CBD COP16 Witnesses Urgent Funding Call to Combat Coral Reef Extinction Threat as Fourth Mass and Most Extensive Global Bleaching on Record Impacts Both Hemispheres
The Governments of New Zealand, the United Kingdom, Germany, and France, along with UBS Optimus Foundation, have pledged initial anchor in response to the call for capitalisation of the Global Fund on Coral Reefs.
Cali, Colombia, October 30, 2024 — During the 16th meeting of the Conference of the Parties (COP) to the Convention on Biological Diversity (CBD) coastal states, scientists, community representatives and UN leaders convened during an Special Emergency Session on Coral Reefs to urgently call for increased funding to protect coral reefs—vital ecosystems that support over 25 percent of marine life and support the resilience of nearly one billion people—from imminent collapse.
The Emergency Session, held against the backdrop of a record-setting Fourth Global Coral Bleaching Event impacting nearly 80 percent of the world’s reefs, issued an urgent call to action for world leaders to intensify efforts to safeguard the functional existence of coral reefs, including strong policy measures and the capitalisation of the Global Fund for Coral Reefs (GFCR). The session emphasised the critical need for immediate action as the latest scientific monitoring revealed that corals in the wider-Caribbean are experiencing a second, consecutive year of record-setting accumulated heat stress, with conditions in several areas reaching the highest bleaching alert ‘Level 5’, with the potential for catastrophic mortality.
Emergency Session conveners highlighted the need for public and private actors to significantly increase coral reef commitments by the coming 2025 UN Ocean Conference, where a dedicated coral reef pledging event will be held.
“The Ministry of Environment and Sustainable Development of Colombia emphasizes the critical need for governments to champion ambitious and impactful financial instruments, such as the Global Fund for Coral Reefs (GFCR), which unites private sector stakeholders and the international community as essential partners. According to the ministry, public-private partnerships are indispensable for mobilizing the resources necessary to advance coral reef conservation and restoration, directly supporting Sustainable Development Goal (SDG) 14, which advocates for the protection and sustainable use of the oceans,” said Hon. María Susana Muhamad, Environment Minister of Colombia. “Colombia, as one of the countries deeply affected by coral reef degradation and this year’s host of the Biodiversity Conference, calls upon global leaders to prioritize the capitalization of the GFCR by the 2025 UN Ocean Conference. The ministry underscores that this fund serves not only as a conservation mechanism but also as a pivotal element for climate resilience and food security for millions worldwide.”
In response to the urgent call for action, the Governments of New Zealand, the United Kingdom, Germany, and France, as well as UBS Optimus Foundation, have pledged initial anchor funding to catalyse additional commitments from other governments, philanthropists, and private investors toward the capitalisation of the GFCR.
The GFCR UN Fund, a recognized implementation initiative of the Global Biodiversity Framework—a historic agreement committing nations to halt and reverse nature loss by 2030—aims to raise an additional USD $150 million to mobilize significant investment capital by the upcoming UN Ocean Conference in June 2025. By 2030, it seeks to leverage up to USD 3 billion in public and private finance to support concerted conservation efforts targeting Earth’s most climate-resilient coral reefs and to transition coastal economies to ‘reef-positive’.
“Coral reefs are vital to the health and wellbeing of coastal communities, including across our Pacific neighbourhood. New Zealand is proud to join the Global Fund for Coral Reefs, dedicated to coral reef preservation,” said H.E. Winston Peters, Minister of Foreign Affairs of New Zealand. “The Government of New Zealand is committing USD $10 million to the Global Fund for Coral Reefs to leverage additional finance, and support urgent action. We encourage others to join us and help to safeguard these vital ecosystems for future generations.”
The UK Government, the largest grant contributor to the GFCR, has further bolstered their support. “Protecting our ocean and its precious habitats is fundamental to life on earth. But without urgent action, the world’s coral reefs face extinction from global heating, acidification, disease, and pollution; a vital ecosystem lost within our lifetime,” said the UK Minister for Nature, Mary Creagh. “That’s why the UK is providing additional support to the Global Fund for Coral Reefs. We must support these critical marine ecosystems, and on behalf of the UK, I urge others to join forces and fight for a sustainable future of coral reefs across the globe.”
To encourage greater contributions for ocean action, UBS Optimus Foundation further committed grant funding and offered to match 10 percent of any contribution from its clients to GFCR.
“UBS Optimus Foundation is proud to announce our partnership and first contribution to the Global Fund for Coral Reefs. Without broader partnerships and the involvement of private finance, the Global Biodiversity Framework targets will remain out of reach,” said Tom Hall, Global Head of Social Impact and Philanthropy, UBS, and CEO of UBS Optimus Foundation Network. “This is why we call on our clients, philanthropists, governments and private sector partners to join us. Together, through the GFCR we can amplify our impact, setting a precedent for future collaborations and driving investment towards a sustainable future.”
