BELMOPAN, Belize – Belize is to benefit from the US$125 million “Global Fund for Coral Reefs (CFCR) Investment Window” that has been approved by the Green Climate Fund (GCF).
A government statement here said that the “Global Fund for Coral Reefs Investment Window” will be implemented by Pegasus Capital Advisors, the accredited entity in Belize and other countries.
It said the initial GCF investment also seeks to attract an additional US$375 million of public and private capital.
The Investment Window of GFCR seeks to enhance the resilience and adaptive capacity of priority coral reef ecosystems and of the communities that depend on them by investing US$500 million in businesses and project activities that restore, protect and reduce drivers of degradation across the most resilient reefs.
These include sustainable fisheries, sustainable mariculture, eco-tourism, coastal sub-national authorities’ mid-size marine impacts infrastructures, such as waste, including plastic, management sewage and waste water treatment, decentralized renewable energy and energy efficiency.
It also includes coastal agriculture; marine and other land-based pollutants management as well as sustainable port infrastructure and harmless transportation affecting target reefs.
The chief executive officer in the Ministry of Finance, Economic Development and Investment,
Dr. Osmond Martinez, will be engaging with the Ministry of Blue Economy and Civil Aviation, Ministry of Tourism and Diaspora Relations and other key stakeholders, including non-governmental organizations, to identify priority areas in addition to the Blue Hole National Site for the development of project ideas to access technical and grant support that will become available.
“Coral reefs are among the most threatened ecosystems as a result of climate change. Belize stands to benefit significantly since it has one of the largest barrier reefs in the Western Hemisphere that is habitat to threatened species and contributes significant to the national economy.
“In addition, it is the main barrier that protects Belize coastline from hurricanes, storms, high wave energy and erosion,” the statement said.
It noted that Dr. Martinez, led a two-member team for talks with Kazuhiro Iryu, Japan’s Ambassador to Belize.
“The focus was the recent program approved by the Green Climate Fund Board, the decision-making body of GCF, entitled “Global Fund for Coral Reefs Investment Window” that will benefit the people and coastal areas of Belize,” the statement said.
Japan is the second highest donor to the GCF with total contributions of up to three billion US dollars.