{"id":99390,"date":"2022-12-09T11:44:21","date_gmt":"2022-12-09T06:14:21","guid":{"rendered":"https:\/\/www.icsf.net\/?post_type=resources&p=99390"},"modified":"2022-12-09T14:24:49","modified_gmt":"2022-12-09T08:54:49","slug":"financing-the-30x30-agenda-for-the-oceans-debt-for-nature-swaps-should-be-rejected","status":"publish","type":"resources","link":"https:\/\/www.icsf.net\/resources\/financing-the-30x30-agenda-for-the-oceans-debt-for-nature-swaps-should-be-rejected\/","title":{"rendered":"Financing the 30×30 agenda for the Oceans: Debt for Nature swaps should be rejected"},"content":{"rendered":"
1.\u00a0\u00a0\u00a0\u00a0 At the UN Biodiversity Conference, or COP-15, the post-2020 framework will likely endorse the target of declaring 30% of the world\u2019s land and oceans as protected areas by 2030. We recognise that protected areas can be effective means to restore and conserve biodiversity and support coastal communities who rely on fisheries for their livelihoods and food security. The success of the post-2020 framework is dependent on participatory and transparent approaches<\/strong> to locating such areas and developing rules on what commercial activities are permitted in them.<\/p>\n 2.\u00a0\u00a0\u00a0\u00a0 In delivering on \u201830×30\u2019, a rushed approach to gazetting large areas of the oceans as protected areas for nature could be extremely harmful<\/strong>. Governments must therefore recognise the rights of people, including their free, prior and informed consent to any decisions that deny them access to their historical fishing grounds, in line with the FAO Voluntary Guidelines on sustainable small-scale fisheries, as proposed in the Artisanal Fishers Call to Action<\/a><\/span>.<\/p>\n 3.\u00a0\u00a0\u00a0\u00a0 Furthermore, the protection of 30% of the oceans by 2030 must not distract governments from giving more comprehensive attention to the unsustainable management of ocean economies<\/strong>. Merely declaring large parts of the oceans as protected zones does not guarantee the sustainable and equitable use of marine resources. Instead, COP-15 should strengthen efforts to halt the growth of socially and ecologically damaging industries, such as industrial fishing, intensive fish farming, and coastal and offshore mining. It should seek to end the large amounts of private investments and public subsidies these sectors receive. Without this, the 30×30 target will be superficial and it will fail in its ambition.<\/p>\n 4.\u00a0\u00a0\u00a0\u00a0 Our concerns about the 30×30 target extend to proposals on its financing<\/strong>. It is claimed that delivering on 30×30 will require a huge increase in government spending. While several financing mechanisms will be discussed at COP-15, an increasingly popular idea is to raise this money through innovative financial instruments, including debt for nature swaps and blue bonds. As seen at COP-27, there is strong support for these financial instruments among governments, multi-lateral organisations and most of the world\u2019s largest environmental NGOs. However, the risks and pitfalls of turning to financial markets to fund marine conservation are being ignored.<\/p>\n 5.\u00a0\u00a0\u00a0\u00a0 Debt for nature swaps are gaining particular momentum, and could be further endorsed at COP-15<\/strong>. It has been claimed these are ingenious solutions that will not only provide billions of dollars for marine conservation but will also provide highly indebted countries lasting relief from crippling debt repayments to foreign creditors. The Nature Conservancy (TNC) is leading the way in expanding these deals, having completed debt swaps in the Seychelles, Belize and Barbados already.<\/p>\n 6.\u00a0\u00a0\u00a0\u00a0 In Belize, TNC\u2019s debt for nature swap involved lending the government $364 million, part of which was intended to allow Belize to refinance its debts owed to private lenders. \u00a0This money was raised by Credit Suisse through issuing a blue bond to investors, eventually sold by Platinum Securities registered in the Cayman Islands. The deal was made conditional on enlarging marine protected areas from 20% to 30% of the nation\u2019s oceans, implementing various policies for coastal and ocean governance, including support for carbon offset trading and the development of commercial fish farming. This deal also commits the Government of Belize to provide $180 million spread out over 20 years to a new national Conservation Fund, with TNC on its governing board. TNC will then provide overall guidance on the development of Belize\u2019s national Marine Spatial Plan.<\/p>\n 7.\u00a0\u00a0\u00a0\u00a0 With support from the US government, TNC has launched an \u2018audacious\u2019 plan to scale up these financial deals in 20 countries. In a presentation by TNC, a map was provided that charts its ambition. We note that a deal valued at $700 million is nearing completion in Gabon, and a deal valued at approximately $800 million is in the advance stage in Ecuador.<\/p>\n<\/div>\n<\/div>\n