Focus on Arts and Ecology

Coastal mangroves (Image: Alexpunker)

The Nature Conservancy (TNC) has unveiled what it says is a pioneering US$1.6 billion scheme to scale up global ocean conservation efforts through “blue bonds”.

The bonds will refinance and restructure debt for coastal and island countries in exchange for a commitment to protect at least 30% of their near-shore ocean areas, including coral reefs, mangroves and other important habitats.

The scheme would help ensure the protection of an additional four million square kilometres of the world’s most biodiverse ocean habitat – a 15% increase on current coverage. It also aims to save 13% of the world’s coral reefs and could benefit 43 million people living within 100 kilometres of a coastline.

The international not-for-profit group’s Blue Bonds for Conservation Initiative, announced on Wednesday at a TED talk in Vancouver, Canada, aims to deliver blue bonds in up to 20 countries over the next five years, though it cannot yet reveal the participating nations.

Blue bonds are financial instruments used to raise money from capital market investors for projects that support the sustainable use of ocean resources. They are seen as an innovative and promising tool to fund ocean conservation.

Under the scheme, TNC will restructure a portion of the nation’s sovereign debt with lower interest rates and longer repayment periods, and provide ongoing conservation work such as improving fisheries management and reducing pollution.

Scientists will draw up a marine spatial plan involving local communities, fisheries groups, tourism businesses and government. A fully independent trust fund will also be set up to pay for the newly protected areas and other conservation actions using savings from the debt restructuring and philanthropic dollars.

“There’s still time to reverse decades of damage to the world’s oceans before we hit the point of no return,” said Mark Tercek, TNC’s CEO. “It’s going to take something audacious to tackle marine protection at this scale, which means thinking beyond more traditional approaches to ocean conservation.”

Currently it is estimated that just over 7% of the world’s oceans are formally protected. The United Nations aims to protect at least 10% of coastal and marine areas by 2020, but scientists say more is needed to safeguard wildlife and help mitigate the impacts of climate change. Last week Greenpeace launched a major campaign calling for a planet-wide network of ocean sanctuaries that would represent 30% protection by 2030. Negotiations for a global UN treaty to protect the high seas are underway and due to conclude next year.