Seychelles Swaps Debt in Return for Creating Marine Reserve
Mired in debt, threatened by climate change, the Seychelles last month pulled off a deal to tackle both in what officials say could be a template for future efforts to protect the planet.
The government struck agreement with the influential Paris Club of creditors, who agreed to cancel US$30 million of debt if the country launched a massive ocean conservation project.
In exchange for the debt relief, the Seychelles has agreed to ensure 30% of its 1.3 million square kilometres of sea become the Indian Ocean’s second largest marine reserve.
“We are 155 small islands, but we are a large ocean state,” Seychelles ambassador to the UN, Ronnie Jumeau, told Climate Home.