Kutak Rock worked with its client and Bank of America as part of an international team organized to finance The Nature Conservancy (TNC) project that received the Impact Project/Investment of the Year: Oceans and Coastal Zones award at the 2024 Environmental Finance IMPACT Awards. This recognition highlights the critical work undertaken through TNC’s innovative Blue Bonds for Ocean Conservation program, specifically the transformative $500 million debt-for-nature swap in Gabon.

Kutak Rock attorneys played an integral role in structuring this landmark transaction, which refinanced a portion of Gabon’s national debt and unlocked $163 million in funding for ocean conservation. This project represents the first of its kind in mainland Africa, setting a precedent for using creative financial solutions to advance global biodiversity and sustainability goals.

The Gabon Blue Bonds project aligns with Gabon’s ambitious commitment to protect 30% of its lands, freshwater systems, and oceans by 2030. The funds generated will finance marine spatial planning, strengthen enforcement against illegal fishing, and support the development of Gabon’s sustainable blue economy. Over the next 15 years, $5 million per year will directly fund conservation efforts, with an additional $3 million allocated to an endowment ensuring the initiative’s long-term success.

Kutak Rock partners John Petr, Jeremy Johnson, Seth Kirshenberg and Thomas Roubidoux were the lead attorneys on this deal. Their work helped establish a robust framework that will enable Gabon to expand its marine protected areas, protect critical habitats, and safeguard endangered species, such as leatherback turtles and humpback dolphins.

To learn more about the 2024 Environmental Finance IMPACT Awards and the Gabon Blue Bonds project, visit Environmental Finance’s website.