Coral Champions Call for Capitalisation of the GFCR Amid the Worst Ecological Crisis Facing the Coral Reefs
“Coral reefs are integral to our way of life and cultural identity. Without urgent action, they are rapidly heading towards extinction,” said H.E. Surangel S. Whipps, Jr. President of the Republic of Palau. “The Global Fund for Coral Reefs has been an invaluable partner in our efforts to protect this crucial resource and act as a vital shield against storm surges, coastal erosion, and other climate-related threats. To maximize the impact of this funding, streamlined access is essential. I urge member states, philanthropic organizations, and impact investors to increase their support to help GFCR achieve its urgent 2030 goals for coral protection and community resilience.”
Amid dire scientific projections for reefs, the UN, the International Coral Reef Initiative (ICRI), and a coalition of public and private partners established the GFCR in 2020 as the global financial platform for coral reefs aiming to prevent their functional extinction and its potential dire consequences. Finance remains a critical barrier to both protecting resilient coral refugia and mitigating local stressors.
“The Global Fund for Coral Reefs enables us to engage changes by providing further resources to those who have been fighting for coral conservation for decades. This Fund is not only an opportunity to define our strategies more effectively, in the face of this challenging and complex issue, it also offers us a vital opportunity to look far ahead together,” said H.S.H. Prince Albert II of Monaco.
Working with a wide range of investment partners, GFCR accelerates locally led implementation and transformative investments that enable societal-level change needed to halt local threats, giving reefs the best chance of surviving climate change impacts.
“The vitality of the ocean and the lives of more than one billion people are inextricably linked to coral reefs,” said Ambassador Peter Thomson, United Nations Secretary-General’s Special Envoy for the Ocean. “In 2024, climate change and other human impacts triggered the fourth mass coral reef bleaching event, the most extensive and devastating on record. With the window to protect these ecosystems closing rapidly, world leaders must act now. I urge states, philanthropies, and investors to commit the Global Fund for Coral Reefs at the upcoming UN Ocean Conference. We must secure a sustainable future for coral reefs and the countless lives that rely on them—before it’s too late.”
“In Seychelles, coral reefs are more than just a natural wonder; they are the bedrock of our marine biodiversity, supporting tourism, fishing, and coastal protection. But our way of life is under threat from climate change and other local stressors,” said H.E. Flavien Joubert, Seychelles’ Minister for Agriculture, Climate Change and Environment. “The Global Fund for Coral Reefs and its partners are doing pioneering work—elevating coral reef conservation within our blue economy while promoting sustainable finance. To scale up these initiatives, we need continued and increased funding to protect our reefs and communities.”
“As the leading coral finance instrument globally, the GFCR offers an investment-ready pathway aligned to deliver on the ambitious targets set by the Coral Reef Breakthrough, the 2030 Agenda, and the Global Biodiversity Framework,” said H.E. Razan Khalifa Al Mubarak, UN Climate Change High-Level Champion. “After more than three years of building a robust investment pipeline and initiating early projects, GFCR’s portfolio of innovative market-based solutions is poised to conserve 3 million hectares of coral reefs globally—this represents 25 percent of the Coral Reef Breakthrough’s spatial target.”
In its initial years of operation, GFCR established a robust portfolio of scalable projects targeting Earth’s most resilient reefs— ‘coral refugia’ across more than 20 nations. Catalytic growth support and early investments are already helping to address the coral reef funding gap to increase the resilience of ecosystems and communities.
“Zanzibar is home to vast coral reefs that have supported community livelihoods and a vibrant tourism sector. Therefore, we commit to upholding a sustainable blue economy in partnership with coalitions such as the Global Fund for Coral Reefs to protect and conserve Zanzibar’s coral reefs and their ecosystems to ensure that we and future generations continue to benefit from this critical national treasure.” Hon. Shaaban Ali Othman – Minister of Blue Economy and Fisheries, Zanzibar.
“The Global Fund for Coral Reefs goes beyond conservation—it’s a lifeline for sustainable development and nature-positive solutions,” said Achim Steiner, UNDP Administrator. “Coral reefs are vital to the lives and livelihoods of over a billion people. Protecting these fragile ecosystems is not just about preservation; it is an investment in economic and social resilience. The GFCR offers a unique platform to mobilize finance and drive inclusive, integrated efforts to safeguard coral reefs while advancing the goals of the Global Biodiversity Framework.”
“Meeting the Global Biodiversity Framework targets demands urgent, bold action, and the GFCR is at the heart of that effort,” said Inger Andersen, UNEP’s Executive Director. “Coral reefs are the cornerstone of marine biodiversity, and without swift investment through the GFCR, which is pivotal in mobilising the resources needed to safeguard these ecosystems and the countless lives they sustain, we face an irreversible loss.”
“The new capitalisation commitments to the Global Fund for Coral Reefs from UBS Optimus Foundation and the Governments of New Zealand, the United Kingdom, Germany and France will boost efforts to mobilize financing for critical 2030 targets. The funding will help create sustainable financial mechanisms to shift coastal economies away from destructive business models, protect vital ecosystems from local stressors, and give a fighting chance to these underwater rainforests that support significant global marine life,” said Pradeep Kurukulasuriya, Executive Secretary of the United Nations Capital Development Fund (UNCDF). “However, we are still far from the full capitalisation target and urge member states, philanthropies and impact investors to step up commitments to prevent the functional collapse of an entire ecosystem before it is too late.”
