FP180

Global Fund for Coral Reefs Investment Window

Global Fund for Coral Reefs Investment Window

Coral reefs are among the world’s most threatened ecosystems by climate change impacts.  And drivers such as overfishing, agricultural run-off, sewage discharge and unsustainable tourism degrade the coral reefs, further decreasing their chance of survival.  Studies have shown that local management of such threats can alleviate the impacts of climate change on the coral reefs.  Thus, supporting and providing capital to businesses and companies for the sustainable use of ocean resources can considerably improve the resilience of reefs and the communities that depend on them.

As GCF’s first at-scale private sector programme in the blue economy, the Global Fund for Coral Reefs Investment Window (implemented with Pegasus Capital Advisors LP) will create a private equity fund to encourage investments in the blue economy, protecting coral reefs. Targeting 17 countries in Africa, the Asia-Pacific, Latin America and the Caribbean it aims to address critical financing and private investment barriers centred around the blue economy. GCF will act as anchor investor with its USD 125 million investment commitment, encouraging further public and private sector investment in the following areas:  sustainable ocean production, ecotourism, and sustainable infrastructure and waste management.   Additionally, the programme will benefit from synergies with the GFCR Grant Window, which aims to mobilise USD 125 million of concessional capital from philanthropies and other agencies in order to foster an enabling environment for seeding a pipeline of investment-ready projects.

Total project value

 

Beneficiaries

 

Direct
12,737
Indirect
35,236,406
Theme

Adaptation

Result areas

Project timeline

Pipeline

17 Apr 2021 - 174 days

Concept note received

17 Apr 2021

Funding proposal received

01 Jun 2021

Legal opinion on AE's Internal Approval

28 Jun 2021

Cleared by GCF Secretariat

21 Jul 2021

Cleared by iTAP

14 Sep 2021

Approved

07 Oct 2021 - 62 days so far

Approved by GCF Board

07 Oct 2021

Under implementation

Completed

Three regions

  • Africa
  • Asia-Pacific
  • Latin America and the Caribbean

Seventeen countries

Three priority groups

  • African States
  • Least Developed Countries
  • Small Island Developing States
USD  
  • Financing
    • Private sector
    • Public sector
  • Size
    • Micro
    • Small
    • Medium
    • Large

GCF financing

InstrumentAmount
EquityUSD 125,000,000
Total GCF Financing
USD 125,000,000

Cofinancing

CofinancerInstrumentAmount
Co-FinancingEquityUSD 375,000,000
Total Co-Financing
USD 375,000,000

GCF Contacts

General media inquiries

GCF Communications
Phone +82 32 4458 6338 (KST)
Send e-mail

Request for information

GCF Information Disclosure
Request information about this project

Project complaints and grievances

GCF Independent Redress Mechanism (IRM)
Phone +82 32 458 6186 (KST)
File a complaint

Integrity issues

GCF Independent Integrity Unity (IIU)
Phone +82 32 458 6155 (KST)
Send e-mail

Accredited Entity

Pegasus Capital Advisors
Mr. Craig Myles Cogut
Founder, Chairman & CEO
750 East Main Street, Suite 600 Stamford, Stamford, United States
Mr. Brian Lawrence Friedman
General Counsel & Chief Compliance Officer
750 East Main Street, Suite 600 Stamford, Stamford, United States
More contacts

