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The Indonesian government recently announced a groundbreaking deal to allocate over US$35 million owed to the United States towards the conservation of coral reefs in the most biodiverse ocean region on the planet.

This “debt-for-nature” swap will fund coral restoration in the Coral Triangle, specifically in the Bird’s Head and Lesser Sunda-Banda seascapes. These areas are home to three-quarters of the world’s coral species and over 3,000 marine species, including fish, turtles, sharks, whales, and dolphins.

Debt-for-nature swaps help developing countries tackle heavy debt burdens while also providing funding for conservation efforts. Conservation International facilitated the first swap in Bolivia in 1987, and Indonesia’s latest agreement will focus on safeguarding coral reefs, a first for the country.

Coral reefs, often called the “rainforests of the sea,” are crucial for marine biodiversity and support millions of people globally. Yet, they are disappearing rapidly due to factors like climate change, leading to mass coral bleaching.

Indonesia’s deal was made possible under the Tropical Forest and Coral Reef Restoration Act, which enables countries to reduce debt to the U.S. in exchange for conservation commitments. This law has supported swaps in 14 countries, releasing over US$415 million for protecting forests and coral reef ecosystems.

As international efforts to protect nature intensify, funds generated from such swaps can fill critical gaps in conservation financing. A United Nations report highlights the need to double financing for nature-based solutions to meet climate and biodiversity goals by 2025.

For more details, you can read the full story from Reuters here. Mary Kate McCoy is a staff writer at Conservation International, bringing you stories like this. Stay informed by signing up for email updates and consider supporting their vital work.

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