Seychelles Finds A Novel Way To Swap Its Debt For Marine Protections

Seychelles

The Seychelles have brokered a novel deal that will allow the island archipelago to swap millions of dollars in sovereign debt for protecting nearly one-third of its ocean area.

It’s hailed as the first of its kind. “Seychelles is clearly breaking new grounds and with it, it has positioned itself as a world leader in ocean governance and management,” Seychelles vice president Vincent Meriton said in remarks announcing the new protections.

LINK (via: NPR)

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2 thoughts on “Seychelles Finds A Novel Way To Swap Its Debt For Marine Protections

  1. Hi!

    Well… It sounds good but is it really? It looks like privatizing the ocean off locals, no? What about the sovereignty of the State, now in the hands of a big foreign NGO? Think a bit about the sponsorship and the origin of the money, the possible clauses of the agreement regarding oil drilling, mining, etc… What about the local fishermen?
    Watch this and make up your mind.:
    https://vimeo.com/168291011

    Cheers,

    Raphael (France)

  2. Fine. Sounds great. But what happens when the International Mega-Money Boys become “bored” and no longer interested in their latest Great Corporate Mad Men PR Gesture – i.e. when its mostly elderly, heavily monied fishing members have died / moved on to lusher fishy pastures new?

    Realist, me, who knows very well that all sorts of OK and non-OK eggs have to be cracked to make a half-decent sustaining omelette, but when the fashion for omelettes (or Whatever, fill in your own current / potential future preferences) moves on (as it always does)?

    We need a Lot of Money to save the Planet, of course, but Money is always – ALWAYS -= short-term moving on.

    Long Game needed, now, guys.

    Sorry to be a Great White Elephant in the room, a negative-sounding nuisance, a naysayer irritant, but………..

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