Belize's blue bond
In 2020 Belize was broke. Again. This small, climate-vulnerable, Central American nation is home to the western hemisphere\u2019s longest barrier reef. And it was about to default on a debt of over half a billion dollars. Enter an American NGO... The Nature Conservancy (TNC) is the world\u2019s largest conservation charity. TNC made an offer to the government of Belize: it would help restructure the debt, if Belize would channel the savings made into its precious coastal resources. In 2021, the deal became reality \u2013 creditors were paid off, and investors found for the new, so-called \u2018blue bond.\u2019 Belize\u2019s debt shrank by 12% overnight. A win-win, right?
But as Linda Pressly finds on a trip to Belize for Assignment, the \u2018blue bond\u2019 hasn\u2019t been universally welcomed. There are concerns about an international NGO having influence in a poor nation, and arguments about which Belizean marine organisations have benefitted from the new investment. And there is one unresolved question: what does the \u2018blue bond\u2019 agreement mean for the potential future exploration of offshore oil in Belizean waters? \n \nPresenter/producer: Linda Pressly\nSound engineer: Neil Churchill\nEditor: Penny Murphy\n \n(Photo: Replanting corals to restore Belize\u2019s barrier reef is critical work in an era of climate emergency. Credit: Fragments of Hope)