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Seychelles Debt Swapped for Vast Ocean Protection
4 Oct
Summary
- Seychelles converted $21.6 million in foreign debt for conservation.
- Ocean protection expanded to 30% of its Exclusive Economic Zone.
- Deal created world's first ocean debt conversion for conservation.
Seychelles, an East African island nation, has spearheaded a pioneering ocean debt conversion, converting $21.6 million of its foreign debt into dedicated conservation funding. This initiative, a first of its kind globally, has significantly expanded its marine protection to 30% of its Exclusive Economic Zone by 2026-10-04T12:21:54+00:00. The Nature Conservancy and the Leonardo DiCaprio Foundation were among the key private funders for this landmark deal.
The comprehensive marine spatial plan, covering 1.4 million square kilometers, divides protected waters into two zones. Zone 1, the High Biodiversity Protection Area, includes 201,235 square kilometers around the Aldabra Group, prioritizing strict limits on human activity to safeguard critical habitats for dugongs and giant tortoises. Zone 2, the Medium Biodiversity Protection and Sustainable Use Area, spans 217,548 square kilometers, allowing sustainable activities like fishing and tourism to coexist with ecosystem protection.
The debt conversion established the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) in 2016, which now distributes blue grants for ongoing conservation projects. This system supports initiatives like working with artisanal fishers to manage declining fish populations. The plan also aims to balance the protection of marine assets with the continued growth of Seychelles' "Blue Economy."
