Belize Blue Bonds for ocean conservation Project
In November 2021, the Government of Belize (Belize) and TNC announced an innovative USD 364 million debt conversion that enabled the country to reduce its debt burden and generate an estimated USD 180 million over 20 years for marine conservation. As part of the agreement, Belize established the Belize Fund for a Sustainable Future (BFSF), an independent conservation trust fund (CTF), to allocate conservation funding to project partners. The BFSF will support Belize’s commitments to expand biodiversity protection to 30% of its ocean area, develop a marine spatial plan (MSP), strengthen governance frameworks for fisheries, establish a regulatory framework for coastal blue carbon projects, and other related activities.
Overview
Belize, a Central American country bordering the Caribbean Sea, contains enormous ecological value in its land, internal water, and ocean areas. Its waters are home to a significant portion of the Mesoamerican Reef, the second-longest barrier reef in the world. The Belize Barrier Reef System features three of the 11 coral atolls in the northwestern Atlantic Ocean, lush mangrove forests, numerous offshore cayes, and one of the most extensive seagrass areas in the Caribbean. It hosts 122 endangered and vulnerable species listed by the IUCN, including a sizeable population of West Indian Manatees. The nation’s natural assets are more than just a point of pride: they also contribute significantly to its economy.
Belize has implemented several notable initiatives in ocean conservation, including the Belize Blue Bonds for Ocean Conservation Project and the ongoing development of the Belize Sustainable Ocean Plan (BSOP), its MSP. Led by the Coastal Zone Management Authority and Institute (CZMAI), the goal of the Belize Blue Bonds for Ocean Conservation Project is to finance and implement actions focused on the sustainable use of Belize’s entire ocean space, including its marine protected areas (MPAs), which are crucial for maintaining biodiversity and supporting ocean-dependent livelihoods such as tourism and fisheries. The overarching goals of BSOP are to develop and legally enact an MSP that 1) designates up to 30% of Belize’s ocean (approximately 10,000 km²) as Biodiversity Protection Zones, 2) supports the sustainable growth and development of Belize’s blue economy, and 3) ensures fair and equitable access to benefits from ocean resources and spaces for all Belizeans. The BSOP will guide the sustainable use of marine resources and conservation of nature through a public, inclusive, and participatory process.
TNC’s Role
- Conservation financing
- Local capacity building
- Technical assistance with planning tools and spatial analysis
- MSP process design and facilitation support
- Project management support
- Science and technical expertise
- CTF expertise
- Stakeholder engagement support
- Monitoring and evaluation support
- Training and learning exchange
Project Partners
Lead Authority: Government of Belize – Coastal Zone Management Authority and Institute (CZMAI)
Blue Loan and Conservation Agreements Facilitation: The Nature Conservancy
Other Partners: Government of Belize – Office of the Prime Minister, Government of Belize – Blue Bond and Finance Permanence Unit, Ministry of Blue Economy and Disaster Risk Management, CTF: Belize Fund for a Sustainable Future (BFSF)
Status
Belize completed Milestones 1, 2, and 3 in 2022 by expanding marine protection to 20.5% of its ocean area, designating public lands within the Belize Barrier Reef Reserve System as Mangrove Reserves, and launching its MSP process, BSOP. Milestone 4 was completed in 2024 with the protection of 25% of its ocean area. The Government is currently revising its Coastal Zone Management Act and Integrated Coastal Zone Management Plan, to be implemented in 2025. See the BSOP website for other updates and news.
Links
Belize Fund for a Sustainable Future (BFSF) website
Belize Sustainable Ocean Plan (BSOP) website
Belize Debt Conversion Case Study
Contact
Alana Godoy M.Sc.
Belize Blue Bond Director
The Nature Conservancy, Belize
Email: alana.godoy@tnc.org
BARRIER REEF OF BELIZE Belize’s Barrier Reef is the second longest worldwide and one-third of the 900-kilometer Mesoamerican Reef. © Carla Santana Torres/TNC Photo Contest 2019