Gabon Blue Bonds for Ocean conservation project

In August 2023, Gabon announced the first ocean debt conversion for mainland Africa, worth USD 500 million. At the time, it was the largest transaction TNC had facilitated for a Debt Conversion Project. The Project will advance sustainable fishery management in Gabon, addressing illegal, unreported and unregulated (IUU) fishing, and regulations requiring 100% electronic monitoring for industrial fishing vessels. An inclusive, participatory, and science-based marine spatial plan (MSP) process aims to achieve 30% protection for Gabon’s ocean space, support sustainable fisheries, and develop a stronger blue economy.

Overview

Gabon, a country in Central Africa that borders the Atlantic Ocean, contains one of the world’s most productive regions for fish and other marine resources, as well as forest habitats that extend to the coastline, interspersed with mangroves, lagoons, and remote beaches. Gabon’s marine habitats support diverse communities of sharks, rays, dolphins, and whales, and are of global importance for endangered species. Gabon’s beaches and coastal waters are home to one of the largest olive ridley turtle rookeries in the Atlantic and the world’s largest population of leatherback turtles—as much as 30% of the global population—and their most important nesting sites. Gabon is also home to the Atlantic humpback dolphin, recently classified as critically endangered. Gabonese rely on the country’s rich marine resources for their livelihoods. Artisanal fisheries harvest pelagic species near shore and on the shelf and are especially vulnerable to ecosystem degradation from pollution, unsustainable development, and climate change.

In support of its ocean economy and rich biodiversity resources, Gabon issued a USD 500 million Sovereign Blue Bond to secure funding for the conservation of the country’s natural ecosystems over 15 years. The funds unlocked through the Blue Bond will be used to strengthen support for existing protected areas, expand protection to up to 30% of its ocean area (approximately 61,000 km²), and improve the management of Gabon’s entire marine space – an area spanning over 200,000 km². An important component of the Blue Bonds Project is to establish an independent conservation trust fund (CTF) to manage the unlocked funds from the debt refinancing and to create sustainable, long-term funding for conservation initiatives. Gabon created the Fonds de Préservation de la Biodiversité au Gabon (FPBG) for this purpose.

The Gabon Blue Bonds Project aligns with Gabon’s national priorities and goals. The country has already made significant strides in preserving its natural resources, having designated 26% of its marine waters as protected through the Gabon Bleu initiative in 2013-2017.

TNC’s Role

Financing
Planning tools and spatial analysis
Large-scale fisheries management expertise
Process design and facilitation
Project management
Science and technical expertise
Stakeholder engagement
Local capacity building
Monitoring and evaluation
Training and learning exchanges
CTF expertise

Project Partners

Lead Authority: Government of Gabon – Ministry of Fisheries and Oceans

Facilitation: The Nature Conservancy

Other Partners: CTF: Fonds de Préservation de la Biodiversité au Gabon (FPBG)

MSP@TNC

The Nature Conservancy