In a bid to help coastal and island communities to reduce their debt burdens, while helping to save and restore the world’s oceans, the Nature Conservancy announced that it will start selling “blue bonds” to help restructure and refinance debt for communities that live near the ocean. As part of its Blue Bonds for Conservation initiative, the Nature Conservancy is hoping that these nations will protect at least 30 percent of near-shore ocean areas such as coral reefs, mangroves and related near-shore ocean habitat, in exchange for better debt repayment terms. (See “Greenpeace Releases 30×30 Blueprint For Ocean Protection)
As part of its Blue Bonds for Conservation initiative, the Nature Conservancy is hoping that these nations will protect at least 30 percent of near-shore ocean areas such as coral reefs, mangroves and related near-shore ocean habitat, in exchange for better debt repayment terms.
“There’s still time to reverse decades of damage to the world’s oceans before we hit the point of no return,” Mark Tercek, CEO of TNC told GreenBiz. “It’s going to take something audacious to tackle marine protection at this scale, which means thinking beyond more traditional approaches to ocean conservation.”
According to GreenBiz, TNC has already secured more than $US 23 million in funding from donors. It is hoping to secure $US 40 million, which will hopefully unlock $US 1.6 billion in ocean conservation funding. Up to 20 countries will be the recipients of these funds, of which the NTC hopes 1.5 million square miles of biodiverse, near-shore ocean areas are protected.
When a nation accepts these Blue Bond monies, marine scientists with The Nature Conservancy will develop a “marine spatial plan,” to help pay for newly established marine protected areas and other programs to help protect the oceans. These will be paid for via debt restructuring and philanthropic donations, according to GreenBiz.
“This is the philanthropic opportunity of a lifetime,” said Tercek. “Every dollar we raise will result in 40 times the impact. It’s hard to find better leverage than that.”