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Fund Dates

Start Date: 01 July 2020

End date:   31 December 2030

 

The Global Fund  for Coral Reefs - Main Documents


The Global Fund  for Coral Reefs - Main Documents

News

Canada Joins GFCR Coalition

Global Fund for Coral Reefs Awarded Anchor Commitment Investment from the Green Climate Fund to Strengthen Reef Resilience to Climate Change

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The GFCR supports various country and regional programmes around the world that implement a holistic conservation approach. GFCR’s Fiji programme deploys blended finance to mobilize commercial investments, local livelihood opportunities and scaling up of coral reef conservation. With an aim to leverage US$50M in investment capital by 2030, the newly launched programme has four key interlinked transactions.
Preeti Sinha, Executive Secretary of UNCDF, presents the GFCR at the Ernst & Young Pavilion event during COP26.
About

Overview

The Global Fund for Coral Reefs (www.globalfundcoralreefs.org) is the first UN multi-partner trust fund dedicated to SDG 14. The GFCR is an innovative blended finance mechanism with the ambition to mobilize $625M ($125M in grants and $500M in investment capital) for coral reefs ecosystem conservation and resilience while strengthening ecosystem services for reef-dependent communities. The Fund deploys grant financing to build a pipeline of revenue generating initiatives to leverage private finance for coral reefs conservation.

The Global Fund for Coral Reefs has a dual focus:

  • Facilitate the uptake of innovative financing mechanisms, including private, market-based investments focused on coral reef conservation and restoration 
  • Unlock financing for coral reef-related climate adaptation through the Green Climate Fund and Multilateral Development Banks (MDBs) 

Theory of Change

Desired Change
Prevent the extinction of coral reefs in our lifetime by eliminating the coral reef financing gap and supporting interventions for their best chance of survival.

The Global Fund for Coral Reefs will promote a ‘protect-transform-restore-recover’ approach in priority locations with resilient reefs with exceptional biodiversity.

Outcome 1: Protect priority coral reef sites and climate change-affected ‘refugia’
Strategic coral reefs are protected (i.e. climate refugia, reefs with high biodiversity, important ecosystem services) and ecosystem resilience is increased in the face of climate change. Degradation drivers of coral reefs are mitigated or eliminated.

Outcome 2: Transforming the livelihoods of coral reef-dependent communities
Reduced reliance and unsustainable practices in coral reef ecosystems as people are made aware of the crisis and motivated to make and support pledges to take positive action at scale. Transition to sustainable fisheries and tourism. Private sector-led investments chanelled into alternative livelihoods and reef-first businesses.

Outcome 3: Restoration and adaptation technologies
Coral reef restoration and adaptation technologies are made scalable, cost-efficient, and applicable to a variety of regional contexts; with proven outcomes for ecological resilience.

Outcome 4: Recovery of Reef-dependent community livelihoods are more resilient to shocks, Reef-dependent community livelihoods are more resilient to shocks (natural disasters, health crises, economic downturns), avoiding a resurgence of drivers of degradation for coral reef ecosystems. MPA management and enforcement operations are equipped to continue functioning during periods of crisis.

Fund Structure

Given the diversity of coral reef ecosystems and limited, proven, scalable revenue streams, the legal structure of the Global Fund for Coral Reefs is flexible, long-term, and lean. The GFCR is designed as a 10-year US$625M blended finance vehicle with two windows working under the same Theory of Change and a common Investment Plan.

  • The Grant Window is managed by UN agencies, privative philanthropy and Member State donors. This window deploys grants for technical assistance, financial structuring, baseline studies, site monitoring and impact assessment.
  • The Investment Window will provide investment capital to finance and scale-up businesses and initiatives incubated by the Grant Window. Proposed guarantees and concessional loans will be mobilized to de-risk investments in the unfamiliar markets of the blue economy and attract private investor capital. Revenue streams from the supported projects and businesses will be used to repay investors while also ensuring the financial sustainability of coral reef conservation and reducing reliance on short-term grants.

The GFCR will take a holistic approach to project sites, addressing multiple drivers of degradation simultaneously to maximize benefits for coral reef ecosystems. Initiatives in the following areas are of interest to the Fund: Co-management agreements for MPAs, ecotourism, sustainable fisheries and aquaculture, waste management, water treatment, sustainable agriculture, blue carbon, blue bonds and alternative activities for subsistence and income.

Partners:  

In addition to donors, a coalition of global partners committed to reef protection has come together to implement this global financing instrument. Three UN Agencies (UNDP, UNEP, UNCDF), two private foundations (Prince Albert II of Monaco Foundation and Paul G. Allen Family Foundation), and two financial institutions (BNP Paribas and Pegasus).  The GFCR is also building partnerships with international and local NGOs to build on existing initiatives and seize on the expertise and experience of actors around the world.

 

Recent Documents

This tab shows only recent documents relevant at the Fund level. To see more documents at both the fund and project level go to the Document Center.

Key Figures
Funding Status
Participating Organizations are required to submit final year-end expenditures by April 30 in the following year; Interim expenditure figures are submitted on a voluntary basis and therefore current year figures are not final until the year-end expenditures have been submitted.
Total as of
Values in US$
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Funds with Administrative Agent
Contributions from Donors 17,360,164  
Interest and Investment Income (from Fund) 1,424  
Interest (from Participating Organizations) 0  
Total source of funds   17,361,588
Transferred to Participating Organizations 11,717,420  
Refunds from Participating Organizations 0  
Administrative Agent Fee 173,602  
Direct Cost 840,000  
Bank Charges 0  
Total use of funds   12,731,022
Balance with Administrative Agent   4,630,566
As a percentage of deposits   26.7%
Funds with Participating Organizations
Transfers to Participation Organizations 12,557,420  
Total resources   12,557,420
Participating Organizations' Expenditure 319,586  
Refunds from Participating Organizations 0  
Total expenses     319,586
Balance with Participating Organizations   12,237,834
As a percentage of transfers   97.5%
Total Balance of Funds   16,868,400
As a percentage of deposits   97.2%
Delivery Analysis
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Contacts

For Policy and Programme Issues

 

For Fund Administrative Agent Issues

Multi-Partner Trust Fund Office (MPTF Office), Bureau of Management, United Nations Development Programme; Fax: +1 212 906 6990 

 

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