A report published by Al Jazeera highlighted that the African countries on the west coast are seeking funds from the private sector to build climate resilience and boost livelihood restoration of the coastal communities and biodiversity conservation projects.
During the ongoing UN high-level political forum in New York, the African coastal-island states and conservation groups highlighted their plans to escalate the ocean conservation and restoration projects and boost the climate action goals. The states highlighted that they have decided to use the ‘blue bonds’ to build climate resilience.
Blue bonds are a special method which aims at funding projects to aid ocean health. The Great Blue Wall project was introduced in 2021 by 10 western Indian Ocean states during the UN Climate summit held at Glasgow. The main objective of the initiative is to build a network of coastal and marine protected areas.
The Climate division Head at the UN Economic Commission for Africa Jean-Paul Adam affirmed that the Blue Wall Initiative will work extensively on wealth creation to support the coastal states. “We need to dramatically upscale private sector investment into green and blue sectors,” he further added.