Context: Recently, the International Coral Reef Initiative (ICRI) had launched the Coral Reef Breakthrough in partnership with Global Fund for Coral Reefs (GFCR) and the High-Level Climate Champions (HLCC).

About Coral Reef Breakthrough

• It was launched through the ICRI 37th General Meeting and developed with support from the Government of Sweden, Principality of Monaco and other partners.

• It aims to secure the future of at least 125,000 km2 of shallow-water tropical coral reefs to support the resilience of more than half a billion people globally by 2030.

Action points for achieving Coral Reef Breakthrough include

• Stop drivers of loss: Mitigate local drivers of loss like land-based sources of pollution, destructive coastal development, and overfishing.

• Double the area of coral reefs under effective protection: Bolster resilience-based coral reef conservation efforts by aligning with global coastal protection targets including 30 by 30.

• Accelerate Restoration: Assist the development and implementation of innovative solutions at scale and climate-smart designs that support coral adaptation to impact 30% of degraded reefs by 2030.

• Secure investments of at least USD 12 billion by 2030 from public and private sources to conserve and restore these crucial ecosystems.

Significance of Coral Reef Breakthrough

• It works on Science-based, measurable, and achievable goals for state and non-state actors to collectively conserve, protect, and restore coral reefs, and secure future ecosystems.

• This would prevent the functional extinction of one of the world’s most threatened, yet most valuable and biodiverse ecosystems.

• It would set the first global targets for coral reefs by catalyzing public and private financial flows and supporting sustainable conservation investments.

• These will activate and enhance proven solutions and mobilize aligned actions to achieve the Sharm-El Sheikh Adaptation Agenda’s Ocean and Coastal Impact System targets and the Kunming-Montreal Global Biodiversity Framework (GBF).

• The GFCR will scale capital support for reef-positive solutions like sustainable fisheries and aquaculture, ecotourism, marine plastic recycling, mooring systems, wastewater treatment, natural fertilisers, and coral reef restoration.

• It would help achieve Sustainable Development Goals (SDGs), especially SDG14 (Life Below Water).

• The actions to conserve, protect, and restore 50% of coral reefs can generate over $18 billion in tourism revenue yearly, safeguard fishing grounds, and protect coastal economies worth $5.5 billion.

• Securing coral reefs as climate refugees can establish long-term recovery and resilience against future climate challenges.

Concerns over the initiative

• Experts caution that though the funding is positive, the larger threat is rising sea temperatures due to the climate crisis.

• Coral reefs face additional dangers from pollution, coastal development, and fishing.

• The restoration of coral reefs is extremely costly and not a complete solution.

• There is a need to focus on reducing greenhouse gas emissions to address the root cause of coral reef decline.

About International Coral Reef Initiative (ICRI)

• It is a global informal group between 100 Nations and organizations, representing over 75% of the world’s coral reefs.

• It was established in 1994 by 8 countries namely, Australia, France, Japan, Jamaica, the Philippines, Sweden, the United Kingdom, and the United States.

Objectives

• Promote sustainable management of coral reefs and related ecosystems.

• Build capacity in member nations.

• Raise global awareness about coral reef challenges.

• Foundation: 'Call to Action' and a 'Framework for Action' with four key pillars of Integrated Management, Science, Capacity Building, and Review.

• Structure: Secretariat is hosted for about two years to implement its goals through a Plan of Action and holding annual General meetings and workshops.

• Its decisions are non-binding but play a pivotal role in environmental sustainability, food security and social and cultural wellbeing.

About Global Fund for Coral Reefs (GFCR)

• It is a blended finance instrument announced in 2020, to mobilize action and resources to protect and restore coral reef ecosystems and communities relying on them.

It is designed as a 10-year $625 million fund categorized as

• Grant fund for building local capacity and de-risk the private sector role for blue economy sector.

• Investment fund managed by Pegasus Capital Advisors and supported by blue economy expertise to scale initiatives, maximise the impact of projects and

About High-Level Climate Champions (HLCC)

• The United Nations appoints two High-Level Champions to connect the work of governments with voluntary and collaborative actions taken by cities, regions, businesses, and investors.

• They work to enhance ambitions and strengthen the engagement of non-state actors in supporting Parties, working with the Marrakech Partnership to deliver the goals of the Paris Agreement.