The Global Fund for Coral Reefs (GFCR), established in 2020 and co-founded by the Paul G. Allen Family Foundation, is the first-of-its-kind blended finance, multi-partner trust fund designed to incentivize private investment in coral reef conservation and restoration – ultimately empowering local communities to improve livelihoods, food security and coral reef health. With $610 million in start-up funding from the foundation, GFCR has now mobilized $185 million, making it the world’s largest blended finance mechanism dedicated to ocean conservation. GFCR is already working in 12 countries around the world with ambitions to launch programs in 18 more countries by the end of 2024.
Most recently, the United States committed $15 million through the U.S. Agency for International Development, joining the United Kingdom, Germany, Canada and France as government donors. Philanthropic donors include, in addition to the foundation, Prince Albert II of Monaco Foundation, Bloomberg Philanthropies and Builders Initiative.
And the future looks even more promising coming out of the Convention on Biological Diversity’s 15th Conference of the Parties in Montreal last December where thirteen countries and the European Union issued a Joint Statement pledging to mobilize, among other commitments, $2 to $3 billion through the GFCR between 2023 and 2030.