{"id":59203,"date":"2020-09-20T22:44:30","date_gmt":"2020-09-20T20:44:30","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=59203"},"modified":"2020-09-20T22:44:30","modified_gmt":"2020-09-20T20:44:30","slug":"new-global-fund-for-coral-reefs-seeks-to-raise-invest-500m-in-10-years","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/new-global-fund-for-coral-reefs-seeks-to-raise-invest-500m-in-10-years\/","title":{"rendered":"New Global Fund for Coral Reefs seeks to raise, invest $ 500m in 10 years"},"content":{"rendered":"

The new Global Fund for Coral Reefs seeks to raise and invest $ 500 million in coral reefs conservation in the coming 10 years. The fund is the first of its kind and was launched on the sidelines of the 75th<\/sup> Session of the United Nations General Assembly<\/p>\n

The fund was given the go-ahead with a coalition of partners convening to mobilize resources to make coral reefs more resilient.<\/p>\n

The fund, a finance instrument that blends private and public funding, will also support businesses and finance mechanisms that improve the health and sustainability of coral reefs and associated ecosystems while empowering local communities and enterprises.<\/p>\n

Found in over 100 countries and territories globally, coral reefs support a quarter of all marine life\u2014up to\u00a01 million species<\/a>. They also provide\u00a0at least half a billion people with jobs and food<\/a>\u00a0while protecting coastlines from storms and flooding.\u00a0Despite their immense value and immense vulnerability, the protection of coral reefs has been underfunded on a global scale.<\/p>\n

Coral reefs are recognized as a critical ecosystem in the post-2020 Biodiversity Framework, and a\u00a0recommendation<\/a>\u00a0by the\u00a0International Coral Reef Initiative (ICRI)<\/a>\u00a0calls for protection of coral reefs.<\/p>\n

According to the recently released\u00a0fifth Global Biodiversity Outlook<\/a>, coral reefs have \u201cshown the most rapid increase in extinction risk of all assessed groups\u201d due to human pressures, including climate change.<\/p>\n

Inger Andersen, the Executive Director of the UN Environment Programme (UNEP), said: \u201cWe have great opportunities for global collaboration on coral reef protection, management and restoration coming up with the UN Decade of Ocean Science for Sustainable Development, and the UN Decade on Ecosystem Restoration. We urge the global community to come together to capitalize this critical Fund in order to change the trajectory for coral reefs and save this precious ecosystem.\u201d<\/p>\n

The Global Fund for Coral Reefs has a dual focus. Firstly, it seeks to facilitate the uptake of innovative financing mechanisms, including private market-based investments focused on coral reef conservation and restoration. Secondly, it seeks to unlock financing for coral reef-related climate adaptation through the Green Climate Fund, Adaptation Fund, and multilateral development banks.<\/p>\n

The multi-party initiative to mobilize resources for the Fund includes public, philanthropic, and private actors, including: the\u00a0Paul G. Allen Family Foundation<\/a>,\u00a0Prince Albert II of Monaco Foundation<\/a>,\u00a0BNP Paribas<\/a>,\u00a0Althelia Funds<\/a>,\u00a0United Nations Development Programme (UNDP)<\/a>, UNEP, and\u00a0UN Capital Development Fund<\/a>\u00a0(UNCDF), putting a spotlight on unique partnerships towards coral protection and\u00a0SDG 14<\/a>, on \u2018Life Below Water\u2019. The two-hour high-level event will kickstart fundraising efforts for the global fund and will showcase the innovative finance instrument geared at mobilizing resources for the resilience of corals, one of Earth\u2019s richest sources of biodiversity and the communities that rely on them.<\/p>\n

The Administrator of the UN Development Programme (UNDP), Achim Steiner, said: \u201cInnovative finance for conservation is a central pillar of UNDP\u2019s strategy. Without nature, many SDGs cannot be achieved. As the world\u2019s first UN multi-partner trust fund for SDG14, the Global Fund for Coral Reefs will unleash the power of private sector financing for conservation while supporting countries to rebuild and enhance resilience to COVID-19 and other shocks.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The new Global Fund for Coral Reefs seeks to raise and invest $ 500 million in coral reefs conservation in the coming 10 years. The fund is the first of its kind and was launched on the sidelines of the 75th Session of the United Nations General Assembly The fund was given the go-ahead with […]<\/p>\n","protected":false},"author":410,"featured_media":59204,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6030],"tags":[6325,6685,9349],"yoast_head":"\nNew Global Fund for Coral Reefs seeks to raise, invest $ 500m in 10 years - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The new Global Fund for Coral Reefs seeks to raise and invest $ 500 million in coral reefs conservation in the coming 10 years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/new-global-fund-for-coral-reefs-seeks-to-raise-invest-500m-in-10-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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