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A Royal Visit Led This Indian Ocean Nation to Invent a New Bond

A tourism boom vaulted Seychelles to a higher economic plateau. Now “blue bond” supporters hope to retrace the path of “green bonds.”

Seychelles
Photographer: ALBERTO PIZZOLI/AFP
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After Prince William and Kate Middleton honeymooned in the Seychelles in 2011, the former British colony enjoyed a tourism boom that’s made it one of the richest countries in Africa. But with success has come a new challenge for the nation of 90,000 people: High-income countries are no longer eligible for the international aid that helps developing states fight climate change.

And climate change is already a problem for tiny islands around the world. With its dependence on tourism and fishing, the Seychelles has more to lose than ever—from rising sea levels to worsening storms. So this archipelago of 115 islands located 1,000 miles northeast of Madagascar is enlisting private investors in the battle to save itself from global warming.