Analyzing the paradigmatic impact of Seychelles blue economy financing model

Abstract

Seychelles is regarded as the first country to implement a debt-for-nature swap (marine conservation) and blue bond finance model. The goal of the initiative was to secure funding for the preservation of the ocean ecosystem and empower fishermen and women with facilities and skills for value addition in the fishery industry. Since the launch of the innovative blue economy finance framework in 2015, the phenomenon has attracted considerable attention in the literature and policy environment. This development bolsters the visibility of the most underfunded Sustainable Development Goal (Goal 14), however, there has been a limited study on the paradigmatic impact of the finance model. This study argues that Seychelles’ blue economy finance model has not only created opportunities for increasing blue funding. But has, in addition, provided a practical financing roadmap that addresses ecological issues through a human-centered approach. This unrecognized impact is significant given the popular debate between critics of ocean preservation and ecological security proponents. The paper argues that the Seychelles’ debt-for-nature and blue bond initiatives although ecologically conscious have designed collaborative programs to include the views of private landowners, fishermen and women, civil society organizations, and private landowners. This collaborative and human-centered approach to conservation has enabled fishers to absorb the livelihood impact of fishing regulation and marine zone protection. Although with its challenges, this approach to marine conservation shows that the policymakers in Victoria understand the significance of the marine ecosystem as well as the human agency in controlling overfishing and other harmful activities that may impact the sustainability of life underwater. The study leveraging a qualitative methodology and content analysis technique argues that the Island African country seems to have adopted a human-centered approach in its blue economy framework. Furthermore, the study identifies the challenges that may be associated with the blue bond financing model. In addition, the study argues that the popular evangelism for the adoption of the blue bond should be done with recognition of Seychelles’ peculiar robust ocean governance framework.