Experts at a recent event during the ongoing 16th Conference of Parties (COP16) to the United Nations Convention on Biodiversity, discussed the critical need for increased funding to combat coral reef extinction.
The event was organised by the Global Fund for Coral Reefs (GFCR) and featured speakers including Minister of Environment from Colombia Susana Muhamad as well as representatives from New Zealand, the UK, Germany, and France, among others.
The latest report from the Global Coral Reef Monitoring Network revealed alarming statistics: from 2009 to 2018, the world lost 14per cent of its coral reefs, an area larger than the Great Barrier Reef.
This loss is a significant concern as coral reefs are vital ecosystems that support approximately 25 per cent of all marine species and provide livelihoods for around 1 billion people.
In April of this year, the International Coral Reef Initiative (ICRI) announced the fourth mass global bleaching event in just a decade. Currently, nearly 80 per cent of coral reefs worldwide are experiencing severe bleaching due to rising sea temperatures, largely driven by climate change.
If this continues, the situation may worsen dramatically, leading to potential humanitarian crises as well.
Coral bleaching occurs when corals lose their symbiotic algae, which give them their colour and provide up to 85 per cent of their food. When this happens, the corals become visible in their skeletal form and enter a state of starvation.
Although bleached corals can recover if environmental conditions improve, they are at a much higher risk of disease and death.
Additional threats to coral reefs include agricultural runoff, pollution from coastal development, overfishing, and destructive fishing practices. These local issues are compounded by the ongoing loss of reefs, making recovery increasingly difficult.
The current mass bleaching event is the most extensive on record, with much of the Caribbean experiencing unprecedented heat stress. This has led to a level 5 alert from the Global Coral Reef Watch, indicating a high potential for catastrophic mortality among coral populations.
Peter Thomson, the UN Secretary-General’s Special Envoy on Oceans, emphasised the importance of urgent action, stating that the ocean temperatures in the Caribbean for 2024 are expected to surpass previous records.
He called for a massive scaling up of efforts to combat these declines by urging both public and private leaders to take meaningful actions.
The economic value of coral reefs is immense, estimated at $9.9 trillion per year, which includes $109 billion in global gross domestic product connected to coral reef ecosystem services.
These services provide infrastructure protection, food systems, and tourism income. Furthermore, coral reefs are often referred to as “the medicine chest of the 21st century”, with over half of new cancer research focusing on marine organisms.
To address these dire challenges, the GFCR is appealing for significant funding and collaboration. The fund, which has been in operation for several years, is managed by the United Nations Development Programme (UNDP) and aims to mobilise resources to support coral reef conservation efforts.
Recently, New Zealand pledged $10 million to the global fund, setting an example of the scale of financial commitment needed.
However, despite having established financial mechanisms and various solutions, the GFCR reports that it has secured only $30 million of its targeted $12 billion.
This gap demonstrates the urgent need for public funding and private investment to create sustainable financial solutions for coral reefs.
Pierre Bardoux from the United Nations Capital Development Fund reiterated that at this critical juncture, immediate and decisive action is necessary to prevent the functional collapse of coral ecosystems.
He urged the global community to come together, leveraging public funds to attract private investment, as success in protecting coral reefs relies significantly on addressing local pressures and ensuring sustainable practices.
The ongoing crises facing coral reefs underline the importance of taking action now to ensure a healthy and resilient future for these vital ecosystems.