The US and Indonesian governments, alongside key implementing companions of the World Fund for Coral Reefs (GFCR) in Indonesia — Yayasan Konservasi Alam Nusantara (YKAN) and Yayasan Konservasi Cakrawala Indonesia (YKCI) — in addition to Conservation Worldwide and The Nature Conservancy, introduced this week that they’ve signed a US$35 million (~€32 million) debt-for-nature swap to guard Indonesia’s important coral reef ecosystems.
Specializing in the Chicken’s Head Seascape, the Lesser Sunda and Banda Seascape, the settlement is the primary debt-for-nature swap facilitated below the Tropical Forest and Coral Reef Conservation Act (TFCCA) devoted to coral reef ecosystems.
The landmark deal consists of a number of key provisions together with a discount of $35 million in Indonesia’s debt funds to the US Authorities over the following 9 years; a dedication from the Indonesian authorities to ascertain a conservation fund devoted to the safety and restoration of coral reefs; and important help for native organizations actively engaged in safeguarding coral reef ecosystems and coastal communities.
Moreover, the deal promotes ocean-positive initiatives, such because the strengthening of marine protected areas, enhancement of pure useful resource administration, and growth of sustainable livelihoods throughout Indonesia.
Leticia Carvalho, Head of UNEP’s Marine and Freshwater Department and co-chair of the GFCR, acknowledged:
“By redirecting funds initially allotted for debt reimbursement, this landmark debt-for-nature swap is unlocking a brand new and revolutionary supply of funding for conservation of Indonesia’s coral reef ecosystems.”
She added:
“The World Fund for Coral Reefs is proud to help this landmark settlement on the coronary heart of the Coral Triangle, because it not solely builds upon the a long time of revolutionary conservation funding unlocked by means of the U.S. Tropical Forest and Coral Reef Conservation Act, however will strengthen area people engagement by creating native foundations to help small grants to NGOs and native communities, and a possibility to additional develop public-private partnerships.”
Indonesia is house to 16 % of the world’s coral reef areas and roughly 60 % of the world’s coral species. The worth of products and providers offered by coral reefs in Indonesia — together with fisheries, shoreline safety, and tourism — are estimated at $1.6 billion (~€1.46 billion) per 12 months. Nevertheless, Indonesia’s coral reefs are going through a myriad of threats, starting from local weather impacts, to overfishing and unsustainable tourism practices.
Konservasi Indonesia Chairperson Meizani Irmadhiany stated:
“This debt-nature-swap funding will assist speed up the attainment of Indonesia’s imaginative and prescient to guard 30 % of its waters and improve administration effectiveness of its coral reef. Additionally it is an necessary and strategic stride for Indonesia within the institution of a future blended conservation financing mechanism. Supported by numerous strategic companions together with the World Fund for Coral Reefs, Konservasi Indonesia can be represented within the grant oversight committee that may set up a strategic plan and oversee its implementation. In parallel with the grant program, Konservasi Indonesia will work to strengthen the capability of the coral-dependent communities to have entry to the grant.”
