The United States cancels 35 million in debt to Indonesia to save the coral reef

Washington will cancel $35 million in foreign debt to Indonesia as part of debt-for-nature.In exchange, the protection of two large coral reefs is at stake.

The United States agreed to write off $35 million of foreign debt incurred by Indonesia over the next nine years.It was announced the US Treasury, which specified the particular nature of this operation:this is an example of the so-called “swap debt for nature”.That is, one exchange:there cancellation of a part of debt granted on condition that an important project for the project is started at the same time environmental protection, the protection of biodiversity or even the fight against climate changes.

Coral reefs threatened by bleaching, a result of climate change

In this specific case, the government of the Asian nation is committed to restoring and preserving its own coral reef, considered of inestimable value for the biological diversity it hosts.This type of ecosystem, in fact, is, as we know, increasingly threatened by global warming, which causes an increase in sea ​​water temperature, which in turn causes the phenomenon of coral bleaching.Some estimates even indicate that, should the worst-case scenarios occur in terms of an increase in global average temperature, almost all of the world's corals could disappear in the medium term.

The agreement reached between the United States and Indonesia represents the fourth “debt for nature” exchange concluded by the two governments from 2009 to today.The money saved by Jakarta can be used to finance a conservation project for two areas - the Bird's Head and the Lesser Sunda Band – over a period of at least fifteen years.Places where more than three thousand types of turtles, sharks, whales, dolphins and other species live.

It is the fourth “debt for nature” agreement between the United States and Indonesia

Indonesia's territory is crucial in the fight to save coral reefs, as it has approx 5.1 million hectares, or 18 percent of the world total.For this reason, the new agreement focuses precisely on these ecosystems, while the previous ones had mainly focused on the protection of forests tropical, threatened by the expansion of plantations palm oil.

The conservation restoration projects will be partly carried out by the Indonesian state, partly by local non-profit groups, who will also use the funds to guarantee sustainable livelihoods to those who are economically dependent on the coral reef.