A race against time and against ourselves. Against the dangerous idea that we can’t do this, that there is no way.
Unlike most races, it won’t have one winner. In this race we all win, or we all lose. Winning it requires a radical, unprecedented level of collaboration, from all corners of our world. From our cities, businesses, regions and investors. From people everywhere.
Together we’re racing for a better world. A zero carbon and resilient world. A healthier, safer, fairer world. A world of wellbeing, abundance and joy, where the air is fresher, our jobs are well-paid and dignified, and our future is clear.
To get there we need to run fast, and get faster. We need more and more people to join the race, and right now. This is not about 2050, it’s about today.
Together, we can do this. And we’re already on our way.
First and only global blended finance instrument dedicated to coral reefs launches
By Climate Champions | November 5, 2021
In the margins of the 75th Session of the UN General Assembly, the Global Fund for Coral Reefs (GFCR) was launched by a coalition of public and private partners with the ambition to mobilise USD $625 million for coral reef conservation over the next decade.
The GFCR is the first UN fund dedicated to SDG 14, ‘Life Below Water’ and the only global blended finance instrument dedicated to coral reefs. The Fund’s blended finance approach expands the SDG14 funding landscape by offering grants to incubate and unlock reef-positive blue economy projects for private investment.
Through direct conservation and indirect conservation interventions, the Grant and Investment Windows jointly address local drivers of reef degradation, from overfishing and unsustainable coastal development to destructive fishing and pollution.
The Fund’s Theory of Change directs a ‘protect-transform-restore-recover’ approach focused on strengthening resilience in underfunded reef ecosystems with the greatest chance of surviving human pressures. Emphasis is placed on LDCs and SIDs in South Asia, the Pacific, and the Indian Ocean, in addition to other priority coral reef ecosystems, where reefs support high levels of biodiversity and critical ecosystem services for local communities. Programming has already launched in Fiji and, by December 2021, is expected to begin in the Philippines, Kenya, Tanzania, Papua New Guinea, The Bahamas, and the Maldives.
The public-private partnership is driven by a powerful and growing coalition of private foundations, Member States, UN agencies and private sector impact investors, including the governments Germany, the UK, Canada and France; the Paul G. Allen Family Foundation; the Green Climate Fund; the Prince Albert II of Monaco Foundation; BNP Paribas; United Nations Development Programme (UNDP); United Nations Environment Programme (UNEP); and the UN Capital Development Fund (UNCDF).
On November 2 at COP26, Prime Minister Justin Trudeau announced Canada’s commitment to join the Global Fund for Coral Reefs. In an article released through the Prime Minister’s official website, the Government of Canada reinforced a commitment to ocean-based mitigation and adaptation efforts with an announcement of a “$6 million for the Global Fund for Coral Reefs to support international efforts in coral reef conservation and restoration.”
In the run up to COP26, the Green Climate Fund (GCF) approved a commitment to a first-loss tranche of up to USD$125 million to the GFCR Investment Window. As GCF’s first at-scale private sector programme in the blue economy, the commitment is intended to de-risk investments for private investors at the fund level, thereby bridging the gap between public and private investors. GCF will serve as an anchor investor in the GFCR Investment Window. Today the UK will announce an additional £1m contribution.
As part of the Climate Champions’ Ocean Breakthroughs, Edges of Earth spoke with JD Stimson, Operations Manager and Freediving Instructor at Dive Alaska, who is building a resilient ecotourism community by connecting locals and visitors to Alaska’s underwater world while championing marine conservation.
As part of the Ocean Breakthroughs initiative, Edges of Earth spoke with Porfiria Gómez, Director of the ocean conservation nonprofit Orgcas in Baja California Sur, Mexico, who is working with local fishing communities to transition from shark fishing to sustainable tourism, blending traditional knowledge with modern conservation practices to protect marine ecosystems and support coastal livelihoods.
As part of the Climate Champions’ Ocean Breakthroughs, exploration team Edges of Earth spoke with Naw Rutha, the only female Karen scuba instructor in the Andaman Islands, who is preserving her community’s ocean heritage by training future divers, protecting marine ecosystems, and learning from past generations to combat climate challenges.
As part of the Climate Champions’-led Ocean Breakthroughs, the Edges of Earth team spent time in Belize to learn from and spotlight the incredible efforts of local leaders, including Tara Scarborough. Through interviews dives, and deep conversations, Tara shared her commitment to uniting her community to safeguard Belize’s precious marine ecosystems.
