GFCR Coalition Launches Blended Finance Programme for Seychelles

GFCR Coalition Launches Blended Finance Programme for Seychelles

Geneva, 13 July 2023: The second quarter convening of the Global Fund for Coral Reefs (GFCR) Executive Board has resulted in the approval of the Ocean’s Resolve programme, led by the Seychelles Conservation and Climate Adaptation Trust (SeyCCAT). This programme aims to elevate the focus on coral reefs within Seychelles’ pioneering initiatives on the blue economy and sustainable finance, while promoting the use of blended finance approaches.

Marie-May Jeremie, CEO of SeyCCAT, emphasised the critical role of coral reefs for Seychelles’ future: “Coral reefs are the cornerstones of the Seychelles marine ecosystem. They support our unique biodiversity, generate jobs and incomes for local communities and businesses, and protect the people and the islands from storm surges and rising sea levels. With the Ocean’s Resolve program, we hope to catalyse action to protect these critical ecosystems and create a sustainable and resilient economic model that benefits the people of Seychelles today, tomorrow, and for generations to come.” 

Seychelles is home to climate-resilient reefs that act as natural buffers, protecting shorelines from waves, storms and floods. However, anthropogenic activities such as unsustainable fishing and tourism practices are contributing to coral reef degradation. Recognising the urgent need for action, the Ocean’s Resolve programme will focus on the protection and restoration of coral reefs and other critical ecosystems such as seagrass beds, and mangroves, aiming to reduce risks from high-intensity storms, enhance sustainable ecotourism, and promote sustainability of local coral reef fisheries.

In close collaboration with the Ministry of Agriculture, Climate Change and Environment, Ocean’s Resolve will support the implementation of the Seychelles National Policy and Strategic Action Plan (NPSAP) on Coral Reef Conservation Management and contribute to the implementation of the Seychelles’ Marine Spatial Plan (SMSP). By establishing the Seychelles Coral Reef Network platform, the programme will foster collaboration between the public and private sectors, aligning efforts to achieve the objectives of the NPSAP and SMSP.

Building off of groundwork laid by the Seychelles blue bond and in collaboration with the local Business and Technology Incubator (BTI), Ocean’s Resolve will aim to enhance the financial viability, scale and long-term positive impact of reef-positive projects and enterprises. Further, as the area of Seychelles’ MPAs has dramatically increased from less than 1% (2,000 km2) to 33% (441,000 km2) over the past decade, the programme will also aim to help unlock the investment and capacity required to realise the conservation and sustainable use objectives of these protected areas.

With the launch of Ocean’s Resolve in Seychelles, GFCR expands its reach to 14 countries, moving closer toward the goal of supporting growth of blended finance programmes in at least 23 countries by mid-2024. Through its blended finance approach and collaborative efforts with local partners, GFCR continues to drive positive change and foster resilience in coral nations.

**** 

About the Global Fund for Coral Reefs  

The Global Fund for Coral Reefs (GFCR) is the first and only blended finance vehicle dedicated to coral reefs globally. Hosting both a Grant Fund and an Investment Fund, the GFCR is designed to scale financial solutions and blue economic transition that bolsters the resilience of coral reefs and the communities that depend on them. GFCR focuses on incubating and scaling financial interventions and enterprises that address local drivers of coral reef degradation, unlock conservation funding flows, and increase communities’ adaptive capacities. 

The GFCR Coalition is a public-private partnership driven by Member States, UN Agencies, financial institutions, philanthropies, impact investors and organisations. The GFCR Coalition includes the Paul G. Allen Family Foundation; Prince Albert II Monaco Foundation; Minderoo Foundation; the Governments of  Germany, France, Canada, the United States and the United Kingdom; the Green Climate Fund; Pegasus Capital Advisors; Builders Vision; Bloomberg Philanthropies; the International Coral Reef Initiative (ICRI), the United Nations Development Programme (UNDP); 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).
 
Dive deeper at www.GlobalFundCoralReefs.org and join our coral reef action communities on REEF+, Instagram, Twitter, LinkedIn, and YouTube.

About Seychelles Conservation and Climate Adaptation Trust

Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) is a trust fund with a mandate to provide a sustainable flow of funds to support the long-term management and expansion of the national system of marine protected areas, sustainable fisheries, and other activities that contribute to the sustainable blue development and climate adaptation in Seychelles.

Learn more at SeyCCAT.org and join us on Facebook, Instagram, LinkedIn and Twitter.