OUR WORLD BONDING Could the key to saving the oceans lie in the arcane world of debt refinancing? Nigel Tisdall takes a look at how The Nature Conservancy is leading the way across the globe ISTOCK 64 NetJets
WITH THE BLUE STRETCHING FOR 300 kilometres between Mexico and Guatemala, the Belize Barrier Reef is a World Heritage-listed chain of some 200 cays and atolls where travellers enjoy sensational snorkelling, diving and sailing. Its clear, warm and often uncrowded waters pulsate with richly coloured corals and myriad creatures from the endemic whitelined toadfish to mighty loggerhead turtles. Like many of our most impressive natural wonders, this is a fragile ecosystem facing multiple threats that range from rising water temperatures and beach erosion to illegal fishing, aggressive construction, plastic waste and, potentially, oil extraction. How can a small, tourism-dependent country like Belize, home to just 400,000 people, combat all this? One answer could lie in what is commonly known as the Blue Bond, an innovative financial arrangement in which developing coastal and island nations restructure their sovereign debt on more favourable terms as a way to release funds for marine and littoral conservation. “It’s similar to refinancing a home,” explains Julie Robinson, Belize programme director at The Nature Conservancy, the Virginia-headquartered non-profit behind the scheme. “In 2021 Belize repurchased 3m of its public debt at a 45% discount. This was on condition some of the funds released would go to create protected marine zones and guarantee long-term, sustainable financing for ocean conservation over the next 20 years.” WORTH SAVING Aerial view of the Belize Barrier Reef Reserve. NetJets 65
