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  • TPR (14485)
TPR Type Document symbol Document reference Notifying Member Year Type of information Harmonized types of measures Harmonized types of sectors subject to the measure See more information
Secretariat TPR WT/TPR/S/433/REV.1 S-Box-4.1 Seychelles 2022 Sectors
Other price and market based measures, Loans and…
Other price and market based measures, Loans and financing
Fisheries, Other
Relevant information
Box 4.1. Seychelles' blue bonds:
What are blue bonds?
Blue bonds are financial instruments issued by governments, development banks, or other entities to raise capital from impact investors to finance marine and ocean-based projects that have positive environmental, economic, and climate benefits.
Why did Seychelles decide to issue blue bonds?
Like many small island developing states (SIDS), Seychelles' economy is highly dependent on the ocean for food, nutrition, and livelihoods; marine habitats; and other Blue Economy sectors such as tourism. As the economy grew, Seychelles recognized the need to rebuild and sustainably utilize its marine resources through improved governance and management of the relevant sectors. However, the costs of transitioning to sustainable economic activities can be substantial for a small island state, both in terms of management costs and socio economic losses.
What makes blue bonds unique?
Unlike green bonds, which are predominantly terrestrial based, blue bonds are ocean-space related. Blue bonds combine public and private investment to mobilize resources for empowering local communities and businesses.
What are the goals of blue bonds?
1) Expanding sustainable use of marine protected areas through investments in planning, implementing, and enforcing planned expansion of areas within Seychelles' EEZ. (...)
3) Sustainable development of the Blue Economy by investing in developing greater value addition from aquaculture, industrial, semi-industrial, and artisanal fishing, and processing sectors.
What is the structure of the Seychelles sovereign blue bond?
The sovereign blue bond was issued with a ceiling value of USD 15 million, with a maturity of 10 years. The blue bond, as well as the programme of marine and ocean-related activities it supports, was prepared with assistance from the World Bank and the Global Environment Facility. This support includes a partial World Bank guarantee (USD 5 million) and concessional loan from the Global Environment Facility (USD 5 million), which will partially subsidize payment of the bond coupons.
How are the proceeds of blue bonds used?
The proceeds, referred to as Blue Finance, are being used to capitalize a Blue Grants Fund (USD 3 million) and Blue Investment Fund (USD 12 million), each of which provides financing for marine and ocean-related activities that contribute to the transition to sustainable fisheries and use of marine resources. (...)
Keywords
Climate
Environment
Fish
Green
Sustainable
Secretariat TPR WT/TPR/S/433/REV.1 S-4§71 Seychelles 2022 Sectors Other measures Fisheries
Relevant information
4.71. The overall goal of the aquaculture policy is to guide an effectively managed and environmentally responsible aquaculture industry that contributes towards food security and the creation of wealth in Seychelles. It is structured around eight policy objectives: (...) sustainable environmental policy for aquaculture (...)
Keywords
Environment
Sustainable
Secretariat TPR WT/TPR/S/433/REV.1 S-4§75 Seychelles 2022 Sectors Other measures Energy
Relevant information
4.75. Seychelles' dependence on imported fuels, and its vulnerability to fluctuations in oil prices prompted the Government to encourage greater use of renewable energy and to utilize energy resources in a more efficient manner. To achieve this, the Energy Policy 2010-2030 was launched with the following vision: (...) energy supply will be 100% based on renewables [80] (...) demand for energy services should always be met with the most energy efficient technologies (...)
[80] Reducing energy dependency combined with more renewable energy production could also contribute to increased security of supply, as well as meeting projected international commitments under the Paris Agreement for 100% renewable energy use by 2050. (...)
