African countries eye world’s first joint 'debt-for-nature' swap

African countries consider joint debt-for-nature swap to protect Indian Ocean coral, part of global conservation efforts.

At least five African countries are working on what could be the world's first joint "debt-for-nature" swap to raise at least $2 billion to protect a coral-rich swathe of Indian Ocean, according to a global conservation group.

Debt-for-nature deals are becoming increasingly popular for poorer nations to pay for conservation. Bonds or loans are bought and replaced with cheaper debt, with savings used for environmental protection.

Ecuador, Barbados, Belize, Gabon and Seychelles have all made such swaps in recent years, but the African initiative would be the first to involve multiple countries sharing a distinct ecosystem.

Thomas Sberna, regional head for coastal and ocean resilience at the International Union for the Conservation of Nature (IUCN), did not name the five African nations considering the joint swap deal. But he said those backing the broader "Great Blue Wall" conservation plan include Kenya, Madagascar, Mauritius, Mozambique, Seychelles, Somalia, South Africa, Tanzania and the Comoros.

First announced in 2021, the plan is backed by the U.S. and British governments and aims to protect and restore 2 million hectares of ocean ecosystems by 2030, benefiting some 70 million people in coastal communities.

Thomas Sberna, a regional head for coastal and ocean resilience at the International Union for the Conservation of Nature (IUCN), said such ambitious deals were important for speeding up conservation.

"If we want to really deliver a substantial impact in the next five years we cannot just continue issuing them one by one," said Sberna, who is involved in the talks.