Navigation Links
Costa Rica, US announce historic debt-for-nature swap
Date:10/17/2007

Arlington, Virginia (Oct. 17, 2007) The Nature Conservancy and Conservation International (CI) have joined the governments of the United States and Costa Rica in one of the largest debt-for-nature swaps in history.

The agreement will ensure the protection of Costa Ricas most critically threatened tropical forests, with the United States forgiving $26 million of Costa Ricas debt and Costa Rica spending that amount on tropical forest conservation programs over the next 16 years.

The U.S. government contributed $12.6 million appropriated by the Tropical Forest Conservation Act (TFCA), with Conservation International and The Nature Conservancy providing an additional $1.26 million each to the purchase of the debt at a discounted rate. Two law firms White & Case, and Pacheco, Odio & Alfaro represented the Conservancy and CI in the transaction on a pro bono basis.

For more than 30 years, weve been working in Costa Rica, which has always been at the forefront of Latin American conservation, said Stephanie Meeks, acting president and CEO of The Nature Conservancy. Costa Rica is teeming with natural beauty, biodiversity and threatened species, from jaguars to squirrel monkeys to scarlet macaws. And as an increasingly popular tourist and retirement destination, it faces increasing development pressure. Were glad to have this opportunity to continue working with local people and government and nonprofit partners to protect this magnificent place for generations to come.

Established by the U.S. Tropical Forest Conservation Act (TFCA), debt-for-nature swaps enable the United States to forgive a countrys foreign debt in exchange for the participating governments commitment to devote a specified amount of money to conservation work. The Costa Rica agreement is the largest debt-for-nature swap ever made under the TFCA $26 million.

This is how modern conservation works, with dynamic partnerships involving all stakeholders to protect ecosystems that sustain life on Earth, said Peter Seligmann, the CI chairman and CEO. The Costa Rican tropical forests are home to a rich variety of life and provide the natural resources depended on by people living in and around them. They also are important for slowing global warming because they store atmospheric carbon, one of the greenhouse gases causing climate change.

Cutting and burning tropical forests contributes 20 percent of total greenhouse gas emissions, which is more than all the worlds cars, trucks, trains and planes combined. Costa Rica has reversed a deforestation trend that saw it lose almost 80 percent of its original forest cover. It now has replanted and reclaimed previously deforested areas, with 52 percent of the country now forested again.

The areas selected for protection under the new debt-for-nature swap represent the top conservation targets in the country, as identified by a new scientific blueprint that addresses gaps in conservation planning.

  • The Osa Peninsula faces severe threats of illegal logging, poaching, and over-development. The rainforest meets the sea on the Osa, which is home to the jaguar, squirrel monkey, scarlet macaw and over 370 bird species.

  • Totuguero lies near the Caribbean Sea and consists of rich expanses of forests that are all part of a vulnerable ecosystem. It provides a safe refuge for jaguars, green macaws and several species of turtle that must be safeguarded in order to maintain the size and state of this fragile habitat.

  • La Amistad contains the largest untouched tract of rainforest in Costa Rica and is also home to most of the countrys local indigenous communities. Its people are working with the Conservancy and CI to pursue sustainable livelihoods.

  • Maquenque in the northern part of the country is rich in wetlands, lagoons, forests and hills and is home to the great green macaw and ocelots.

  • Zona Norte del Rincon de la Vieja is the area north of the Rincn de la Vieja volcano with some of the largest forest cover in Central America.

  • Nicoya Peninsula is a tourist destination in northwest Costa Rica with rich biological corridors that connect protected areas.

The TFCA requires that developing countries with critically important tropical forests meet certain political and economic requirements to be eligible for debt-for-nature swaps. The legislation currently is being reauthorized in Congress, with expectations that its scope will expand to include coral reef protection.

Debt-for-nature swaps also include contributions from private individuals and organizations, along with the U.S. Treasury funds. Once a swap is completed, the participating country makes payments to a Conservation Trust Fund to support local tropical forest conservation activities. Previous agreements have included Belize, Guatemala, Jamaica, Colombia, Peru, and two with Panama.


'/>"/>

Contact: Tom Cohen
tcohen@conservation.org
703-341-2729
Conservation International
Source:Eurekalert

Related biology news :

1. Affymetrix and the Karolinska Institutet Announce Translational Medicine Strategic Alliance
2. Affymetrix and Stratagene Announce Strategic Software Alliance
3. Wiley announces publication of Databasing the Brain
4. Nonlinear Dynamics announces more details of its global partnership with PerkinElmer
5. FDA Announces Series of Changes to the Class of Marketed Non-Steroidal Anti-Inflammatory Drugs (NSAIDs)
6. Ariadne Genomics Announces the Release of PathwayStudio?Central, Client-Server Software for Biological Pathway Analysis
7. Breakthrough System for Understanding Ocean Plant Life Announced
8. Neurologix announces positive results of gene therapy clinical trial in Parkinsons disease
9. Eisai announces Phase II data on E7389, a potential new therapy for the treatment of breast cancer
10. GlycoFi announces the first production of antibodies with human glycosylation in yeast
11. NHGRI announces new sequencing targets
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/3/2017)... April 3, 2017  Data captured by ... platform, detected a statistically significant association between ... to treatment and objective response of cancer ... to predict whether cancer patients will respond ... as well as to improve both pre-infusion potency ...
(Date:3/29/2017)... 29, 2017  higi, the health IT company that ... North America , today announced a Series B ... of EveryMove. The new investment and acquisition accelerates higi,s ... to transform population health activities through the collection and ... higi collects and secures data today on behalf ...
(Date:3/24/2017)... Research and Markets has announced the addition of the "Global ... to 2025" report to their offering. ... The Global Biometric Vehicle Access System Market ... the next decade to reach approximately $1,580 million by 2025. ... for all the given segments on global as well as regional ...
Breaking Biology News(10 mins):
(Date:10/11/2017)... ... October 11, 2017 , ... ... it will be hosting a Webinar titled, “Pathology is going digital. Is your ... on digital pathology adoption best practices and how Proscia improves lab economics and ...
(Date:10/11/2017)... ... October 11, 2017 , ... ... granted orphan drug designation to SBT-100, its novel anti-STAT3 (Signal Transducer and Activator ... osteosarcoma. SBT-100 is able to cross the cell membrane and bind intracellular STAT3 ...
(Date:10/10/2017)... International research firm Parks Associates announced today that Tom ... 2017 Annual Meeting , October 11 in Scottsdale, Arizona ... and how smart safety and security products impact the competitive landscape. ... Parks Associates: Smart Home Devices: Main Purchase Driver ... "The residential security market has experienced continued growth, and ...
(Date:10/9/2017)... ... October 09, 2017 , ... The award-winning American Farmer television series ... 2018. American Farmer airs Tuesdays at 8:30aET on RFD-TV. , With global population ... challenge of how to continue to feed a growing nation. At the same time, ...
Breaking Biology Technology: