The coral reefs that dot Colombia's sprawling Sea Flower Biosphere Reserve are among the most vibrant in the Caribbean. But overfishing, unchecked tourism, invasive species and climate change are decimating these undersea cities, threatening marine life and the livelihoods of thousands of people. Now, a novel funding mechanism is helping relieve some of those stressors. The Global Fund for Coral Reefs, a multi-partner trust fund supported by the United Nations, is providing grants and soft loans to small businesses that operate within the reserve. The funding is backing several reef-friendly ventures, from eco-tourism to artisanal fishing. The financing is part of a growing effort by governments and philanthropies to use seed money to jumpstart private investments in conservation. For example, with the support of the Global Environment Facility (GEF) and the World Bank, the Republic of Seychelles launched the world’s first sovereign blue bond in 2018 to support sustainable marine and fisheries projects, demonstrating the potential for countries to harness capital markets for financing the conservation, restoration and sustainable use of marine resources. This so-called blended finance is seen as crucial to marshalling the billions of dollars necessary to end a global nature crisis that is, among other things, pushing 1 million species towards extinction. The interest in the instrument comes as countries steam ahead with the implementation of the Kunming-Montreal Global Biodiversity Framework, a landmark 2022 agreement to halt and reverse the decline of nature. The pact calls on the countries of the world to invest a combined US$200 billion annually by 2030 to safeguard biological diversity.
- Pages
- 7
- Published in
- Kenya
