hear.
Sustainability needs peace 🍉
3moIn a way a great concept. Debt relief for nature protection. Then again this appears deeply colonialist. I have been morally divided on this for a while. What do you think Moira Birss...