The Global Environment Facility’s governing body has approved more than $700 million for nature protection and renewal projects, including support for the Great Green Wall and investment in large-scale initiatives for sustainable cities, cleaner industries, improved ocean and land health, and greater climate change resilience.
The funding from the GEF Trust Fund, Least Developed Countries Fund (LDCF), and Global Biodiversity Framework Fund (GBFF), which together are part of the GEF family of funds, reflects a commitment to quickly and efficiently deploy grants to developing countries whose action on environmental challenges is key to meeting global goals for biodiversity, climate change, and pollution this decade.
The package of support includes nearly $500 million from the GEF Trust Fund for 25 projects and programs, and includes support for a new Indonesia Coral Bond that will connect private capital with urgent conservation needs, building on the successful Wildlife Conservation Bond, or “rhino bond,” issued by the World Bank in 2022 with GEF financial support.
The Indonesia Coral Bond, an innovative financing instrument launched by the World Bank, seeks to enhance ocean biodiversity and manage over 5 million hectares of marine protected areas (MPAs) in Indonesia. Project success will be measured according to pre-identified coral reef health and management effectiveness targets. By leveraging private capital for environmental outcomes, this outcome-based bond, developed in collaboration with the Government of Indonesia, IUCN, GEF, and BNP Paribas, aims to improve coral reef health and economic benefits from fisheries and tourism.
The Coral Bond leverages existing investments in marine conservation in Indonesia, including a USD 200 million loan extended by the World Bank to the Republic of Indonesia (the Oceans for Prosperity project) in support of global commitment to protect 30 percent of land and ocean by 2030.
Sources: The Global Environment Facility and The World Bank
