The Bahamas announced that it will free up more than $120 million for marine conservation projects and climate change mitigation, a move that is the fifth debt-for-nature swap in the world.
"We see this project not just supporting the biodiversity and climate objectives of the country, but ultimately the economy and livelihoods of many, many folks," Shenique Albury-Smith, Bahamas-based deputy director for The Nature Conservancy, said to The Associated Press.
It's expected the move, which will include a new loan with reduced interest rates, will free up $124 million in funding, according to the AP. Over the next 15 years, the country is planning to use the money toward marine conservation projects. An endowment fund will also be created in order to ensure funding will be available for the projects beyond the 15 years.
The Bahamas has faced numerous environmental emergencies within the last decade.
Situated within the Atlantic hurricane belt, the islands regularly deal with natural disasters such as hurricanes and tropical storms, according to The Climate Change Knowledge Portal. Beyond natural disasters, other threats have been detrimental to the Bahamas' biodiversity. Over 80% of the landmass is now within five feet of sea level, making it highly vulnerable to flooding, according to the Convention on Biological Diversity.
This also makes groundwater susceptible to contamination, putting locals at risk of disease.
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Environmental legislation such as these have been sprouting all over the world. These indicate vital benefits to repairing biodiversity in addition to offering benefits to citizens.
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Albury-Smith mentioned the move "will likely use some of the money to protect, restore and manage the mangrove ecosystem," which is considered one of the most valued ecosystems around the world, especially in the Bahamas. Mangrove ecosystems store carbon dioxide better than tropical forests.
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