This article was originally published on Global Environment Facility (GEF).
“…Seychelles is a good example of a country that is going beyond business as usual when it comes to preserving its natural assets. In 2016, the Seychelles completed an innovative debt-for-nature conversion with The Nature Conservancy. This deal raised funding to buy $21 million of Seychelles’ sovereign debt to reﬁnance it under more favorable terms, and then direct a portion of repayments to fund climate change adaptation, sustainable fisheries, and marine conservation projects – as well as to create an endowment for the benefit of future generations of Seychellois.
As part of the deal, the Seychelles committed to a comprehensive Marine Spatial Plan (MSP), which will cover their entire marine area of almost 1.4 million square kilometers. Here, the government is demonstrating its global ocean leadership credentials, driving an ambitious agenda to capture sustainable value from its ocean while also securing 30% (410,000 sq km) of its ocean area in new Marine Protected Areas (MPAs)…”
Read onat: Global Environment Facility (GEF).