SeyCCAT partners with Global Fund for Coral Reefs on new programme that benefits coral reefs   |10 August 2023

Seychelles Nation

The Global Fund for Coral Reefs (GFCR) has selected Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) as a convening agent in Seychelles. 

SeyCCAT’s programme, Ocean’s Resolve,aimsto elevate the focus on coral reefs within Seychelles’ pioneering initiatives on the blue economy and sustainable finance and promote the wider use of blended finance, which combines public and private capital.

Marie-May Jeremie, chief executive of SeyCCAT, emphasised the immense value of the coral reefs for Seychelles. “Coral reefs are the cornerstones of our marine ecosystem. They support our unique biodiversity, generate jobs and incomes for local communities and businesses, and protect the people and the islands from storm surges and rising sea levels. With the Ocean’s Resolve programme, we hope to ignite action to protect these critical ecosystems and create a sustainable and resilient economic model that benefits the people of Seychelles today, tomorrow, and for generations to come.” 

Climate-resilient reefs act as natural buffers, protecting islands’ shorelines from waves, storms and floods. However, human activities such as overfishing and unsustainable tourism are contributing to coral reef degradation. Recognising the urgent need for action, the Ocean’s Resolve programme will focus on the protection and restoration of coral reefs and other critical ecosystems such as seagrass beds and mangroves, thus mitigating impacts of intense storms, encouraging eco-tourism, and promoting sustainability of local coral reef fisheries.

In close collaboration with the Ministry of Agriculture, Climate Change and Environment, the Seychelles Parks and Gardens Authority and a few other local partners Ocean’s Resolve will support the implementation of two core marine management frameworks namely the Seychelles National Policy and Strategic Action Plan on Coral Reef Conservation and Management and contribute towards the implementation of the Seychelles’ Marine Spatial Plan. 

Building on the groundwork laid by the Seychelles blue bond and in collaboration with the local Business and Technology Incubator (BTI), Ocean’s Resolve will aim to maximise the long-term positive impact of projects and enterprises that benefit coral reefs (reef-positive solutions). Further, as the area of Seychelles’ MPAs has drastically increased from less than 1% (2,000 km2) to 33% (441,000 km2) over the past decade, the programme will also aim to attract investment and build capacity required to realise the conservation and sustainable use objectives of these marine protection areas.

The Global Fund for Coral Reefs (GFCR) is the first and only blended finance vehicle dedicated to coral reefs globally. Hosting both a Grant Fund and an Investment Fund, the GFCR is designed to scale financial solutions and blue economic transition that bolsters the resilience of coral reefs and the communities that depend on them.

Press release from SeyCCAT