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Editor\u2019s note:<\/strong> Conservation International announced on Jan. 15, 2025, that the debt-for-nature swap between the United States, Indonesia and several non-governmental organizations has officially been finalized. This means that US$ 35 million will begin to flow toward the protection and restoration of Indonesia\u2019s highest-priority coral reef ecosystems, including Raja Ampat, where Conservation International has worked for two decades. \u201cGood things sometimes take a long time to achieve,\u201d said Conservation International CEO M. Sanjayan in a statement after the deal closed, thanking donors and supporters. \u201cWith your help we have achieved a great and lasting victory.\u201d This story originally published in July, 2024.<\/em><\/p>\n The \u201cdebt-for-nature\u201d swap<\/a> will fund coral restoration in two key areas of the Pacific Ocean\u2019s Coral Triangle \u2014 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.<\/p>\n Debt-for-nature swaps aim to alleviate two problems for developing countries: heavy debt burdens and a lack of funding for conservation.<\/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 for financing conservation<\/a>. While Indonesia has participated in three earlier swaps, this will be the first to focus on protecting coral reefs.<\/p>\n \u201cWe never imagined that this critical mechanism to alleviate burdensome debt and protect the world\u2019s 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<\/p>\n Conservation International will provide US$ 3 million to support Indonesia\u2019s debt swap.<\/p>\n Further reading:<\/strong> The most important conservation law you\u2019ve never heard of<\/a><\/p>\n 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.<\/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.<\/p>\n Indonesia\u2019s deal was made possible under the Tropical Forest and Coral Reef Restoration Act (TFCCA)<\/a>, 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 US$ 415 million<\/a> to protect tropical forests and coral reef ecosystems.<\/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<\/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.<\/p>\n As global commitments to protect and restore nature<\/a> gain ground, the money generated from debt-for-nature swaps can help address a persistent gap in funding to support these efforts. A 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 US$ 384 billion<\/a> a year by 2025.<\/p>\n Read the full story from Reuters here<\/a>.<\/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