Beyond its incredible and undeniable beauty, Belize’s ocean space is an important asset for our economic development. It contributes to the livelihoods of thousands of Belizeans, but our coastal and marine environments face threats from biodiversity loss, climate change, and pollution—termed the triple planetary crisis. Illegal, unregulated, and unreported fishing, agricultural runoff, and habitat destruction further jeopardize these vital resources.
Almost two and a half years ago, the Belize Fund was set up to help Belize achieve its ambitious goals of protecting its precious marine ecosystems while alleviating national debt, through the Belize Blue Bonds. This wasn’t your typical financial instrument; it demonstrated innovation in bridging the gap between ambition and action in ocean conservation.
Joel Verde, one of Belize Fund’s Board of Directors and Executive Director for the Sarteneja Alliance for Conservation and Development, emphasized the critical role of this new funding, “This has secured funding that was much needed, and it was urgent. Those who have been involved in protected areas management know how much that has been for us.”
Leah Carriere, representing the Belize Blue Investment Company and The Nature Conservancy’s Nature Bonds Program, shared her perspective on the journey from concept to reality. “When we closed the historic Belize Blue Bond transaction in November 2021, it felt momentous yet incomplete. It wasn’t until I saw the Belize Fund team in action, translating those debt restructuring funds into tangible marine protection initiatives, that I realized the full potential of what we had set in motion.”
Carriere marvelled at the Fund’s rapid progress. “In just two years, they’ve gone from a concept to a fully operational entity, disbursing millions in grants and setting new standards for transparency and effectiveness in conservation finance. The global conservation community is taking notice – Belize is becoming a model for how innovative finance can drive real-world conservation impacts.”
The Belize Fund plays a key role in managing this conservation funding. Dr. Leandra Cho-Ricketts, Executive Director of the Belize Fund, provided insight into the program’s significant achievements:
“We’re proud to report that in just two years, we’ve approved a total of BZ$18 million in funding, with BZ$7.3 million already disbursed. This funding has supported 14 crucial projects, benefiting 14 Marine Protected Areas covering over 527,000 hectares. Our reach extends to 40 coastal communities, and we’ve provided funding to a diverse group of stakeholders, including 6 government agencies, 11 NGOs, 1 academic institution, and 1 community-based organization. Moreover, we’ve facilitated training for 66 individuals, building local capacity for long-term marine conservation management.”
Former CEO of the Ministry of Economic Development and member of the Belize Fund’s Board, Dr. Osmond Martinez, contextualized the Blue Bonds program within Belize’s broader economic strategy. “This initiative represents a historic merger of traditional economics with Belize’s natural wealth. By restructuring our debt through the Blue Bonds, we’ve not only secured vital funding for conservation—achieving what so many would consider impossible but also positioned Belize as a leader in sustainable development.”
Belize committed to conserving its marine environment by setting its sights on eight important conservation milestones, comprising a progressive expansion of Biodiversity Protection Zones, culminating in 30% of Belize’s ocean territory being protected by 2026. It also includes developing a Marine Spatial Plan, revising coastal management laws, designating mangrove reserves, and applying for the International Union for Conservation of Nature (IUCN) Green List status for select marine protected areas. Through the Government Strategic Allocation, the Belize Fund has supported the achievement of three of the eight conservation commitments, including the initiation of the process for the development of the marine spatial plan.
As the Belize Fund continues to build credibility and inspire other countries and institutions, its progress towards a sustainable future for Belize’s marine biodiversity and blue economy is worth celebrating.
Dr. Cho-Ricketts emphasized the Fund’s commitment to inclusivity and effectiveness. “We’re continually adapting our grant-making approach to be more responsive and accessible. Our goal is to ensure that all stakeholders, regardless of size, have the opportunity to contribute to our shared marine conservation objectives and development of our blue economy.”
The future of Belize is intricately tied to the resilience of its coastal and marine environment. From the food on people’s plates to the jobs they hold, from the safety of our homes to the very soul of our nation, healthy ocean space is essential. This isn’t just about protecting a pretty picture; rather, we are dedicated to safeguarding the well-being and prosperity of Belize and its people for generations to come.
