Protecting marine areas from over-exploitation and providing the people who have traditionally lived off the sea with a sustainable alternative livelihood does not come cheap, but in the Seychelles, a focus on financial instruments is making that task easier.
The Seychelles, an archipelago of 115 islands in the Indian Ocean, is rich in biodiversity. However, years of overfishing and the impact of climate change has meant that many Seychellois are unable to make a living.
The island nation’s government has been supported by the UN Development Programme (UNDP) to put together a financial plan, including a “blue bond” and debt restructuring focused on climate adaptation.
Ultimately, up to 400,000 square kilometer, around 40 percent of its marine environment, will be protected and marine resources will be managed in a sustainable way for the benefit of the people of the Seychelles.
The principal environmental vertical funds UNDP partners with are those managed by the Global Environment Facility (GEF), including the GEF Trust Fund (GEF TF), Nagoya Protocol Implementation Fund (NPIF), Least Developed Countries Fund (LDCF), and Special Climate Change Fund (SCCF).
In addition, UNDP is an accredited entity for the Adaptation Fund (AF) and the Green Climate Fund.
The UNDP–GEF business model involves a three-tier structure of oversight and specialized technical assistance that supports the delivery of high quality services to each vertical fund.