OCEAN'S RESOLVE:GFCR
SeyCCAT was selected as the leading programme partner for the GFCR in Seychelles and is responsible for the identification of investment-ready projects.
WHY CORAL REEFS
As small island developing state in the Western Indian Ocean, Seychelles, is highly dependent on ocean and coral reef ecosystems for income, employment, health, and well-being. Coral reefs alone generate an estimated USD 51.5 million annually from on-reef activities such as snorkelling and diving.
ABOUT GFCR
The Global Fund for Coral Reefs (GFCR) was launched during theUNGA75 in September 2020. It was the first and only blended finance instrument dedicated to coral reefs globally. To protect coral reefs from extinction, the GFCR:
•Convenes a global coalition of partners dedicated to bridging the coral reef funding gap;
•Facilitates an innovative ‘Reef-Positive Investment Ecosystem’ with an array of financial tools designed to incubate, de-risk and unlock public and private market-based investment aligned to coral reef climate refugia conservation; and
•Offers an implementation tool for national marine biodiversity conservation and blue economic transition ambitions.
ABOUT OCEAN'S RESOLVE
The sustainable development of coral reef economy in Seychelles is facing some challenges due to the lack of strong coral-positive entrepreneurship initiatives and clear collaboration between the private sector, conservation NGOs, and the government.
To address this issue, SeyCCAT together with the GCFR has launched the Ocean’s Resolve programme in Seychelles in 2024, which aims to protect, conserve, and restore the coral reefs by reinforcing partnerships and coordination with stakeholders.