The Seychelles was the first country to issue a debt-for-nature swap to protect its marine environment; it was also the first to issue a blue bond, raising capital to finance sustainable marine and ocean-related projects. But can it overcome the teething problems and provide a model other island nations can follow?
Current trends outlined by the Indian Ocean Tuna Commission (IOTC) found that while the tuna catch numbers in the Seychelles have increased year on year for the last three years, the catch rate has fallen. Data compiled by the Seychelles Fisheries Authority (SFA) has highlighted similar issues with other species. The IOTC has recommended that catch allowances for the region are cut by 15% for the yellow fin tuna fishing boats but so far there are few signs that these recommendations have been met. The fishermen believe that this is a sure sign that overfishing will continue.
But the rise of the blue economy’ could change the future of the Seychelles. The World Bank definition of blue economy is: the sustainable use of ocean resources for economic growth, improved livelihoods and jobs, while preserving the health of ocean ecosystem.
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