The new Global Fund for Coral Reefs (GFCR) REEF+ Accelerator will serve as a convening platform to drive finance and knowledge for bankable coral reef solutions globally.
Developed by the Conservation Finance Alliance (CFA), the United Nations Development Programme (UNDP) and Ubuntoo, the REEF+ Accelerator showcases reef-positive solutions supported through GFCR-blended finance programs as well other replicable enterprises and finance solutions identified globally.
The initiative was launched during the 15th meeting of the Conference of the Parties (COP15) to the UN Convention on Biological Diversity in Montréal, Quebec, Canada.
REEF+, now in its first phase, already hosts a catalogue of 170 solutions and 60 knowledge posts, all with potential to scale and replicate for significant global impact.
In subsequent phases, the digital platform will expand its database of enterprises, finance tools and knowledge products, as well as integrate capacity building, impact tracking, and enhanced connectivity among investors, entrepreneurs, and practitioners.
Chuck Cooper, GFCR Executive Board Chair representing the Paul G. Allen Family Foundation, said:
“GFCR’s REEF+ platform will help catalyze action to achieve the Global Biodiversity Framework goals and targets, and serve as a hub for the coral reef community to share knowledge and best practices, identify proven approaches, and accelerate investments that benefit coral reefs and provide returns for investors.”
At COP15, GFCR also announced a new partnership with the Blue Nature Alliance (BNA) to advance sustainable ocean financing. The new GFCR-BNA areas of collaboration will include:
- Coordination of efforts and joint programming to conserve and restore coral reef ecosystems
- Development of ocean-related financial mechanisms
- Monitoring and evaluation of prioritized areas
- Knowledge sharing and strategic advocacy activities
Both GFCR and BNA are emphasizing the urgent need to scale action for climate-resilient coral reef ecosystems, including interventions to reduce local drivers of degradation and strengthen marine protected areas.
For more info, go to www.GlobalFundCoralReefs.org.