Conclusion
In recent years, governments and international organizations have stepped up efforts to safeguard corals. The Global Funds for Coral Reefs is aiming to channel and leverage up to US$3 billion in financing, supporting projects that protect these underwater cities. The fund, a partnership between the public and private sectors, is designed to support a broader global effort to protect biodiversity while helping coastal communities adapt to a changing climate. The fund is co-chaired by UNEP and the government of the United Kingdom and Northern Ireland.
Meanwhile, 45 countries, home to most of the world’s corals, have signed a pledged to protect 125,000 square kilometers of reefs, an effort known as the Coral Reef Breakthrough. The push is expected to include at least $12 billion in investments.
Still, to save corals, the world must make a dramatic shift away from fossil fuels while reining in local threats to reefs, says Carvalho.
Equally important is understanding how little humanity still knows about the ocean, she adds. Only 20 percent of its depths have been explored and new discoveries are constantly being made. Case in point: scientists recently found what are known as red hydrocorals in Chile and Antarctica. The corals, which form rare ecosystems brimming with life, have never been documented so far south.
The UN Decade on Ocean Science, which runs from 2021 to 2030, is designed to help fill knowledge gaps. Carvalho says the research being done under its auspices will support informed decisions on how to protect and sustainably use ocean resources.
“The future of coral reefs is worrying,” says Carvalho. “But their fate is not sealed. We still have time to protect many of these spectacular ecosystems if we act now and if we act decisively.”
World Oceans Day took place on 8 June, with the 2024 event celebrated on June 7. An annual celebration, the day is designed to raise awareness about the threats to the ocean and drive its sustainable use. This year will focus on humanity’s relationship with the ocean, a key source of everything.
The Global Fund for Coral Reefs (GFCR) was established to accelerate urgent investment and action to enhance the resilience of coastal reef ecosystems, communities and economies. The GFCR comprises two major financial vehicles: a UN-led Grant Fund and a private-sector-led large-scale private equity impact Investment Fund.
The GFCR aims to promote sustainable ocean production, spur sustainable coastal development and ecotourism, forge circular economies and pollution management, and enable technologies for a sustainable future.
