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14 | THE CORAL CHALLENGE

A GREAT START RAISING PRIVATE
AND PUBLIC CAPITAL
Considering the objectives set when it was devised
in 2018 in Monaco, the Global Fund for Coral Reefs Faced with the clear discrepancy between the value
(GFCR) is off to a “great start” according to Olivier generated by coral reefs and the low levels of invest-
Wenden, who also reiterated the Principality’s his- ment to protect them, panel members promoted the
toric commitment to coral reefs. “The principle and private sector, which can play a key role alongside
methods of the Global Fund for Coral Reefs are in- governmental, intergovernmental and philanthropic
credibly important, and reflect our Foundation’s goal organisations and NGOs. The GFCR drives a sustai-
of a healthy planet”, the Vice President of the Prince nable and innovative financial ecosystem, based on
Albert II of Monaco Foundation added, who also em- the growing practice of blended finance, as explained
phasised the growing interest of countries, partners by Jennifer Topping, executive coordinator of the UN
and investors, and underlined “the creation of an Multi-Partner Trust Fund Office.
Executive Committee for the Fund and the first cycle
of grants awarded to proposals from 6 countries for
coral reefs which are particularly threatened but iden-
tified as resilient”. The Fund specifically targets reefs INVESTING FOR THE FUTURE
able to adapt to impacts of climate change in their
surroundings. The panel of experts then focused on looking for so-
lutions, conservation initiatives and alternative econo-
A jewel of numerous archipelagos affected by climate mic options, with the focus being to sustainably fi-
change and local causes of deterioration, coral reefs nance the resilience of these vulnerable ecosystems.
are central to the economic issues experienced by This meeting - in preparation for the major internatio-
small developing island countries. The Minister of nal events in 2021 - concluded on the ambitions of
Fisheries, Marine Resources and Agriculture in the this Global Fund, which aims to strengthen the ba-
Maldives, Zaha Waheed, underlined the significant lance of affected communities and countries, contri-
impact of reef deterioration on the economy of the buting to greater global security.
Indian Ocean archipelago. The same can be seen in
the Philippines, Indonesia or Fiji, selected by the Fund
to develop their pilot projects. The ambassador of Fiji,
Luke Daunivalu, was pleased that “local and interna-
tional stakeholders have done an excellent job to lay
the groundwork to protect reefs, which are crucially
important for all our island communities, their eco-
nomies, their culture and their resilience to climate IN
change”.
SIGHT

“Over the next ten years, the Global Fund for Coral
Reefs aims to deploy a mix of public and private
funding to test blue economy models able to
generate positive effects on coral reef ecosystems,
allowing them to resist and survive when confronted
with multiple human and climate pressures”,
Pierre Pascal Bardoux Chesneau,
UNDP Senior Portfolio Manager