IUCN: Debt for Adaptation Swap Expansion - Waitt FoundationWaitt Foundation

IUCN: Debt for Adaptation Swap Expansion

Expansion of the debt for adaptation swap to targeted indebted Small Island Developing States presents an opportunity to use an innovative mechanism to finance implementation of marine spatial plans and increase the resilience of island nations most susceptible to the impacts of climate change through improved management of coasts, coral reefs, and mangroves.

During COP21 Paris, the Government of Seychelles and creditors from the Paris Club announced the closing of the first ever debt restructuring for climate adaptation of USD21.6m. The financing promotes implementation of a Marine Spatial Plan for the entire Seychelles EEZ as well as ensures 400,000 km2/98.9 million acres will be managed for conservation as marine protected areas (MPAs) within five years.

The debt swap agreement was supported by The Nature Conservancy through the GLISPA platform and brought together public and private financial support, including from the Waitt Foundation and Oceans 5. During the high-level side event that officially launched the debt swap hosted by Seychelles at COP21, the nations of Palau, Marshall Islands, Jamaica and Grenada announced their intentions to undertake debt swaps with the support of GLISPA and TNC. FSM has also indicated their desire to undertake a debt swap.

Expansion of the debt swap to targeted indebted SIDS presents an opportunity to use an innovative mechanism to finance implementation of marine spatial plans and increase the resilience of island nations most susceptible to the impacts of climate change through improved management of coasts, coral reefs, and mangroves.


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