Global Fund for Coral Reefs 

Objectives

Fund scope

Through the Global Fund for Coral Reefs stakeholders deploy grant financing to build a pipeline of revenue generating initiatives that leverage private financing for coral reef conservation The twin objectives of the GFCR include facilitating the uptake of innovative financing mechanisms, including private, market-based investments focused on coral reef conservation and restoration, along with unlocking financing for coral reef-related climate adaptation through the Green Climate Fund and various multilateral development banks.

By employing localized, holistic approaches, Fund partners are able to address multiple drivers of degradation simultaneously and maximize benefits for coral reef ecosystems. Areas of interest covered by the Fund include: Co-management agreements for marine protected areas, ecotourism, sustainable fisheries and aquaculture, waste management, water treatment, sustainable agriculture, blue carbon, blue bonds, and subsistence and income generating actions.

Theory of change

To prevent the extinction of coral reefs existing eco-conscious financing gaps need to be eliminated and relevant interventions supported. The Global Fund for Coral Reefs promotes a protect-transform-restore-recover approach in priority locations that are home to resilient reefs and exceptional biodiversity. With a long view to SDG acceleration and 2030 Agenda achievement, interdependent outcomes cover protecting priority coral reef sites and climate change-affected ‘refugia’, transforming the livelihoods of coral reef-dependent communities, introducing and promoting the uptake of restoration and adaptation technologies, and making it possible for those dependent on reefs for their livelihoods to be more resilient to shocks.

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—and comprised of two windows. The grant window is managed by members of the United Nations development system, private philanthropic entities, and Member State donors, whereby managers deploy grants for technical assistance, financial structuring, baseline studies, site monitoring and impact assessment. The investment window, meanwhile, is used to provide investment capital to scale-up businesses and initiatives incubated through grants.

Proposed guarantees and concessional loans will be mobilized to de-risk investments in unfamiliar markets of the blue economy and attract private investor capital. Revenue streams from supported projects and businesses will be used to repay investors while also ensuring financial sustainability of coral reef conservation and reducing reliance on short-term grants.

Governance

Governance arrangements

Executive Board

Established to provide general oversight for all Fund activities, Board Members take decisions on strategic direction, allocation of resources, and overall performance of the portfolio. The Executive Board manages the grant window while the investment window is managed by the Investment Manager. 

Advisory Board 

Responsible for fostering consultation, dialogue, and knowledge exchange amongst Fund stakeholders, the multi-stakeholder Advisory Board discusses progress, challenges, lessons learned, and shares coral reef protection and management best practices, recommends actions to improve Fund performance and impact, promotes collaboration with other initiatives and supports fundraising efforts, and advises on strategic issues put forward by the Executive Board.

Global Team

Supports the Executive Board and manages the day-to-day management and operations of the Fund. Comprised of members with management, technical, and operational expertise, one of primary roles of the Team is to develop Fund investment plans and manage approval of project or programme proposals in accordance with financial decisions made by the Executive Board. 

Fund Investment Manager

A holding company was established to build robust capital and fee structures that accommodate a growing regulatory environment and measure impact, while also providing technical assistance. Holding companies are open-ended vehicles with unspecified investment horizons that can absorb new deals into existing structures and allow for the provision of capacity support, if required.

Grant Administrator/Administrative Agent

Acts as Administrative Agent/Trustee for the Fund, providing grant fiduciary oversight and other support services in accordance with legal frameworks set-up between founding partners and donors. The Administrative Agent uses a pass-through modality where each recipient applies its own procedures, provided they meet the minimum requirements outlined in the MoU and Terms of Reference with regards to safeguards and fiduciary principles.

The Administrative Agent, the MPTF Office, is responsible for the receipt, administration and management of contributions from donors, disbursement of funds to Recipient Organizations, and consolidation and dissemination of progress reports to donors.

Implementing Partners

Direct Fund action is the responsibility of United Nations organizations and non-UN organizations. Non-UN organizations include non-profits with a legal existence in any country. Non-profits with a total annual budget of less than $200,000 US dollars cannot be contracted directly as implementing partners; however, the organization can access funds as a sub-contractor through organizations that fit the criteria. Implementing partners assume full programmatic and financial accountability for the funds disbursed to it by the Grant Administrator.

Projects

Global Fund for Coral Reefs

Global Fund for Coral Reefs is currently supporting count_projects ongoing projectscount_globalInterregional and count_countries country-specific. This table shows the most recently approved ongoing projects.

All project financial information can be found in the Financials section, including delivery analysis by organization, theme and project; project financial status by country and by theme.

Global Fund for Coral Reefs

Contacts

Points of contact