GFCR CBD COP16 Engagement

The acceleration of extinction and the catastrophic loss of critical ecosystems present unprecedented risks, with projections indicating that up to 1 million animal and plant species could face extinction by 2050. Underscoring the vital role of biodiversity in sustaining global economies, the World Economic Forum’s Global Risks Report 2024 finds that environmental risks make up half of the top 10 risks over the next 10 years. In response to this urgent crisis, the Kunming-Montreal Global Biodiversity Framework (GBF) was adopted at the 15th Conference of the Parties to the Convention on Biological Diversity (COP15) in December 2022, marking a global commitment to address these challenges.

Since the closure of COP15, heavy emphasis has been placed on the substantial need to scale up financial support from all sectors, public and private, and align it with the goals and targets of the GBF. Private investment in biodiversity, including economic shifts toward nature-positive, is underscored by all stakeholders as paramount to bridging ongoing conservation funding gaps and preventing the collapse of ecosystem function. 

As the first Biodiversity COP since the adoption of the GBF, 2024’s COP16 represents a unique opportunity for the world to take action for nature. 

With the recent announcement of the fourth mass global coral bleaching event underway, coral reefs sit high on the agenda of this year’s COP16 priorities. As the leading coral finance instrument, the Global Fund for Coral Reefs (GFCR) aims to protect and enhance the resilience of 3 million hectares of coral reefs by 2030, covering 12.5% of the world’s remaining reefs. GFCR is a recognised implementation vehicle of the GBF, highlighted as a premiere example of an initiative delivering innovative finance for ecosystem resilience.

GFCR’s COP16 priorities encompass:

Demonstrating Nature-Positive Finance 

With the global emphasis on scaling up financial support for biodiversity, there is a critical need to demonstrate how private investments can be mobilised and targeted for nature-positive outcomes. There is a growing demand for concrete examples of financial mechanisms that align with the GBF, driving systemic change and mitigating the ongoing degradation of ecosystems.

As a recognised implementation initiative of the GBF and 2030 Agenda, GFCR will be presented at COP16 as a premiere demonstration initiative for nature-positive finance. Throughout the forum, GFCR will contribute to the discussion as well as provide concrete case studies and lessons learned, regarding:

• Direct private investment flows to nature-positive outcomes, including through pooled investment vehicles at local and global levels, as well as through nature-positive businesses and transitioning of economies to protect ecosystem function; 

• Innovative sources of funding including via debt conversion, bonds, parametric insurance, conservation trust funds, biodiversity and carbon credit schemes;

• Catalytic use of grant funding through blended finance approaches, including de-risking, guarantees, and various other forms of concessional capital. 

Presenting Resilience Strategies for Coral Reef Action 

With coral reefs increasingly threatened by human impacts, including climate change and pollution, it is crucial to implement strategies that address local threats and build long-term resilience. The GFCR is dedicated to strengthening global coral resilience efforts by mobilising new public and private resources. This commitment focuses on supporting sustainable businesses and financial solutions for coastal reef ecosystems, communities, and economies.

At the conference, GFCR Coalition members aim to:

• Present integrated ecosystem approaches that holistically address local drivers of reef degradation, unlock sustainable conservation funding flows, and enhance adaptive capacities in areas such as food security, coastal protection, and livelihoods;

• Showcase market-based solutions from GFCR’s global portfolio spanning wastewater treatment, ecotourism, sustainable infrastructure, and responsible fishing and aquaculture, among others;

• Present investment opportunities that aim to increase resilience for coral reefs, associated ecosystems, and climate-vulnerable coastal communities, showcasing initiatives that can make a positive impact on reef protection, expansion, and restoration efforts.

Mobilising Greater Funding for Coral Reef Action

The coral reef funding gap remains an immense barrier to scaling of coral conservation action globally. In 2023, the Coral Reef Breakthrough launched establishing the first-ever financial and implementation targets for coral ecosystems, in alignment with the GBF.  

The Coral Reef Breakthrough aims to secure the future of at least 125,000 km2 of shallow-water tropical coral reefs with investment of at least $12 billion USD to support the resilience of more than half a billion people globally by 2030. GFCR is positioned as a lead implementer of the Coral Reef Breakthrough, aiming to catalyse up to $3 billion USD USD by 2030 to conserve 3 million hectares of coral reefs – representing 25% of the total Breakthrough target.

To reach its 2030 targets, and to bolster global efforts to thwart coral reef collapse, GFCR will utilise COP16 as a critical forum to mobilise public and private leaders to commit to coral reef action. Through strategic engagements and events, GFCR will hold sessions with representatives of states, philanthropies, corporates, financial institutions, and other potential funders to emphasise the urgent need for commitments. 

The detailed agenda for GFCR at COP16, including key dates, events, and engagements, will be updated on this webpage as information becomes available. 

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About the Global Fund for Coral Reefs 

As an implementation vehicle for the Global Biodiversity Framework (GBF) and Sustainable Development Goal 14, Life Below Water, the Global Fund for Coral Reefs (GFCR) Coalition is enhancing the resilience of coastal reef ecosystems, communities and economies by unlocking new public and private resources that accelerate sustainable businesses and financial solutions. Hosting both a Grant Fund and an Investment Fund, the GFCR resilience-focused portfolio includes market-based solutions spanning 23 countries, including waste treatment and recycling, coral reef insurance, sustainable aquaculture and agriculture, ecotourism, blue carbon credits, and mechanisms for sustainable Marine Protected Area (MPAs) finance. 

With capitalisation underway, by 2030 GFCR aims to support over 400 reef positive businesses and sustainable financial mechanisms; the resilience of over 20 million community members and 3 million hectares of coral reefs (representing 25% of the Coral Reef Breakthrough target); and the sustainable financing of 7.5 million hectares of MPAs. GFCR’s investments will aim to leverage $2-3 billion USD in public and private finance for the benefit of marine ecosystems and coastal communities. 

The GFCR Coalition is a public-private partnership driven by more than 50 Member States, UN Agencies, financial institutions, philanthropies, impact investors, and conservation organisations. The GFCR Coalition includes 23 coral nations, the Builders Initiative; Bloomberg Philanthropies; Prince Albert II Monaco Foundation; Minderoo Foundation; Paul G. Allen Family Foundation; the Governments of United Kingdom, France, Germany, Canada, and the United States; the Green Climate Fund; Pegasus Capital Advisors;  ICONIQ Impact Ocean Co-Lab; the International Coral Reef Initiative (ICRI), the United Nations Development Programme (UNDP); the United Nations Capital Development Fund (UNCDF); the United Nations Environment Programme (UNEP); the International Union for Conservation of Nature (IUCN); the Ocean Risk and Resilience Action Alliance (ORRAA) and the Coral Research & Development Accelerator Platform (CORDAP).