Case Study

Case Study: Belize blue bonds for ocean conservation

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Beautiful Hawaiian Green Sea Turtle

About this Case Study

In November 2021 the world’s largest debt refinancing for ocean conservation was completed by the Government of Belize. This case study outlines the process.

Key outcomes

  • This financial mechanism enabled Belize to reduce its debt by 12 percent of GDP, created long-lasting sustainable financing for conservation.
  • Belize committed to protect 30% of its ocean.
  • The transaction was recognized in Environmental Finance’s 2022 Bond Awards.
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