A little over two years ago, the government of Belize and the Nature Conservancy finalized the single largest debt conversion agreement at the time. This was done through the Blue Loan Agreement and the Conservation Funding Agreement, and out of that, the Belize Blue Bond was formed. It has enabled the country to reduce its debt while simultaneously enhancing its marine conservation.
And today, they presented the achievements of the Blue Bonds over the last two years. Courtney Menzies was there and has this story.
November 2023 marked two years since the Belize Blue Bonds were signed as a form of debt relief. Since then, The Belize Fund was established to disburse the funding to both governmental and NGO agencies that support marine conservation. And in the last two years, Belize has achieved three milestones as a part of the deal.
Today, the Prime Minister, who is also currently doubling as the Minister of the Blue Economy, explained how the Blue Bond saved Belize millions of dollars.
John Briceno, Prime Minister
"The Belize Blue Bond deal came at a time when our country was in an untenable fiscal economic and dent situation. The successful negotiation of the Belize Blue Bond resulted in a triple win for our country. First, we were able to realize 360 million Belize dollars in debt forgiveness. Second, the reduction of approximately 400 million Belize dollars in debt servicing and third was the establishment of long term financing for marine conservation along with responsible blue economic development of 360 million Belize dollars over the next 20 years. in effect, we realized over 1.1 billion dollars in savings for Belize and the Belizean people."
And it's not just money that the deal has been saving, but the environment as well. The PM also explained the three milestones that has strengthened marine conservation.
John Briceno, Prime Minister
"We have accomplished important tangibles such as the protection of 20.3% of our total ocean space and we are on target to protect up to 30% by 2026. We have strengthened the management of mangroves and designated all remaining national land within the Belize barrier reef reserve system heritage sites as mangroves reserves. We improved the legislative framework for the conservation and treatment of mangroves in development areas. Through the Blue Bond we have launched the marine spatial planning process for the development of the Belize Sustainable Ocean Plan. This is plan is meant to provide us with a blueprint for blue economy development, taking into consideration the conservation needs for a healthy blue resource and the potential economic sectors which are aligned with the national direction of realizing a nature positive economy."
But while that is something to celebrate, Belize isn't far from being in the clear. Our reef is currently undergoing one of the worst coral bleaching events in decades, due to the super El Nino event that has carried over from 2023. The program director at TNC said that it will team combined efforts to save the reef.
Julie Robinson, Program Director, TNC
"I can't help but be concerned about our future. The last year has been very sobering, with 2023 being the hottest year ever recorded in history. I recall snorkeling and diving across our reefs last year and was literally dumbfounded in what I experience in terms of the temperature of the water, I've never felt it so warm in my life. We've seen extensive coral bleaching and death in record times and scientists are predicting this year will only be hotter and drier. It worries me, it really worries me but it's not all lost. Now, more than ever we need to cast aside our personal and organizational agendas and egos and collaborate to set the example for the world to follow."
And the PM added that Belize has already become a global leader in valuing marine conservation with co-designing the Resilient Bold Belize project:
John Briceno, Prime Minister
"The Ministry of Finance has been able to leverage the success of the Belize Blue Bond transaction to negotiate new deals for nature and climate financing. And here is something else that's exciting. Government along with its international partners are co-designing the first project finance for permanence globally for marine and coastal areas. By 2025, Resilient Bold Belize should raise about 160 million Belize dollars for the conservation, effective management and livelihoods security. Belize continues to be a global leader in demonstrating its commitment in valuing nature and integrating nature into its economic plans for development."
So far Belize has made payments of almost $15M Belize dollars towards the realization of the milestones achieved over the last two years.
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