The Global Fund for Coral Reefs (GFCR) plays a pivotal role in promoting sustainable development in Small Island Developing States (SIDS) and Least Developed Countries (LDCs), with over half of its portfolio dedicated to these regions. An upcoming event titled “Blended Finance for Blue/Green Transition in SIDS – Showcasing Global Fund for Coral Reefs Solutions,” co-organised by the UN Development Programme (UNDP), UN Environment Programme (UNEP), and UN Capital Development Fund (UNCDF), will serve as a platform for the GFCR to reaffirm its commitment to supporting SIDS through innovative finance approaches.
The event is scheduled to take place on 30th May 2024 at the American University of Antigua, with the objective of showcasing GFCR-supported ‘reef-positive solutions’ aimed at promoting the health of coral reefs and providing sustainable benefits for local communities. These solutions encompass initiatives in sectors such as coral restoration, marine spatial planning, and sustainable finance mechanisms for Marine Protected Areas (MPAs). Through these efforts, the GFCR seeks to redirect funding towards conservation and away from harmful activities, leading to positive returns for both the environment and local economies.
Distinguished experts from various regions will comprise the event’s panel, sharing their experiences with reef-positive solutions and offering valuable lessons for SIDS. Panelists will also address the challenges and opportunities in developing a pipeline of financially viable projects, emphasizing the necessity of government policy support in achieving success.
The event aims to stimulate dialogue on the significance of reef ecosystems and the potential of innovative finance solutions in addressing their conservation. Through this, the GFCR aspires to expand its support to SIDS and contribute to a successful blue and green transition in these vulnerable regions.
In summary, the event pledges to provide a critical platform for discussing the role of finance in achieving sustainable development in SIDS, while showcasing real-world examples of impactful initiatives. As we look towards the next Decade of Action for SIDS, this event symbolizes a crucial step in accelerating sustainable development and demonstrating the potential for positive change in these unique and valuable ecosystems.