The GFCR Executive Board Approves Programmes for the Mesoamerican Reef Region and Indonesia
New York, 10 March 2022 – The Global Fund for Coral Reefs (GFCR) Executive Board has approved two long-term programmes in Mesoamerican Reef region and Indonesia. These new decisions resulting from the fifth Executive Board meeting grow the GFCR’s portfolio to more than $30,000,000 USD of approved resources to support catalytic reef-positive interventions in climate-resilient coral reef strongholds.
The Mesoamerican Reef (MAR) programme, ‘MAR+Invest’, is a business development and finance facility with the objective of attracting diverse sources of capital to develop and finance market-based solutions with a positive impact on coral reefs in the region through reduction of threats, conservation, and restoration. MAR+Invest led by MAR Fund, convenes a partnership of organizations from the MAR countries, including New Ventures and Viwala, Fondo Mexicano para la Conservación de la Naturaleza (Mexican Fund for the Conservation of Nature), and Healthy Reefs for Healthy People Initiative. The programme partners bring together diverse expertise on conservation, monitoring, capacity building, conservation finance, innovation, and impact investment sectors that will:
- Find, incubate, accelerate and finance sustainable solutions that demand diverse types of capital and technical assistance – including new sources of revenue for coastal and marine protected areas (CMPAs) as well as livelihoods for local communities;
- Develop financial mechanisms blending resources from governments, investors, and philanthropic donors to manage risk, close early-stage capital gaps and secure financing for all stages of enterprise development;
- Monitor, evaluate and demonstrate the reef-positive impact of the solutions; and
- Generate enabling conditions in the region to attract investment, influence reef-positive public policy and foster solutions.
MAR+Invest will also build on MAR Fund’s existing Emergency Fund to enable an effective response to major shocks.
For Carlos Vijil, President of MAR Fund, the Convening Agent of MAR+Invest, stated the “GFCR is the enabler that allows the creation and structuring of MAR+Invest so local actors can bridge the gap between conservation and investment through innovative market approaches that address the challenges faced by the largest transboundary coral reef ecosystem and generate revenue.”
As a second decision, the Fund’s Executive Board approved the first programme for Indonesia. Focused on Eastern Indonesia, a region home to some of the largest and most biologically diverse coral reefs in the world. Terumbu Karang Sehat Indonesia (TeKSI) is a multi-year programme that seeks to reinforce and strengthen the protection of coral reef ecosystems through blended investments in inclusive, equitable, reef-positive livelihood and economic development. Building on a decades long track record of successful marine conservation investments in Indonesia, the TeKSI programme is led by Conservation International (CI) and Yayasan Konservasi Cakrawala Indonesia (Konservasi Indonesia), CI’s partner in Indonesia. The programme will leverage the sustainable financing expertise of Conservation International Ventures LLC (CI Ventures) an impact-first investment vehicle and pioneer in blue economy investment. Through collaboration with a network of local and global public, private and financial sector partners, the programme aims to:
- Replicate proven public-private marine protected area (MPA) financing and revenue models that support effective coral reef and marine area management and enforcement while creating employment opportunities for local stewardship of marine resources;
- Incubate and accelerate investments in enterprises, projects and business models at multiple scales that promote recovery, development and sustainable growth of reef-positive industries and local economies and advance national and regional blue economy development objectives.
Meizani Irmadhiany, Chair of the Board of Konservasi Indonesia stated: “Indonesia represents among the most significant opportunities for global coral reef conservation and resilience. Through the support of the GFCR, TeKSI seeks to mobilize and deploy blended financing at multiple scales and through multiple modalities to promote the mutually reinforcing objectives of coral protection, economic recovery, and inclusive, equitable reef-positive development and sustainable livelihoods in Indonesia.”
The newly issued decisions signify the GFCR coalition’s growing leadership in closing the ‘Coral Reef Funding Gap’ and a continuing contribution to solutions that support adaptation and resilience for local coastal communities.
The Global Fund for Coral Reefs (GFCR) is the first and only blended finance initiative dedicated to coral reefs globally. The public-private partnership is driven by foundations, Member States, UN agencies, organizations, and the private sector. The GFCR Coalition includes the Paul G. Allen Family Foundation; Prince Albert II Monaco Foundation; the governments of Germany, France, Canada, and the United Kingdom; the Green Climate Fund; Pegasus Capital Advisors; United Nations Development Programme (UNDP); United Nations Capital Development Fund (UNCDF); and United Nations Environment Programme (UNEP).