Three years after Belize’s landmark “debt-for-nature” swap, the country has made significant strides in conservation through its Blue Bond initiative. This historic agreement provided funding for marine protection in exchange for debt relief. In late 2021, Belize completed a $360 million debt-for-nature swap, which involved restructuring its external debt and securing $180 million for marine conservation efforts. This innovative initiative reduced Belize’s national debt by approximately 12–15% and established a permanent conservation trust fund. Each year, $4 million is allocated for marine protection through 2040, alongside a $90 million endowment to sustain these efforts beyond that date. The deal, facilitated with support from The Nature Conservancy, was celebrated as a “triple win”.
Since then, the Belize Fund for a Sustainable Future, the private conservation trust fund established to manage and distribute the funds from the Blue Bonds, has approved nearly BZ$12 million (approximately US$6 million) in conservation grants, trained hundreds of Belizeans, supported local jobs, and engaged over 48 communities in caring for coastal and marine areas. However, challenges remain.
According to Prime Minister Honorable Dr. John Briceño in a media interview, “First, we were able to realize 360 million Belize dollars in debt forgiveness. Second, the reduction of approximately 400 million Belize dollars in debt servicing, and third was the establishment of long-term financing for marine conservation… In effect, we realized over 1.1 billion dollars in savings for Belize and the Belizean people.”
Since the deal, Belize has made significant conservation progress, including the protection of 20.3% of its ocean territory, with a goal of reaching 30% by 2026—four years ahead of global targets. All remaining public lands within the Belize Barrier Reef Reserve System have been designated as strict mangrove reserves, and legal protections for these essential habitats have been strengthened. Additionally, the country has launched a national marine spatial planning process to balance conservation efforts with sustainable blue economy development.
Prime Minister Briceño also emphasized, “We have accomplished important tangibles such as protecting 20.3% of our total ocean space, and we are on target to protect up to 30% by 2026. We have strengthened the management of mangroves and designated all remaining national land within the Belize barrier reef reserve system heritage sites as mangrove reserves.”
Despite progress, Belize is facing increasing threats from climate change. The country’s reefs suffer from severe coral bleaching due to record ocean temperatures, raising concerns among conservationists. Julie Robinson, Program Director at The Nature Conservancy, has warned, “I can’t help but be concerned about our future… We’ve seen extensive coral bleaching and death in record times, and scientists are predicting this year will only be hotter and drier. It worries me, it really worries me, but it’s not all lost. Now, more than ever, we need to cast aside our personal and organizational agendas and egos and collaborate to set the example for the world to follow”.
Organizations like Oceana Belize emphasize the importance of community-driven governance and the need for vigilance against threats such as illegal dredging. They state, “The health of our marine environment is non-negotiable, and we will continue to advocate for its protection. We must stand together to protect what makes Belize truly special, not just for today, but for generations to come.”
Three years later, Belize is largely fulfilling its Blue Bond commitments, setting a global example for innovative conservation financing. However, the fight to protect its marine treasures is far from over, as climate change and enforcement challenges still exist. Ongoing collaboration and investment will ensure that Belize’s marine legacy endures.
