Global Fund for Coral Reefs |31 January 2024
Marie-May Jérémie, chief executive of SeyCCAT, addressing the delegates (Photos: Joena Meme)
Stakeholders learn more about the initiative
The Ocean's Resolve programme launched yesterday at the Eden Bleu Hotel is set to run for the next seven years, with an anticipated grant amount of US $3 million.
The programme aims to protect and restore coral reefs through partnerships with stakeholders and innovative coral-positive ventures.
The Global Fund for Coral Reefs (GFCR) is a blended finance instrument mobilising action and resources to protect and restore coral reef ecosystems.
Speaking at the launch, Minister for Agriculture, Climate Change, and Environment, Flavien Joubert explained that the programme is designed around the implementation of the national coral reef policy, aiming to improve coordination with national agencies and operationalise Seychelles' first coral reef parametric insurance.
Developed by the Prince Albert II of Monaco Foundation and Paul G. Allen Family Foundation in partnership with the United Nations, the fund allocated US $426,000 to Seychelles in the first phase to set up structures and create an enabling environment. Seychelles has received a total grant of US $3 million, with an additional US $1 million from the GFCR.
Minister Joubert also said the OCEAN's Resolve Programme, funded by the Global Fund for Coral Reef, has been in discussion since 2022.
The programme aims to attract new investment opportunities, supporting the development of a blue economy and engaging non-state actors in environmentally friendly business ideas.
Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) served as the convening agent, designing the programme in collaboration with local stakeholders.
SeyCCAT will be working with a wide range of partners across sectors. From the government sector, partners include the department of science, technology, and innovation (DSTI), the Seychelles Investment Board (SIB) and the Seychelles Parks and Garden Authority (SPGA).
The non-government sector includes non-governmental organisations and businesses, boat operators, insurance providers, financial institutions, and destination management companies.
During the inception meeting organised by SeyCCAT at the Eden Bleu hotel, delegates had the opportunity to learn more about the fund and the various project stages.
Marie-May Jérémie, chief executive of SeyCCAT, emphasised the creation of opportunities for civil society and private companies interested in coral reef restoration.
“The Ocean's Resolve programme aims to catalyse action, protecting critical ecosystems and establishing a sustainable economic model for the people of Seychelles. We want the general public to get excited about this project,” said Ms Jérémie.
“Although many programmes have been run across the country, there is still a lack of education on the subject itself. That is why we are collaborating with small, medium enterprises. The Blue Grants Fund will also be added to finance projects, and SeyCCAT plans to open incubators in seven to eight months, calling for proposals from the public,” added Ms Jérémie.
Seychelles is currently in the first phase, which will be for 18 months.
Designed to raise US $625 million in capital by 2030, the desired change by GFCR is to prevent the extinction of coral reefs in our lifetime by eliminating the coral reef financing gap and supporting solutions for their best chance of survival through a protect-transform-restore-recover approach.
Vidya Gappy
