Institute of
Global Affairs
As SIDS face these impacts, national budget allocations towards addressing these effects increase while access to public funds for adaptation dwindle.
One of the managers of the proceeds of these blended capital instruments is the Seychelles’ Conservation and Climate Adaptation Trust (SeyCCAT).
financial instruments, i.e. the debt- for-nature swap whereby a USD $21.6 million debt-buy back was facilitated between the Government of Seychelles and its creditors at the Paris Club with a loan and grant from The Nature Conservancy. The second, is a sovereign blue bond whereby three U.S.-based private investors have invested in a bond worth USD $15 million with the intent that the proceeds will be used towards the transition to sustainable fisheries. One of the managers of the proceeds of these blended capital instruments is the Seychelles’ Conservation and Climate Adaptation Trust (SeyCCAT). SeyCCAT is an independent public-private trust fund with the mandate of disbursing USD $ 750,000 annually towards ocean conservation and climate adaptation projects. It is evident that the priorities of the Seychelles (and why funds are required) are inevitably linked to the ocean and climate. So far, the funds have been channeled toward local communities to collect data and pilot management measures and citizens’ education on climate change. Additionally, Seychelles is still able to access funds from multilateral funds such as the Green Climate Fund (GCF)
thing that SIDS depend on – the ocean. It is clear that the few options that remain open to SIDS are engaging in public-private partnerships, leveraging public funds to attract private capital to address its most pressing issue. However, this comes with challenges as private investors seek greater clarity on their financial returns on such investments, measurable and clear impact based on existing baselines, which are often lacking in such areas such as climate change and the ocean. As this area grows, investor confidence will increase but will it be in time to save these islands? To ensure the resilience and longevity of SIDS it is required that both public and private commitment will warrant that no one is left behind. ◆
and the Adaptation Fund (AF), which is why it continues to advocate for the replenishment of such funds. It is increasingly clear that the tipping points are fast approaching and SIDS are likely to be left behind with the real possibility of the extinction of islands as rising temperatures and the acidification of the ocean undermine the very
Angelique Pouponneau is a lawyer by profession and co-founded a non-governmental organisation, the SIDS Youth AIMS Hub Seychelles which focuses on climate change and sustainable development at grassroots levels. She recently completed an LLM in Environmental Law where her research focused on the necessary legal framework for oceans to be able to act as a solution to climate change. She is currently the Chief Executive Officer of the Seychelles’ Conservation and Climate Adaptation Trust.
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