The novel financial engineering, effectively swapping debt for dolphins and other marine life, aims to throw a lifeline to corals, tuna and turtles being caught in a storm of overfishing and climate change. If it works, it will also secure the economic future of the nation, which depends entirely on tourism and fishing. With other ocean states lining up to follow, the approach could transform large swaths of the planet’s troubled seas.
The challenge for the Seychelles is clear on the coral reef fringing Curieuse Island, once a leper colony and now a national park. The mass bleaching caused by warming waters in 2016 has left the white limbs of branching corals lying like bones in a ploughed graveyard, with rare flashes of the cobalt-blue coral survivors.
Photo: Tristan Denyer/Wikimedia Commons (CC0)