Through the support of over 400 reef-positive enterprises and sustainable financial mechanisms, GFCR 2030 impact targets include facilitating at least 30,000 jobs—while improving the resilience of over 20 million community members and increasing the resilience of more than 3 million hectares of coral reefs—representing approximately 12.5 percent of reefs remaining on Earth.
Yet far more still needs to be done to bolster coral reef resilience and avert functional collapse—a looming threat that would be devastating for countries in both the global North and South.
“Without collective action at pace and scale, scientists estimate that 90% of remaining coral reefs may be lost by 2050, with dire consequences for the communities and economies they support. To face this crisis, the GFCR Coalition has established a robust portfolio of innovative, market-based solutions spanning 23 nations to protect critical coral reef refugia – Earth’s most resilient reef ecosystems.” said Peter Bryant, Program Director, Oceans, Builders Initiative and GFCR Executive Board Member. “We are committed to supporting GFCR, and we call on our network of philanthropies and impact investors to join us in the mission of protecting this critical ecosystem.”
“Indonesia aims to protect 30 percent of its ocean by 2045, focusing on important areas such as coral reefs and other ecosystems. Coral reefs are a cornerstone of our marine biodiversity, supporting the livelihoods of coastal communities and contributing significantly to our national economy through fisheries, aquaculture and tourism,” said Dr. Firdaus Agung, Director of Ecosystem and Aquatic Biota Conservation, Ministry of Marine Affairs and Fisheries. “However, financing this ambitious target and its sustainability requires big investments. By working with the Global Fund for Coral Reefs and its partners, Konservasi Indonesia and Yayasan Konservasi Alam Nusantara, and other programs such as Lautra (ocean prosperity) we have introduced unique financing mechanisms, including the Raja Ampat Mooring System (RAMS), reef positive seaweed development, and the first debt-for-nature swap focused on coral reefs.”
A strong, well-rounded partnership that leverages public, philanthropic, and private capital is essential to unlocking sustainable financing for coral reef conservation.
“In the context of the current climate and biodiversity crisis, we need financial commitments to ensure the implementation of ambitious and bold action plans to protect the future of coral reefs,” said Francis Staub, Global Coordinator, ICRI Secretariat. “It is a question of survival for these ecosystems which provide invaluable services to more than one billion people.”
Media Contacts:
GFCR: John Narayan Parajuli, Media Consultant, narayan.parajuli@uncdf.org
ICRI: Francis Staub, Global Coordinator, fstaub@icriforum.org
About the Global Fund for Coral Reefs
As an implementation vehicle for the Global Biodiversity Framework (GBF) and Sustainable Development Goal 14 (SDG 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. By deploying catalytic grants and investments, the GFCR’s resilience-focused portfolio comprises market-based solutions addressing drivers of ecosystem degradation spanning more than 20 developing states. Supported solutions include sustainable fisheries, aquaculture and agriculture, ecotourism, coral reef insurance, wastewater treatment and recycling, and initiatives enabling sustainable finance for marine protected areas (MPAs).
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 12.5% of remaining coral reefs on Earth); and sustainable financing flows for 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 60 member states, UN agencies, financial institutions, philanthropies, impact investors, and conservation organisations. The GFCR Coalition includes coral nations, the United Nations Capital Development Fund (UNCDF), the United Nations Development Programme (UNDP), the United Nations Environment Programme (UNEP), Pegasus Capital Advisors, the Green Climate Fund, Builders Initiative, Bloomberg Philanthropies, Prince Albert II Monaco Foundation, UBS Optimus Foundation, the Governments of the United Kingdom, New Zealand, France, Germany, Canada, and the United States, ICONIQ Impact Ocean Co-Lab, Minderoo Foundation, Paul G. Allen Family Foundation, the International Coral Reef Initiative (ICRI), and more than 20 additional strategic and implementing partners.
About the International Coral Reef Initiative
The International Coral Reef Initiative (ICRI) is a global partnership between Nations and organizations which strives to preserve coral reefs and related ecosystems around the world.
Although the Initiative is an informal group whose decisions are not binding on its members, its actions have been pivotal in continuing to highlight globally the importance of coral reefs and related ecosystems to environmental sustainability, food security and social and cultural wellbeing. The work of ICRI is regularly acknowledged in United Nations documents, highlighting the Initiative’s important cooperation, collaboration and advocacy role within the international arena.
The Initiative was founded in 1994 by eight governments: Australia, France, Japan, Jamaica, the Philippines, Sweden, the United Kingdom, and the United States of America. It was announced at the First Conference of the Parties of the Convention on Biological Diversity in December 1994, and at the high level segment of the Intersessional Meeting of the U.N. Commission on Sustainable Development in April 1995. ICRI now has over 100 members.
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