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 - 264 days

Approved by GCF Board

07 Oct 2021

FAA executed

01 Apr 2022

Under implementation

27 Jun 2022 - 99 days so far

FAA effective

27 Jun 2022

Disbursement - USD 25,000,000

31 Aug 2022

Completed

Three regions

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

Seventeen countries

Three priority groups

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

GCF financing20% disbursed

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

Co-financing

Co-financerInstrumentAmount
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
Primary

Founder, Chairman & CEO
750 East Main Street, Suite 600 Stamford, Stamford, United States
Mr. Brian Lawrence Friedman
Secondary

General Counsel & Chief Compliance Officer
750 East Main Street, Suite 600 Stamford, Stamford, United States
More contacts

National Designated Authority

Philippines
Department of Finance
Secretary Benjamin E. Diokno Primary
Department of Finance Building. Roxas Boulevard, Cor. P. Ocampo Street, Manila, Philippines (the)
Mr. Mark Dennis Y.C. Joven Primary
Undersecretary
Phone +63 2 8523-4955
mdjoven@dof.gov.ph
Mr. Neil Adrian Cabiles Secondary
Assistant Secretary
Sri Lanka
Ministry of Environment
Dr. Anil Jasinghe Primary
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 Secondary
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
Fiji
Ministry of Economy
Mr. Shiri Krishna Gounder Primary
Permanent Secretary for Economy
Mr. Kushaal Raj Secondary
Acting Head of Climate Change and International Cooperation Division
Bahamas
Office of the Prime Minister
Mrs. Rochelle Newbold Primary
Special Advisor for Climate Change & Environmental Matters
Sir Cecil Wallace Whitfield Center, Nassau, Bahamas
Phone 1(242)702-5500
ROCHELLENEWBOLD@BAHAMAS.GOV.BS
Belize
Ministry of Finance, Economic Development & Investment
Dr. Osmond Martinez Primary
Chief Executive Officer
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 Secondary
Economist/Green Climate Fund Focal Point, Policy and Planning Unit
Phone +501 822-2526/2527
leroy.martinez@med.gov.bz
Brazil
Secretariat for International Affairs, Ministry of Economy
Mr. Marco Aurélio dos Santos Rocha Primary
Secretary for International Economic Affairs
Esplanada dos Ministérios, Bloco K, 8° andar, Brasilia, Brazil
Phone +55 61 2020-4654
and.gcf@economia.gov.br
Ms. Raquel Breda dos Santos Secondary
General Coordinator for Global Development Institutions
Esplanada dos Ministérios, Bloco K, 8° andar - Sala 874, Brasilia, Brazil
Phone +55 (61) 2020-4603
raquel.breda@economia.gov.br
Mr. Luiz Mauricio de Araújo Navarro Operational focal point
Coordinator for Policies and Funds for Development Finance
Esplanada dos Ministérios, Bloco K, 8° andar - Sala 874, Brasilia, Brazil
Phone +55 (61) 2020-4603
luiz.navarro@economia.gov.br
Comoros
Ministry of Agriculture, Fisheries, and Environment
Mr. Youssouf Hamadi Primary
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
Mexico
Ministry of Finance and Public Credit (SHCP), Unit for Public Credit
Ms. Laura Elisa Aguirre Téllez Primary
Director General, Unit for Public Credit and International Affairs, SHCP
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Phone + 52 (55) 36 88 18 73
laura_aguirre@hacienda.gob.mx
Ecuador
Ministry of Environment and Water
Ms. Karina Maribel Barrera Moncayo Primary
Undersecretary of Climate Change
Av. Madrid 1159 y Andalucía, Quito, Ecuador
Seychelles
Seychelles Sustainable Development Strategy (SSDS) Inter-sectoral Steering Committee
Mr. Wills Agricole Primary
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
Colombia
National Planning Department
Ms. Carolina Díaz Primary
Director of Environment and Sustainable Development
Calle 26 No. 13-19, Bogotá, D.C, Colombia
Ms. María del Pilar Restrepo Secondary
Climate Finance Leader
Calle 26 No. 13-19, Bogotá, D.C, Colombia
Phone (57)6013815000
mrestrepo@dnp.gov.co
Mozambique
Ministry of Economy and Finance – National Directorate for Monitoring and Evaluation
Mr. Albano Manjate Primary
Deputy National Director of Monitoring and Evaluation
Phone +258 828969570
Phone +258 843969570
albanomanjate@gmail.com
Jordan
Ministry of Environment
Mr. Belal Moh'd Suliman Shqarin Primary
Director, Climate Change Directorate
King Faisal Bin Abd Aziz Street, 83 Um Uthaina, Amman, Jordan
Jamaica
Ministry of Economic Growth and Job Creation (MEGJC)
Ms Una May Gordon Primary
Principal Director, Climate Change
25 Dominica Drive Kingston 5, Kingston, Jamaica
Guatemala
Ministry of Environment and Natural Resources
His Excellency Mario Roberto Rojas Espino Primary
Minister of Environment and Natural Resources
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Mr. Fredy Antonio Chiroy Barreno Secondary
Deputy Minister, Ministry of Environment and Natural Resources
7a. Avenue 03-67 Zone 13, Guatemala City, Guatemala
Ms. Jenifer Andrea Calderón Cintora Secondary
Director of International Cooperation
7 Avenida 03-67 Zona 13, Guatemala City, Guatemala
Panama
Ministry of Environment
His Excellency Milciades Concepción Primary
Minister of Environment
Building 804, Albrook, Panama
Mr. Bolivar Cañizales Secondary
Deputy Operational Focal Point, Head of the Department of Environment and Climate Change, Directorate of International Organizations and Conferences of the Ministry of Foreign Affairs
Phone (507) 511-4256
bcanizales@mire.gob.pa
Ms. Ligia Castro de Doens Operational focal point
Operational Focal Point, Director of Climate Change of the Ministry of Environment
Phone (507) 500-0855
lcastrod@miambiente.gob.pa
Indonesia
Fiscal Policy Agency, Ministry of Finance
Mr. Febrio Kacaribu Primary
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 Secondary
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

Documents

News + Stories

GCF partnership with Pegasus set to protect coral reefs across 17 countries

06 Apr 2022 / The Green Climate Fund’s (GCF’s) first private sector support for the blue economy has taken a step further in bolstering coral reefs from the climate crisis. GCF has signed a funded activity agreement with Pegasus Capital Advisors to unlock USD 125 million of GCF investments in the Global Fund for Coral Reef, an innovative programme which harnesses private sector finances to increase the resilience of coral reefs.

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.