The event will emphasize the importance of protecting coral reefs to safeguard ecosystems and the livelihoods of Indigenous Peoples and local communities. Without urgent action, 50-70% of coral reefs could be lost by mid-century, threatening global biodiversity, food security, and coastal protection. This is a critical moment to catalyze action from the 100 coral reef nations.
Cuba’s waters are home to four of the world’s most climate-resilient reefs and provide ideal conditions to explore conservation strategies that can offer hope worldwide. This event will showcase current efforts to study and protect Cuba’s coral reefs and examine the importance of this work to global coral reef conservation.
The Fourth Global Coral Bleaching Event was confirmed by NOAA in April 2024 with bleaching still occurring in some regions up to six months after the announcement. This event will provide examples of recent bleaching events while also identifying actions and approaches to monitor and mitigate the effects of bleaching and improve the resilience of coral reef ecosystems as part of GBF implementation.
Coral reefs play a vital role in Caribbean climate adaptation by mitigating storm surge impacts, reducing wave energy by an average of 97%, and enhancing community resilience against severe climate events. However, unprecedented sea temperatures in 2023-2024 have led to devastating coral bleaching, particularly affecting Acropora spp., with mortality rates nearing 100% in some areas. This situation underscores the urgent need for identifying and propagating thermally resilient coral genotypes for restoration efforts.
This side event at COP16 will delve into how the WCC is tackling the urgent need for coral conservation by creating a living 'reservoir' of coral species, advancing scientific research on coral resilience, and promoting education and public awareness. A key highlight will be insights from a partner aquarium, showcasing the collaborative efforts and practical experiences in coral conservation.
In light of the ongoing challenges posed by the Fourth Global Bleaching Event (4GBE) and the increasing pressures on coral reefs, it is crucial to support coral nations to effectively conserve coral reefs. COP16 presents an invaluable opportunity to assess the current status of coral reef integration into NBSAPs and evaluate the effectiveness of ICRI's guidance for coral reef countries. Join us for a pivotal roundtable discussion.
Partners will showcase parametric insurance as innovative risk financing approaches to enhance ecosystem resilience along the Caribbean’s coastlines. ORRAA will open with an introduction and description of parametric insurance for nature.
This event will be a round table dedicated to the challenges of private funding for coral preservation and restoration. The aim of this round table will be to understand the environmental and economic risks associated with the loss of corals and the implementation of solutions by the private sector. Levers of action will be shared to massively increase positive investment for corals.
In this event, Earth Insight, SkyTruth, CEED Philippines and Say no LNG will launch the Coral Triangle Oil and Gas Threat Assessment and will present a compelling picture and data on the imminent fossil fuel offshore and LNG expansion in the Coral Triangle, as well as discuss solutions to address such threats. Following, we will dive into the Verde Island Passage (VIP), placed at the heart of the Coral Triangle in Southeast Asia a marine corridor known, as the ‘Center of the Center of marine shorefish biodiversity in the world.
The Global Fund for Coral Reefs (GFCR) will host a panel discussion to highlight its blended finance program, featuring three convening agents from Latin America and the Caribbean: Fondo Acción (Colombia), TNC Bahamas, and MAR Fund (Mexico, Belize, Guatemala, and Honduras). The event will begin with an introduction to GFCR's innovative approach to reef conservation and enhancing the resilience of coastal communities, outlining the program's key objectives and focus areas.
Closed Door Ocean Finance Meeting
The Great Blue Wall (GBW) is a Western Indian Ocean (WIO)-born, African-driven roadmap to achieve a nature-positive world by 2030, aiming at unlocking unprecedented nature-based recovery efforts through dramatically accelerating and upscaling ocean conservation action while enhancing socio-ecological resilience and the development of a regenerative blue economy. This session will focus on the implementation of best-practice coastal and marine conservation in the WIO, and the integration of Nature-based Solutions and the Regenerative Blue Economy into Other Effective area-based Conservation Measures (OECMs). The session is structured around two main panels, each addressing critical aspects of the Great Blue Wall initiative.
