The planet’s fragile ocean ecosystems are under increasing threat from development, tourism, shipping, pollution and seabed mining. Global warming and rising sea levels associated with the climate crisis are particularly threatening for small island states, which also struggle with high levels of sovereign debt.
Barbados has adopted an interesting way of tackling all these problems by swapping a portion of its debt for US$50 million-worth of bonds that are to be used over the next 15 years to finance ocean conservation projects. By making up to 30% of the country’s seas a marine protected area, Barbados also aims to protect its vital tourism industry, fisheries and other sectors of the blue economy.
The Government of Barbados has developed its ‘Blue Bond’ scheme in co-operation with the InterAmerican Development Bank (IDB) and The Nature Conservancy. Financing has been arranged by Credit Suisse and CIBC First Caribbean, according to shipping newsletter The Maritime Advocate.
Quoted by Business Barbados, Prime Minister Mia Mottley said: “This Blue Bonds project is a bold step towards protecting and securing our marine environment that is critical to our continued survival as a people.”
The Barbadian initiative ties in with the United Nations’ High Seas Treaty, which was agreed in June. The treaty will bring much-needed environmental regulation to the high seas – the vast portion of the world’s oceans that are outside the jurisdiction of any single state and are therefore vulnerable to pollution and other forms of environmental destruction.
The battle is not yet won, as 60 UN member states have to sign up to the treaty before it can take effect. When it does, small island states such as the countries of the Caribbean will benefit through protection of the seas that they rely on but which are outside their control.
