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CBD COP16: Urgent Funding Call to Combat Coral Reef Extinction

GFCR CBD COP16 Engagement

As a recognised implementation vehicle of the GBF and 2030 Agenda, at COP16, the GFCR aims to showcase its efforts to advance nature-positive finance, present strategies to enhance coral reef resilience, as well as mobilise greater funding to support and protect vital marine ecosystems, aligning with global biodiversity goals and addressing urgent environmental challenges.

GFCR Supports Landmark ‘Debt-For-Nature’ Swap to Protect Indonesia’s Coral Reefs

Focusing on the Bird’s Head Seascape, the Lesser Sunda, and Banda Seascape, the GFCR has supported the first-ever debt-for-nature swap facilitated under the US Government’s Tropical Forest and Coral Reef Conservation Act (TFCCA) dedicated to coral reef ecosystems. The landmark deal includes several key provisions including a reduction of US$35 million in Indonesia's debt payments to the United States Government over the next nine years; a commitment from the Government of Indonesia to establish a conservation fund dedicated to the protection and restoration of coral reefs; and vital support for local organizations actively engaged in safeguarding coral reef ecosystems and coastal communities.

Global Fund for Coral Reefs Approves More Than $25 Million USD in Additional Funding for Resilience Action 

In the face of increasing threats to coral ecosystems and the recent announcement of the fourth global coral bleaching event, the Global Fund for Coral Reefs (GFCR) Executive Board has announced a total of over $25 million USD in additional grant funding to scale up resilience efforts across coral nations.