African Nations Collaborate on Innovative Debt-for-Nature Swap

At least five African countries are exploring a joint 'debt-for-nature' swap to raise $2 billion for ocean conservation, according to the International Union for the Conservation of Nature. The initiative aims to protect Indian Ocean ecosystems by converting debt into environmental investments, enhancing biodiversity while mitigating national debts.

At least five African countries are collaborating on a potentially groundbreaking 'debt-for-nature' swap, projected to raise $2 billion for ocean conservation, according to a prominent global conservation group. These deals, increasingly popular among poorer nations, convert debt into investments for environmental protection.

While Ecuador, Barbados, Belize, Gabon, and Seychelles have previously engaged in such swaps, the African project marks the first multi-nation effort targeting a distinct ecosystem. Thomas Sberna of the IUCN revealed ongoing discussions involving countries like Kenya, Madagascar, Mauritius, Mozambique, Seychelles, Somalia, South Africa, Tanzania, and the Comoros.

The plan, backed by the U.S. and Britain, was first announced in 2021 and aims to safeguard 2 million hectares of ocean ecosystems by 2030, benefiting coastal communities. Sberna emphasized the necessity for ambitious deals to expedite conservation efforts, aiming for a significant increase in marine-protected areas.

(With inputs from agencies.)