FP180

Global Fund for Coral Reefs Investment Window

Global Fund for Coral Reefs Investment Window

  • Status Under implementation
  • Date approved 07 Oct 2021 at B.30
  • Est. completion 27 Jun 2032
  • ESS Category Intermediation 2

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 - 617 days so far

FAA effective

27 Jun 2022

Disbursement - USD 25,000,000

31 Aug 2022

Disbursement - USD 25,000,000

09 May 2023

Completed

27 Jun 2032 - 3,037 days to go

Three regions

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

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 financing40% 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
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 6714 (KST)
Send e-mail

Accredited Entity

Pegasus Capital Advisors
Mr. Craig Cogut
Primary

Founder, Chairman & CEO
750 East Main Street, Suite 600 Stamford, Stamford, United States
Ms Natalie Gartmann
Secondary

ESG Manager
750 East Main Street, Suite 600 Stamford, Stamford, United States
More contacts

National Designated Authority

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
Dr. Rhianna Neely Secondary
Director, Department of Environmental Planning and Protection Ministry of Environment and Natural Resources
Phone 1(242)322-4546
Rhiannaneely@bahamas.gov.bs
Ms. Christine Thompson Secondary
Deputy Director Economics, Ministry of Finance
Phone 1(242)702-1586
ChristineMThompson@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 Finance
Ms. Tatiana Rosito Primary
Secretary for International Affairs
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Mr. Ivan Tiago Machado Oliveira Secondary
Deputy Secretary for Sustainable Development Finance
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Phone +556131422202
ivan.oliveira@fazenda.gov.br
Ms. Livia Farias Ferreira de Oliveira Operational focal point
General Coordinator for Sustainable Finance
Esplanada dos Ministérios, Bloco P, 6° andar, Brasilia, Brazil
Phone +55 (61) 33412-1702
livia.oliveira@fazenda.gov.br
Colombia
National Planning Department
Ms. Carolina Díaz Primary
Director of Environment and Sustainable Development
Calle 26 No. 13-19, Bogotá, D.C, Colombia
Ms. Jimena Cortés Secondary
NDA Technical Advisor
Calle 26 # 13 - 19, Bogotá, D.C., Colombia
Phone +57 601 3815000
clcortes@dnp.gov.co
Comoros (the)
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
Ecuador
Ministry of Environment, Water and Ecological Transition
Mr. Ángel Sandoval Primary
Undersecretary of Climate Change
Av. Madrid 1159 y Andalucía, Quito, Ecuador
Fiji
Office of the Prime Minister
Honorable Sitiveni Ligamamada Rabuka Primary
Prime Minister and Minister for Climate Change
New Wing, Government Buildings,, Suva, Fiji
Dr. Sivendra Michael Primary
Permanent Secretary - Ministry of Environment and Climate Change
Mr. Filimone Ralogaivau Secondary
Acting Director - Climate Change Division
Guatemala
Ministry of Environment and Natural Resources
His Excellency Gerson Elías Barrios Garrido Primary
Minister of Environment and Natural Resources
7 Avenue 06-67 zone 13, Guatemala City, Guatemala
Phone (502) 2423-0500
Phone (502) 2423-0500
gebarrios@marn.gob.gt
gvalladares@marn.gob.gt
nomendoza@marn.gob.gt
Mr. Héctor Francisco Espinoza García Primary
Vice-minister of Natural Resources and Climate Change
7 Avenue 06-67 zone 13, Guatemala City, Guatemala
Phone (502) 2423-0500
Phone (502) 2423-0500
hfespinoza@marn.gob.gt
Mr. Norman Octavio Mendoza Dominguez Secondary
Coordinator of the International Cooperation Unit
7 Avenue 06-67 zone 13, Guatemala City, Guatemala
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
Mr. Boby Hernawan Secondary
Director of Center for Climate Finance and Multilateral Policy/Head of the NDA Secretariat
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 Economic Growth and Job Creation (MEGJC)
Mr. Omar Alcock Primary
Senior Technical Officer
Phone 1 (876) 423-4154
omar.alcock@megjc.gov.jm
Ms. Schmoi McLean Secondary
Programme Coordination, Monitoring and Evaluation Officer
Phone 1 (876) 561-8775
Schmoi.mclean@megjc.gov.jm
Jordan
Ministry of Environment
Mr. Belal Shqarin Primary
Director, Climate Change Directorate
King Faisal Bin Abd Aziz Street, 83 Um Uthaina, Amman, Jordan
Mexico
Ministry of Finance and Public Credit, Unit of Public Credit and International Affairs
Ms. Laura Elisa Aguirre Téllez Primary
Director General of International Fora and Sustainable Financing
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Mr. Israel Alejandro Camacho Bahena Secondary
Director of Sustainable Financing
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Phone (+52) 55 3688 2662
israel_camachob@hacienda.gov.mx
Ms. Angélica Astrid Morales Rivera Tertiary
Deputy Director of Climate Change
Av. Insurgentes Sur 1971, Plaza Inn, Torre III, Piso 3, Col. Guadalupe Inn, Alcaldía Álvaro Obregón, Ciudad de México, Mexico
Phone (+52) 55 3688 1833
angelica_morales@hacienda.gob.mx
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
Panama
Ministry of Environment
His Excellency Milciades Concepción Primary
Minister of Environment
Diego Dominguez Street, Building 804 Albrook, Ancón, Panama City, Panama
Phone (+ 507) 500-0802
mconcepcion@miambiente.gob.pa
Ms. Ligia Castro de Doens Secondary
Operational Focal Point, Advisor to the Minister and Director of Climate Change
Diego Dominguez Street, Building 804 Albrook, Ancón, Panama City, Panama
Phone (+507) 500-0802
lcastrod@miambiente.gob.pa
Ms. Mirthia Gonzalez Tertiary
Technical Focal Point; Climate Change Analyst and Planner
Diego Dominguez Street, Building 804 Albrook, Ancón, Panama City, Panama
Phone (+507) 500-0802
mgonzalez@miambiente.gob.pa
Philippines (the)
Department of Finance
Secretary Benjamin Diokno Primary
Department of Finance Building. Roxas Boulevard, Cor. P. Ocampo Street, Manila, Philippines (the)
Ms. Maria Edita Tan Primary
Undersecretary, International Finance Group
Phone +63 2 8523 4955
meztan@dof.gov.ph
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
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
Mr. Leel Randeni Secondary
Director, Climate Change Secretariat
Sobadam Piyasa, No. 416/C/1, robert Gunawardana Mawatha, Battaramulla, Sri Lanka
Phone +94 (0) 714421689
Phone +94 (0) 112034193
dircc@env.gov.lk
leelrandeni@gmail.com

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.