Emerging Voices Volume 3
Financing a sustainable ocean economy: lessons from Seychelles
August 2024
Angelique Pouponneau is a lawyer in the Seychelles, PhD candidate at the University of Malta, Islands and Small States Institute, and Senior Associate at the University of New South Wales Centre for Sustainable Development Reform. She holds an LLM in Environmental Law specialising in the law of the sea and natural resources law.
Key Messages
↗ Protecting marine territories is vital for Small Island Developing States (SIDS), and the world at large, but lack of finance is hampering efforts.
↗ Seychelles, in the Western Indian Ocean, has successfully designated 30per cent of its Exclusive Economic Zone (EEZ) as a protected area. But when it started its journey in 2016, it had protected less than 1 per cent of its EEZ with limited understanding of its marine environment and local organisations struggling for sustainable financing.
↗ Blended finance was central to its success. As is often the case with pioneers, there has been much learning-by-doing and trial and error, but the Seychelles experience offers insights, lessons learned and a transformation that is replicable for other island states, including in the Pacific.
↗ Using blended finance to support sustainable ocean economies can yield economic, social, and environmental impacts, but still requires investment at scale.
↗ An independent, locally managed organisation is key to navigating the relationships and meeting the fiduciary requirements of different funding partners. This means investing in strengthening national institutions.
↗ Political commitment, trusted local institutions, and collaborative partnerships are required to successfully navigate blended finance for sustainable ocean economies. Seychelles’ experience offers lessons for other SIDS