Keywords
Climate
Energy
MEAs
Renewable
Secretariat TPR WT/TPR/S/433/REV.1 S-4§76 Seychelles 2022 Sectors Tax concessions Energy
Relevant information
4.76. The Energy Act, 2012, implemented by the Seychelles Energy Commission (SEC), governs all activities regarding generation, transmission, distribution, sales, and use of electricity. Although it is not yet fully in force, the Act also makes provisions for the development of renewable energy and energy efficiency including through VAT exemption. Indeed, the SEC is implementing an interim procedure for importers to be exempted from VAT upon importation of energy efficient electrical appliances. It is available only for air conditioners, refrigerators, freezers, washing machines, and light bulbs, along with solar photovoltaic (PV) systems and components, and solar water heating systems, provided they comply with minimum energy performance standards. Moreover, some incentives are being granted to encourage adoption of new, cleaner technologies, notably through the Solar PV Rebate Scheme, and Seychelles Energy Efficiency and Renewable Energy Programme (SEEREP) Rebate Scheme (Section 3.3.1 and Table 3.4).
Keywords
Energy
Renewable
Secretariat TPR WT/TPR/S/433/REV.1 S-4§77 Seychelles 2022 Sectors Loans and financing Energy
Relevant information
4.77. The European Union funded the development of the Energy Act, 2012, which has paved the way for the integration of renewable energy sources into the electricity grid. (...)
Keywords
Energy
Renewable
Secretariat TPR WT/TPR/S/433/REV.1 S-4§79 Seychelles 2022 Sectors
Other environmental requirements, Other support…
Other environmental requirements, Other support measures
Energy
Relevant information
4.79. (...) In 2014, the Seychelles Marine Spatial Plan (SMSP) initiative was launched to develop a comprehensive marine plan and address climate change adaptation, protect marine biodiversity, and support the Blue Economy. (...) The SMSP uses an ecosystem-based approach to propose new marine protected areas (MPAs) in conjunction with improved management of the ocean.
Keywords
Bio
Climate
Conservation
Eco
Wildlife
Secretariat TPR WT/TPR/S/433/REV.1 S-4§81 Seychelles 2022 Sectors Other support measures Energy
Relevant information
4.81. Seychelles' energy policy focuses on the need to reduce energy dependency through increased energy efficiency and promotion of renewable energy sources (wind and solar), which currently account for 5% of total electricity demand. Increasing the use of renewable energy sources requires a progressive change of the energy system and infrastructure, such as the modernization of the network system, introduction of technologies such as smart meters, battery storage, and other grid stabilizing technology. Seychelles is looking to accelerate the adoption of renewable energy technologies through the revision of the energy policy and legislative framework and the establishment of new promotional schemes in addition to the ones already mentioned.
Keywords
Energy
Renewable
Secretariat TPR WT/TPR/S/433/REV.1 S-4§82 Seychelles 2022 Sectors Other environmental requirements Energy
Relevant information
4.82. The energy policy is currently being reviewed, with a new policy document to be presented to the Government for approval by the end of 2022. (...) These targets are very ambitious for a small island developing state (SIDS) and are in line with the objectives of the Paris Agreement by further committing to reducing economy wide absolute greenhouse gas (GHG) emissions by 293.8 ktCO2e in 2030 (26.4%) compared to "business as usual" scenario. Seychelles also seeks to achieve a substantial mitigation benefit, lowering the GHG emission to 817 ktCO2e by 2030, relative to baseline emissions. [89]
[89] Information provided by the authorities. Overall GHG emissions are measured in kilotons of carbon dioxide equivalent (kt CO2e), by weighing non-carbon dioxide gases by their global warming potential.
Keywords
Climate
Emissions
Green
MEAs
Secretariat TPR WT/TPR/S/433/REV.1 S-4§91 Seychelles 2022 Sectors Other measures Manufacturing
Relevant information
4.91. To address some of these challenges and make the industrial sector sustainable and a strong economic pillar, the Government is putting a renewed focus on industrial policy, mainly through the Seychelles Inclusive Industrial Competitiveness Policy 2015-2020 launched in 2015 by the Ministry of Investment, Entrepreneurship Development and Business Innovation (now the Ministry of Investment, Entrepreneurship, and Industry). (...)
Keywords
Sustainable
Secretariat TPR WT/TPR/S/433/REV.1 S-4§92 Seychelles 2022 Sectors Technical regulation or specifications Manufacturing
Relevant information
4.92. Some of the strategic objectives under this (industrial) policy are to (...) develop quality assurance and environmental/health standards (...)
Keywords
Environment

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