A countdown to capitalize the Global Fund for Coral Reefs is officially underway!
The Global Fund for Coral Reefs was officially launched in September 2020 during the 75th session of the UN General Assembly.
The initial fundraising campaign milestone was set for CoP26 — the UN Framework Convention on Climate Change in November of 2021. On the road to CoP26, the Global Fund for Coral Reefs (GFCR) made substantial progress by unlocking more than $150 million USD in catalytic funding for the acceleration of global initiatives safeguarding coral reefs and communities on the front lines of climate change. At CoP26, GFCR’s coalition, including governments, UN agencies, foundations, impact investors, biodiversity and climate experts, have convened to issue urgent calls to action to close the coral reef funding gap to avoid reef extinction and scale adaptation action.
In October of 2021, the Green Climate Fund (GCF) Board approved an initial investment 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.
By the end of 2022, the GFCR Grant Window received contributions from the Prince Albert II of Monaco Foundation, the Paul G. Allen Family Foundation and the governments of Germany, Canada, France and the UK. The GFCR is honoured to have these donors represented on the Executive Board of the Grant Window. Thanks to their support and engagement, the GFCR is now operational and has begun allocating funding to build reef resilience in priority ecosystems.
The next fundraising campaign milestone is set for the 2023 Our Ocean Conference in Panama where GFCR aims to cross the $200 million USD funding mark. This increased investment will accelerate reef-positive economic transformation across nations hosting the most climate-resilient reefs. GFCR currently has programming underway in 12 countries with an ambition to reach 25 by the end of 2025.
The GFCR will continue to seek support from Member States, philanthropic foundations, financial institutions and corporate donors.
Days left until close of next fundraising campaign milestone at the 2023 Our Ocean Conference in Panama
Member States Donors
The GFCR seeks to raise a minimum of $125M for it’s Grant Window. Contributions are sought not only for pure grants but also for concessional loans, guarantees, and technical investment. Thus far, the GFCR UN-managed Grant Fund received commitments from the governments of Germany, Canada, France and the UK. The GFCR is honoured to have these member states represented on the Executive Board of the Grant Window.
Private Philanthropy Donors
The unique coalition of the GFCR also seeks to raise a minimum of $125M for it’s Grant Fund. The Prince Albert II of Monaco Foundation and the Paul G. Allen Family Foundation are co-founders of the Fund and will sit on the Executive Board. At the 2022 UN Ocean Conference, Bloomberg Philanthropies and Builders Vision joined the coalition. As Board members, these private foundation donors hold an active role in determining GFCR funding priorities in terms of coral reef sites and business models to support.
The blended finance model of the GFCR relies on involvement from the private sector for expertise and resources. Both the GFCR Grant and Investment Funds invite corporate donors to support the closing of the coral reef funding gap. Through the Investment Fund, corporate entities can offer support through through senior or junior capital, financial contributions and innovative financial instruments.