US forgives Indonesia $35 million debt in exchange for coral protection
- July 9, 2024
- 0
US forgives Indonesia $35 million debt in exchange for an Asian country dedicate this amount of money to protecting your corals in the first agreement of its kind
US forgives Indonesia $35 million debt in exchange for an Asian country dedicate this amount of money to protecting your corals in the first agreement of its kind aimed at this marine ecosystem.
The agreement was concluded within the framework of US initiative to forgive countries’ debts in exchange for environmental action and will focus on protecting corals on the Sunda Islands (south), Banda Islands (southeast) and Doberai Peninsula (northeast), according to a statement from the U.S. Embassy in Jakarta released Tuesday.
Michael F. Klein, Chargé d’Affaires at the U.S. Embassy, said:
By forgiving this debt and returning the funds to Indonesia through a debt-for-nature swap, we are taking concrete steps to protect Indonesia’s valuable coral reefs and support sustainable development.
The agreement was signed on July 3 by representatives from Indonesia and the United States, as well as several local and international NGOs such as Yayasan Konservasi Alam Nusantara and Conservation International Foundation, but was revealed on Tuesday.
The program’s initiatives include monitoring coral reefs and animals.promote ecosystem care and improve local governance systems.
“When Conservation International facilitated the first debt-for-nature swap in 1987, “We never imagined that this would ultimately lead to the mobilization of billions for global conservation,” said M. Sanjayan of Conservation International, a non-governmental organization that is part of the project.
In its statement, the US Treasury Department noted that the debt forgiveness would take place over the next nine years and that The money will be used to protect corals and the communities that depend on these marine ecosystems.
The United States and Indonesia have reached debt-for-green swap agreements four times since 2009. will bring in about $70 million for conservation projects, although this is the first time it has been done to protect corals.
Washington has reached similar agreements with countries including Bangladesh, Brazil, Colombia, Costa Rica, El Salvador, Paraguay, Peru and the Philippines. The company estimates it could generate more than $415 million to protect rainforests and corals.
Indonesia is home to 16 percent of the world’s coral areas and 60 percent of the species in those ecosystems. Corals provide food and protection to nearly half the world’s population, but 75 percent of these ecosystems are under threat.
PRESS RELEASE: United States, Indonesia Sign Landmark Debt-for-Nature Swap to Protect Coral Reef Ecosystems #ASRIselalu🌊🐟🐠https://t.co/5OjHzUzeL3
— usembassyjkt (@usembassyjkt) July 9, 2024
EFE
Source: Aristegui Noticias
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