Extract

In 2012, when preparing for the World Summit on Sustainable Development in Rio de Janeiro (Rio+20), Seychelles joined the SIDS in promoting the Blue Economy as an ocean-centred alternative to the green economy. At the time, the United Nations was advancing the green economy development approach. For many SIDS, the green economy, which is based on the sustainable use of terrestrial resources to drive development, did not reflect the reality within their countries. This was strongly reflected in the small percentage of green terrestrial areas most SIDS have in comparison to their much larger blue marine space. In the case of Seychelles, its landmass is less than one percent of its total territory. Therefore, compared to continental countries, the marine space of SIDS provide greater opportunities for sustainable development than their limited terrestrial area. Through discussions in the Global Island Partnership (GLISPA), including fellow member and non-profit environmental organization The Nature Conservancy (TNC), Seychelles came to the conclusion that ocean governance and protection were critical to the sustainable development of SIDS and, indeed, the world.

With this realization, Seychelles decided to play a leading role in promoting this initiative. So, in June 2012, on the margins of the Rio+ 20 summit, Seychelles announced that providing it could raise $2.5 million per annum to manage its marine space, it was prepared to set aside 30% of its Exclusive Economic Zone (EEZ) for marine conservation and adaptation to climate change. Soon after the Rio+20 summit, Seychelles joined forces with TNC to explore the feasibility of using a debt-for-nature swap as a vehicle to achieve this goal.

Read full case study here