National Designated Authority

Bahamas
Ministry of the Environment and Housing
Mr. David Cates
Permanent Secretary, Ministry of the Environment and Housing
Charlotte House, 2nd Floor North Wing, Charlotte & Shirley Streets, Nassau, Bahamas
Phone +1 (242) 322 6005
DAVIDCATES@BAHAMAS.GOV.BS
Dr. Rhianna Neely-Murphy
Head, Climate Change Unit
Phone +1 (242) 397 9468
RHIANNANEELY@BAHAMAS.GOV.BS
Belize
Ministry of Finance, Economic Development & Investment
Dr. Osmond Martinez
Chief Executive Officer, Ministry of Economic Development
Sir Edney Cain Building, First Floor, Right Wing, Belmopan, Belize
Phone +501 825-2526 or 2527
ceo@med.gov.bz
ana.mahmud@med.gov.bz
Mr. Leroy Josiah Martinez
Economist/Green Climate Fund Focal Point, Policy and Planning Unit, Ministry of Economic Development & Investment
Phone +501 822-2526/2527
leroy.martinez@med.gov.bz
Brazil
Secretariat for International Affairs, Ministry of Economy
Mr. Erivaldo Alfredo Gomes
Secretary for International Affairs
Esplanada dos Ministérios, Bloco P, 2° andar, Sala 219, Brasília (DF), Brazil
Colombia
National Planning Department
Mr. Santiago Aparicio
Director of Environment and Sustainable Development
Calle 26 NO 13-19, Bogota,D.C, Colombia
Comoros
Ministry of Agriculture, Fisheries, and Environment
Mr. Youssouf Hamadi
Head, Department and National Directorate of Agricultural and Strategies of Livestock & National Expert on Climate Change
P.O. Box 41, Moroni, Comoros (the)
Phone +269 333 0790
yous.hamadi@gmail.com
Ecuador
Ministry of Environment and Water
Ms. Karina Maribel Barrera Moncayo
Undersecretary of Climate Change
Av. Madrid 1159 y Andalucía, Quito, Ecuador
Fiji
Ministry of Economy
Mr. Shiri Gounder
Acting Permanent Secretary for Economy
Ministry of Economy, Ro Lalablavu House, Victoria Parade, Suva, Fiji
Phone +679-3221133
shiri.gounder@economy.gov.fj
Mr. Vineil Narayan
Acting Head of Climate Change and International Cooperation Division
Ministry of Economy, Ro Lalablavu House, Victoria Parade, Suva, Fiji
Phone +679-3221168
vineil.narayan@economy.gov.fj
Guatemala
Ministry of Environment and Natural Resources
His Excellency Mario Roberto Rojas Espino
Minister of Environment and Natural Resources
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Mr. Fredy Antonio Chiroy Barreno
Deputy Minister, Ministry of Environment and Natural Resources
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Mr. Juan Carlos Diaz Contreras
Director of International Cooperation
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Indonesia
Fiscal Policy Agency, Ministry of Finance
Mr. Febrio Kacaribu
Chairman of Fiscal Policy Agency, Ministry of Finance
R.M. Notohamiprodjo Building 2nd Floor, Jalan Dr. Wahidin Raya No. 1, Jakarta, Indonesia
Phone +62 21 3441 484
ndagcf-indonesia@kemenkeu.go.id
Mrs. Dian Lestari
Acting Director of Center for Climate Finance and Multilateral Policy/Head of the NDA Secretariat
Center for Climate Finance and Multilateral Policy, Fiscal Policy Agency, Ministry of Finance, R.M. Notohamiprodjo Building 5th Floor, Jalan Dr. Wahidin Raya No.1,, Jakarta, Indonesia
Phone +62 21 3483 1678
ndagcf-indonesia@kemenkeu.go.id
Jamaica
Ministry of Housing, Urban Renewal, Environment and Climate Change (MHURECC)
Ms Una May Gordon
Principal Director, Climate Change, Ministry of Housing, Urban Renewal, Environment and Climate Change
16A Half-Way-Tree Road, Kingston 5, Jamaica
Phone +876 633 7354
Unamay.gordon@mhurecc.gov.jm
Dr Alwin Hales, JP
Permanent Secretary, Ministry of Housing, Urban Renewal, Environment and Climate Change
16A Half-way Tree Road, Kingston 5, Jamaica
Jordan
Ministry of Environment
Mr. Belal Moh'd Suliman Shqarin
Director, Climate Change Directorate
King Faisal Bin Abd Aziz Street, 83 Um Uthaina, Amman, Jordan
Mexico
Ministry of Finance and Public Credit (SHCP), Unit for Public Credit
Ms. Brenda Janeth Pequeño Vargas
General Director
Av. Insurgentes Sur 1971, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Alvaro Obregón, C.P. 01020, Ciudad de México, Mexico
Phone +52 (55) 3888 1819
brenda_pequeno@hacienda.gob.mx
Mozambique
Ministry of Economy and Finance – National Directorate for Monitoring and Evaluation
Mr. Albano Manjate
Deputy National Director of Monitoring and Evaluation
Phone +258 828969570
Phone +258 843969570
albanomanjate@gmail.com
Panama
Ministry of Environment
His Excellency Milciades Concepción
Minister of Environment
Building 804, Albrook, Panama
Mr. Gustavo Padilla C.
Head of the International Coordination Office
Building 804, Albrook,, Panama
Phone (+ 507) 500-0803
gpadilla@miambiente.gob.pa
Philippines
Department of Finance
Secretary Carlos G. Dominguez
Secretary
Department of Finance Building, Roxas Boulevard cor. P. Ocampo Street, Manila, Philippines (the)
Mr. Mark Dennis Y.C. Joven
Undersecretary
Department of Finance Building, Roxas Boulevard cor. P. Ocampo Street, Manila, Philippines (the)
Phone +63 2 8523-4955
mdjoven@dof.gov.ph
Seychelles
Seychelles Sustainable Development Strategy (SSDS) Inter-sectoral Steering Committee
Mr. Wills Agricole
Principal Secretary, Ministry of Environment and Energy
Botanical Gardens, P.O. Box 445, Mon Fleuri, Mahé, Seychelles, Seychelles
Phone +248 4670 512
w.agricole@meteo.gov.sc
Sri Lanka
Ministry of Environment
Dr. Anil Jasinghe
Secretary
No. 416/C/1, "Sobadam Piyasa" Robert Gunawardana Mawatha, Battaramulla, Sri Lanka
Phone +94-11-2034121
Phone +94-11-2034122
sec@env.gov.lk
K.N. Kumudini Vidyalankara
Director, Climate Change Secretariat
"Sobadam Piyasa," No. 416/C/1, Robert Gunawardana Mawatha, Battaramulla, Sri Lanka
Phone +94 11 2034192
Phone +94 716905865
kumudiniimex@gmail.com

Documents

News + Stories

Global Fund for Coral Reefs brings together grant and investment windows at GCF COP26 event

11 Nov 2021 / The Green Climate Fund (GCF) brought together a unique ecosystem of climate action practitioners including private market champions and nature custodians who share a common goal of saving coral reefs during the international climate change meeting in Glasgow. The “Global Fund for Coral Reefs: Reef-based Climate Resilience Finance” event, held on the side lines of COP26, showed what can be achieved when you combine a diverse mix of actors from the public and private sectors to pursue a common cause.