Article: Gabon pledges to invest $163 million in ocean conservation in exchange for partial debt restructuring
Gabon is taking a step forward in preserving the environment by announcing an innovative debt-for-nature swap project. The country has pledged to invest $163 million in ocean preservation in exchange for a partial restructuring of its debt. This announcement was made by the Gabonese Minister of Water and Forests, Lee White, in collaboration with the American NGO The Nature Conservancy.
This project, which will be spread over a period of 15 years, is a first in continental Africa. The idea of the “debt-nature” swap was born from the observation that many countries harbor exceptional biological wealth, but are also heavily indebted. Thus, this transaction makes it possible to reduce Gabon’s debt by 3%, in exchange for a financial commitment to the preservation of the environment.
Gabon thus becomes the first country in Africa to use this exchange mechanism. This practice has already been successfully implemented in other countries such as Belize, Barbados and Ecuador recently.
The funds raised through this exchange will be used for several marine preservation projects. In particular, they will enable the establishment of a marine territory development plan, as well as the strengthening of the means of action of the Gabonese administration, in charge of the preservation of the oceans.
Gabon has exceptional marine biodiversity, including the largest population of leatherback turtles and humpback dolphins, two endangered species. The country also has the largest nesting site for olive ridley turtles in the entire Atlantic Ocean. The protection of these species and their habitat is therefore essential for the preservation of marine biodiversity.
This project is a first step towards green finance and demonstrates Gabon’s commitment to the fight against climate change and the preservation of the environment. It highlights the importance of finding innovative solutions to reconcile economic development and nature conservation.
In conclusion, Gabon is positioning itself as a pioneer in the protection of the oceans thanks to this “debt-nature” exchange. This initiative will not only reduce the country’s debt, but above all finance concrete actions in favor of the preservation of marine biodiversity. Let’s hope that other countries will follow this example and that this practice will become widespread to protect our precious marine ecosystem