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The government of Indonesia announced this week a deal to redirect more than US$ 35 million it owes to the United States into the conservation of coral reefs in the most biodiverse<\/a> ocean area on Earth.\u00a0<\/p>\n The \u201cdebt-for-nature<\/a>\u201d swap will fund coral restoration in two key areas of the Pacific Ocean\u2019s Coral Triangle<\/a> \u2014\u00a0 the Bird\u2019s Head<\/a> and Lesser Sunda-Banda seascapes, which encompass three-quarters of the world\u2019s coral species and more than 3,000 types of fish, turtles, sharks, whales and dolphins, Marc Jones reported for Reuters<\/a>.<\/span><\/p>\n Debt-for-nature swaps aim to alleviate two problems for developing countries: heavy debt burdens and a lack of funding for conservation.\u00a0<\/span><\/p>\n Conservation International brokered the first debt-for-nature swap<\/a> in Bolivia in 1987 \u2014 and in the years since, they have become a powerful tool<\/a> for financing conservation. While Indonesia has participated in three earlier swaps, this will be the first to focus on protecting coral reefs.<\/span><\/p>\n \u201cWe never imagined that this critical mechanism to alleviate burdensome debt and protect the world’s most valuable ecosystems would eventually unlock billions for global conservation,” Conservation International CEO M. Sanjayan said in a statement. \u201cWe commend the governments of Indonesia and the United States for their vision and commitment to marine conservation.\u201d<\/span><\/p>\n Conservation International will provide US$ 3 million to support Indonesia\u2019s debt swap.<\/span><\/p>\n F<\/strong><\/span>urther reading:<\/strong> The most important conservation law you\u2019ve never heard of<\/a> Known as the \u201crainforests of the sea,\u201d coral reefs support a quarter of all marine species<\/a> and are the cornerstone of healthy ocean ecosystems. Moreover, more than 500 million people rely on coral reefs for food and livelihoods. But they\u2019re quickly vanishing<\/a>. Record heat, ocean acidification and pollution are all contributing to mass coral bleaching<\/a>, which is only expected to get worse as climate change accelerates.<\/span><\/p>\n Roughly 18 percent of the world\u2019s coral reefs are found in Indonesia\u2019s waters, where they provide food, livelihoods, and storm protection for coastal communities.<\/span><\/p>\n Indonesia\u2019s deal was made possible under the <\/span>Tropical Forest and Coral Reef Restoration Act<\/a> (TFCCA), which allows countries to reduce their debt to the U.S. in exchange for commitments to conserve forests and coral reefs. In the 25 years since its adoption, the act has supported swaps in 14 countries and unlocked more than <\/span>US$ 415 million<\/a> to protect tropical forests and coral reef ecosystems.<\/span><\/p>\n Alexandre Portnoi, a legal advisor with Conservation International who worked on the deal, said the swaps \u201copen up a new pool of funding for conservation by breaking the cycle of increasing debt that contributes to the destruction of nature.\u201d<\/span><\/p>\n \u201cThat\u2019s because countries with high levels of debt may be more likely to exploit their natural resources in an effort to meet financial needs,\u201d he added.<\/span><\/p>\n As global commitments to protect and restore nature <\/span>gain ground<\/a>, the money generated from debt-for-nature swaps can help address a persistent gap in funding to support these efforts. A <\/span>United Nations report<\/a> found that the world will not reach its climate and biodiversity goals unless financing more than doubles \u2014 from the current US$ 154 billion a year to <\/span>US$ 384 billion<\/a> a year by 2025.<\/span><\/p>\n Read the full story from Reuters <\/span>here<\/a>.<\/span><\/p>\n Mary Kate McCoy is a staff writer at Conservation International. Want to read more stories like this? Sign up for email updates<\/a>. Also, please consider supporting our critical work<\/a>.<\/em><\/p>\n<\/div>\n
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