In 2024, a network of global coral reef scientists from the NOAA: National Oceanic & Atmospheric Administration and International Coral Reef Initiative (ICRI) confirmed the fourth global coral bleaching event is underway.

As climate change impacts intensify, coral bleaching has become more frequent and severe. This phenomenon has affected coral reefs across every major ocean basin, with some regions experiencing consecutive bleaching events.

Recognising the growing urgency, the Coral Reef Breakthrough has been established to provide targets and action points for collective action, including:

• Stopping drivers of loss
• Doubling the area of coral reefs under effective protection
• Accelerating restoration efforts
• Securing $12 billion from public and private sources by 2030 to conserve and restore at least 50% of remaining coral reef ecosystems.

Global Fund for Coral Reefs

Through a Coalition of global, regional, and national partners, the Global Fund for Coral Reefs (GFCR) is spearheading efforts to find viable models to enhance sustainable financing for coral reef conservation, restoration, and resilience.

With capitalisation underway, by 2030, the 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 an estimated 12.5% of coral reefs remaining on Earth); and the sustainable financing of 7.5 million hectares of Marine Protected Areas (MPAs).

Hosting both a Grant Fund and Investment Fund, the GFCR portfolio of reef-positive solutions encompasses four impact sectors:

• Sustainable Ocean Production (fisheries, aquaculture, mariculture)
• Sustainable Coastal Development (ecotourism, blue and natural coastal infrastructure including reef restoration)
• Circular Economy and Pollution Management (solid waste management, recycling, wastewater treatment)
• Financial Mechanisms (Marine Protected Area finance instruments, payment for ecosystem services including blue carbon and reef insurance, debt swaps, and bonds)

GFCR’s investments will aim to leverage $2-3 billion USD in public and private finance for the benefit of coral ecosystems and coastal communities.

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Mesoamerican Reef Resilience Strategy

GFCR focuses on climate-resilient coral reefs, including the Mesoamerican Reef (MAR) spanning Mexico (in the state of Quintana Roo), Belize, Guatemala, and Honduras. The MAR, the largest barrier reef in the Western Hemisphere, is a biodiversity hotspot hosting over 60 coral species and more than 500 fish species. The barrier reef provides essential benefits like storm protection, food sources, and livelihoods. However, the MAR faces pressures from tourism, sargassum, agriculture, aquaculture, and climate change. To help address these local ecosystem threats, GFCR funds the MAR+Invest programme led by the Mesoamerican Reef Fund - MAR Fund, which includes international collaborators, experts, the Central American Commission on Environment and Development (CCAD), and in-country funds from the region.

The MAR+Invest programme, a 10-year blended finance vehicle, operates across the Mesoamerican Reef countries. Implemented through a strategic alliance with organisations like the Mexican Fund for the Conservation of Nature/Sureste Sostenible, Healthy Reefs for Healthy People, and New Ventures/VIWALA, the programme addresses local threats to the reef. Currently in its growth stage, MAR+Invest aims to improve the management of 60,000 hectares of coral reefs, leverage $60 million in investment, and enhance the resilience of 3 million community members by 2030.

Regional efforts include support for the conservation of coral reef sites within UNESCO World Heritage Sites, including:

• Belize Barrier Reef Reserve System in Belize
• Sian Ka'an in Mexico (Quintana Roo)
• Tikal National Park in Guatemala
• Rio Platano Biosphere Reserve in Honduras

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