According to the IPCC, global oceans have warmed faster over the past century than since the last deglacial transition. Coral reefs face extinction if we miss the 1.5C Paris Agreement goal.
However, there is a widening financing gap to maintain and enhance ocean ecosystems.
The Green Climate Fund is making blended finance work for marine ecosystem-based approaches. Nearly 10% of our total portfolio valued at USD 37 billion contributes to protecting, restoring and sustainably developing the ocean economy. As the world’s largest dedicated climate fund, we finance action to both stem ocean-heating emissions and help nature and people adapt to climate change.
For example, in 2021, we approved our first at-scale private sector programme in the blue economy, the Global Fund for Coral Reefs. Our anchor investment of USD 125 million will mobilize $375 million to help save coral reefs across 17 countries.
Protecting our oceans through reduced emission and enhanced adaptation is essential if we are to realise the ambitions of the Paris Agreement.