Coral reefs are the world’s most biodiverse ecosystems. They provide an estimated US $2.7 trillion in ecosystem services and support more than 1 billion people annually. Yet coral reefs are moving faster toward extinction than any other ecosystem on Earth.
The Global Fund for Coral Reefs (GFCR), the first and only blended finance initiative dedicated to coral reefs globally, has mobilized more than US$170 million, including recently announced commitments USD $20 million from two new global philanthropies who have joined the growing coalition.
At this press conference, the panel will discuss the critical need to bridge the SDG14 funding gap through both public and private funding, new financial commitments to the GFCR by global philanthropies, and the need to capitalize and support this first UN Fund dedicated to SDG14.
H.E. Ambassador Peter Thomson, UNSG’s Special Envoy for the Ocean
Head of Delegation, Bloomberg Philanthropies
James Lindsay, Builders Vision, Vice President – Investments Mr. Chuck Cooper, GFCR Executive Board Chair & Managing Director, Government Affairs, Vulcan
About the Global Fund for Coral Reefs (GFCR)
The Global Fund for Coral Reefs (GFCR) is the first and only blended finance initiative dedicated to coral reefs globally. The public-private partnership is driven by foundations, Member States, UN Agencies, organizations, and the private sector. The GFCR Coalition includes the Paul G. Allen Family Foundation; Prince Albert II Monaco Foundation; the Governments of Germany, France, Canada, and the United Kingdom; the Green Climate Fund; Pegasus Capital Advisors; Builders Vision; Bloomberg Philanthropies; BNP Paribas Foundation; the International Coral Reef Initiative (ICRI), the United Nations Development Programme (UNDP); United Nations Capital Development Fund (UNCDF); the United Nations Environment Programme (UNEP); the International Union for Conservation of Nature (IUCN); and the Ocean Risk and Resilience Action Alliance (ORRAA).
The GFCR coalition aims to bridge the coral reef funding gap by facilitating an innovative ‘Reef-Positive Investment Ecosystem’ with an array of financial tools designed to incubate, de-risk and unlock public and private market-based investment aligned to conservation of coral reef refugia. The GFCR provides an implementation tool for national marine biodiversity conservation and blue economic transition ambitions. Emphasis is placed on climate-resilient ecosystems that are crucial for preventing reef extinction, supporting rich biodiversity, and providing critical ecosystem services.