The Global Fund for Coral Reefs (GFCR) has launched the Reef + Knowledge and Finance Accelerator programme to serve as a convening platform to drive finance and knowledge for bankable coral reef solutions globally.
The project which was launched during the 15th meeting of the Conference of the Parties (COP 15) to the UN Convention on Biological Diversity (CBD) in Montreal Canada, also saw the GCFR announcing a new partnership with Blue Nature Alliance (BNA).
Developed by Conservation Finance Alliance (CFA), the United Nations Development Programme (UNDP), and Ubuntoo, Reef + showcases reef-positive solutions supported through GFCR blended finance programmes as well as their replicable enterprises and finance solutions identified globally.
A statement issued by the Fund and copied to the Ghana News Agency (GNA) said Reef+, now in its first phase, already hosts a catalogue of 170 solutions and 60 knowledge posts, all with potential to scale and replicate for significant global impact.
It said the digital platform would expand its database of enterprises, finance tools, and knowledge products, as well as integrate capacity building, impact tracking, and enhanced connectivity among investors, entrepreneurs, and practitioners in subsequent phases.
Mr Chuck Cooper, GFCR Executive Board Chair, representing the Paul G. Allen Family Foundation, issued his endorsement of Reef+ during COP15, according to the statement.
“GFCR’s Reef+ platform will help catalyse action to achieve the Global Biodiversity Framework goals and targets and serve as a hub for the coral reef community to share knowledge and best practices, identify proven approaches, and accelerate investments that benefit coral reefs and provide returns for investors.”
Both GFCR and BNA emphasise the need to scale action for climate-resilient coral reef ecosystems, including interventions to reduce local drivers of degradation and strengthen marine protected areas, part of the statement read
The Global Fund for Coral Reefs (GFCR) is the largest global blended finance vehicle dedicated to the Sustainable Development Goal 14, Life Below Water.
It is designed to scale financial solutions and blue economic growth that bolsters the resilience of coral reefs and the communities that depend on them.
GFCR blended finance programmes incubate and scale interventions that address local drivers of coral reef degradation, unlock conservation funding flows, and increase communities’ adaptive capacities.
Supported solutions include waste treatment and recycling facilities, coral reef insurance, sustainable aquaculture and agriculture, ecotourism enterprises, blue carbon credits, and sustainably financed Marine Protected Areas (MPAs).