Designing marine conservation trust funds : lessons learned from the Seychelles’ conservation and climate adaptation trust

Marine conservation trust funds have emerged as key vehicles for channelling blended finance into ocean protection, particularly in Small Island Developing States. This paper examines the legislative design and evolution of the Seychelles' Conservation and Climate Adaptation Trust (SeyCCAT), the first marine conservation trust fund established through a debt-for-nature swap. SeyCCAT plays a pivotal role in channelling proceeds from blended finance instruments to locally-based ocean conservation and climate adaptation programmes and projects. Drawing from SeyCCAT’s operational experience between 2016- 2022, it analyses how the fund's legislative framework adapted to address challenges in governance, financial sustainability, and operational flexibility. The SeyCCAT case offers valuable lessons for similar initiatives, particularly regarding the need for adaptive governance structures and clear legislative frameworks that enable both stability and operational agility in managing conservation finance. [excerpt]