Closing the funding gap for biodiversity conservation is one of the critical topics at COP 16 in October 2024. The funding gap has been estimated at $700 billion in Goal D of the Kunming-Montreal Agreement, based on a report, “Financing Nature”, published in 2020. Taking the example of fisheries and ocean conservation, this article shows the $700 billion figure is based on highly dubious calculations and assumptions. The author argues the funding gap report is not a serious effort to estimate the needs for supporting conservation efforts. Therefore, the $700 billion figure should be rejected by those opposed to the continuing financialisation of conservation.
Gabon’s Odious Debt-for-ocean Swap: The implications for ocean governance
This article covers TNC’s recent debt-for-ocean swap with Gabon, involving US$500 million worth of debt. In exchange, the Gabonese government has committed to protect up to 30% of the oceans. The author looks in detail at the deal (Part 1) and the conservation commitments (Part 2), explores the problems with this deal in terms of debt justice and of ocean governance, and develops its implications for coastal communities.
Debt-for-nature swaps and the oceans: The Belize Blue Bond
This second article of our series on financialisation and the blue economy covers TNC’s recent debt-for-ocean swap in Belize, news about TNC’s “audacious plan” of other debt swaps in other countries, the history of debt swaps and how the recent swaps reflect the financialisaton of conservation and finally, why these debt swaps are worrying for small-scale fisheries.