SeyCCAT partners with the Global Fund for Coral Reefs on a new programme that benefits coral reefs.
Victoria, 9 August 2023: The Global Fund for Coral Reefs (GFCR) selected Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) as a convening agent in Seychelles. SeyCCAT’s programme, Ocean’s Resolve, aims to elevate the focus on coral reefs within Seychelles’ pioneering initiatives on the blue economy and sustainable finance and promote the wider use of blended finance, which combines public and private capital.
Marie-May Jeremie, CEO of SeyCCAT, emphasized the immense value of the coral reefs for Seychelles: “Coral reefs are the cornerstones of our marine ecosystem. They support our unique biodiversity, generate jobs and incomes for local communities and businesses, and protect the people and the islands from storm surges and rising sea levels. With the Ocean’s Resolve programme, we hope to ignite action to protect these critical ecosystems and create a sustainable and resilient economic model that benefits the people of Seychelles today, tomorrow, and for generations to come”.
Climate-resilient reefs act as natural buffers, protecting islands’ shorelines from waves, storms and floods. However, human activities such as overfishing and unsustainable tourism are contributing to coral reef degradation. Recognising the urgent need for action, the Ocean’s Resolve programme will focus on the protection and restoration of coral reefs and other critical ecosystems such as seagrass beds and mangroves, thus mitigating impacts of intense storms, encouraging ecotourism, and promoting sustainability of local coral reef fisheries.
In close collaboration with the Ministry of Agriculture, Climate Change and Environment, the Seychelles Parks and Gardens Authority and a few other local partners Ocean’s Resolve will support the implementation of two core marine management frameworks: the Seychelles National Policy and Strategic Action Plan on Coral Reef Conservation and Management and contribute towards the implementation of the Seychelles’ Marine Spatial Plan.
Building on the groundwork laid by the Seychelles blue bond and in collaboration with the local Business and Technology Incubator (BTI), Ocean’s Resolve will aim to maximise the long-term positive impact of projects and enterprises that benefit coral reefs (reef-positive solutions). Further, as the area of Seychelles’ MPAs has drastically increased from less than 1% (2,000 km2) to 33% (441,000 km2) over the past decade, the programme will also aim to attract investment and build capacity required to realize the conservation and sustainable use objectives of these marine protection areas.
About the Global Fund for Coral Reefs
The Global Fund for Coral Reefs (GFCR) is the first and only blended finance vehicle dedicated to coral reefs globally. Hosting both a Grant Fund and an Investment Fund, the GFCR is designed to scale financial solutions and blue economic transition that bolsters the resilience of coral reefs and the communities that depend on them. GFCR focuses on incubating and scaling financial interventions and enterprises that address local drivers of coral reef degradation, unlock conservation funding flows, and increase communities’ adaptive capacities.
The GFCR Coalition is a public-private partnership driven by Member States, UN Agencies, financial institutions, philanthropies, impact investors and organisations. The GFCR Coalition includes the Paul G. Allen Family Foundation; Prince Albert II Monaco Foundation; Minderoo Foundation; the Governments of Germany, France, Canada, the United States and the United Kingdom; the Green Climate Fund; Pegasus Capital Advisors; Builders Vision; Bloomberg Philanthropies; the International Coral Reef Initiative (ICRI), the United Nations Development Programme (UNDP); United Nations Capital Development Fund (UNCDF); the United Nations Environment Programme (UNEP); the International Union for Conservation of Nature (IUCN); the Ocean Risk and Resilience Action Alliance (ORRAA) and the Coral Research & Development Accelerator Platform (CORDAP).