Africa Hopes for a 'Great Blue Wall' in the Indian Ocean
2022-07-19
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1African nations along the coast of the Indian Ocean hope they can borrow money for rebuilding and conservation efforts.
2They are planning to offer what they are calling "blue bonds" to companies and investors.
3A bond is a lending agreement in which the borrower agrees to pay back the money with interest.
4The United Nations says the money is needed because many wealthy nations have not followed through on promises to pay for projects to fight the effects of climate change.
5Some of Africa's eastern nations hope that private investment will pay for projects that could help boost the economies of coastal communities, protect the environment, and prepare for bad weather and other effects of climate change.
6The project is being called the Great Blue Wall. It is similar to another idea, Africa's Great Green Wall plan.
7The Green Wall project is supposed to help create a barrier of trees and agricultural areas that will protect soil and keep the Sahara Desert from expanding.
8The Green Wall plan stretches from East to West Africa along the southern edge of the Sahara Desert.
9Discussions about the Great Blue Wall came as the U.N. held a forum on sustainable development from July 5 to 15 in New York City.
10The bond plan means that people who invest in financial markets can help pay for the projects.
11If the bonds are successful, the investors will make a profit.
12Jorge Familiar is Vice President of the World Bank.
13He called blue bonds "a powerful example of the critical role that the capital markets can play in supporting sustainable objectives."
14The Great Blue Wall plan started last year during the U.N.'s climate change conference in Glasgow, Scotland.
15The goal is to create protected areas along the coast of 10 western Indian Ocean nations.
16Supporters of the plan hope it will restore and conserve millions of hectares of ocean, capture 100 million tons of carbon dioxide and help 70 million people get regular work.
17The project goes from Somalia in the north to South Africa.
18It also includes island states like Madagascar and the Seychelles.
19Jean-Paul Adam is the head of the climate division at the U.N.'s Economic Commission for Africa.
20He said the plan will recognize the value of the environment in "future wealth creation and empowerment of local communities."
21Adam said right now less than one percent of blue and green bonds are issued for projects in African nations.
22He said African nations need to be able to offer more bonds in financial markets, calling it a "next step."
23The African Development Bank (ADM) said much more money is needed for countries to reach international climate goals.
24The bank said an investment of between $1.3 and $1.6 trillion is needed by 2030.
25The ADM said currently blue bonds only make up a small percentage of ocean conservation money.
26The bonds will not be a full solution for the lack of financing, Adam said, "but they can allow us to raise large amounts."
27I'm Dan Friedell.
1African nations along the coast of the Indian Ocean hope they can borrow money for rebuilding and conservation efforts. 2They are planning to offer what they are calling "blue bonds" to companies and investors. A bond is a lending agreement in which the borrower agrees to pay back the money with interest. 3The United Nations says the money is needed because many wealthy nations have not followed through on promises to pay for projects to fight the effects of climate change. 4Some of Africa's eastern nations hope that private investment will pay for projects that could help boost the economies of coastal communities, protect the environment, and prepare for bad weather and other effects of climate change. 5The project is being called the Great Blue Wall. It is similar to another idea, Africa's Great Green Wall plan. The Green Wall project is supposed to help create a barrier of trees and agricultural areas that will protect soil and keep the Sahara Desert from expanding. The Green Wall plan stretches from East to West Africa along the southern edge of the Sahara Desert. 6Discussions about the Great Blue Wall came as the U.N. held a forum on sustainable development from July 5 to 15 in New York City. 7The bond plan means that people who invest in financial markets can help pay for the projects. If the bonds are successful, the investors will make a profit. 8Jorge Familiar is Vice President of the World Bank. He called blue bonds "a powerful example of the critical role that the capital markets can play in supporting sustainable objectives." 9The Great Blue Wall plan started last year during the U.N.'s climate change conference in Glasgow, Scotland. The goal is to create protected areas along the coast of 10 western Indian Ocean nations. 10Supporters of the plan hope it will restore and conserve millions of hectares of ocean, capture 100 million tons of carbon dioxide and help 70 million people get regular work. 11The project goes from Somalia in the north to South Africa. It also includes island states like Madagascar and the Seychelles. 12Jean-Paul Adam is the head of the climate division at the U.N.'s Economic Commission for Africa. He said the plan will recognize the value of the environment in "future wealth creation and empowerment of local communities." 13Adam said right now less than one percent of blue and green bonds are issued for projects in African nations. 14He said African nations need to be able to offer more bonds in financial markets, calling it a "next step." 15The African Development Bank (ADM) said much more money is needed for countries to reach international climate goals. The bank said an investment of between $1.3 and $1.6 trillion is needed by 2030. The ADM said currently blue bonds only make up a small percentage of ocean conservation money. 16The bonds will not be a full solution for the lack of financing, Adam said, "but they can allow us to raise large amounts." 17I'm Dan Friedell. 18Dan Friedell adapted this story for Learning English based on a report from the Associated Press. 19____________________________________________________________ 20Words in This Story 21conservation - n. the protection of animals, plants and natural resources 22boost -v. to increase or improve 23forum - n. a meeting at which a subject can be discussed 24capital -n. money and property that is used to start and operate businesses 25empowerment -n. giving power to (someone) 26______________________________________________________________ 27What do you think of this story? We want to hear from you. 28We have a new comment system. Here is how it works: 29Write your comment in the box. 30Under the box, you can see four images for social media accounts. They are for Disqus, Facebook, Twitter and Google. 31Click on one image and a box appears. Enter the login for your social media account. Or you may create one on the Disqus system. It is the blue circle with "D" on it. It is free. 32Each time you return to comment on the Learning English site, you can use your account and see your comments and replies to them. Our comment policy is here.