In 2022, the Government of Barbados (GoB), The Nature Conservancy (TNC), and the Inter-American Development Bank (IDB) completed a USD 150 million debt conversion, which would help in creating long-term sustainable financing for marine conservation and secured a GoB commitment to protect up to 30%, or ~55,000 square km, of its Exclusive Economic Zone (EEZ) and Territorial Sea.
This led to the creation of the Barbados Environmental Sustainability Fund (BESF), providing essential funding and technical direction to locally driven conservation and sustainable development needs for the terrestrial and marine ecosystems of Barbados.
For the first call for proposals, of 61 project applications, eight made it to the final selection; all conducting research on various facets of the environment. These funds will support projects which boost cetacean data collection, work to designate important ecological sites such as Turner's Hall Woods and Long Pond as conservation areas, and the assessment of deep-sea species on deepwater reefs that are crucial to the fishing industry among others.
Research in Small Island Developing States (SIDS) is often stunted by a lack of funding. This Debt for Nature Swap therefore unlocks much-needed funding to bridge the many gaps that exist in knowledge when it comes to environmental data.