CAF to Boost Restoration Efforts in the Mexican Caribbean

The Development Bank of Latin America and the Caribbean (CAF) will support coral reef restoration projects in the Mexican Caribbean. At the global scale, the International Coral Reef Initiative (ICRI) is working toward raising US$12 billion to safeguard coral reefs.

Coral reefs may occupy just 0.5% of the ocean floor, but they play a crucial role in marine biodiversity, housing at least a quarter of all marine species. They also offer protection against coastal erosion, contribute to global food security, and support both private and community interests, as reported by CAF. However, high temperatures, ocean acidification, and extreme weather events, among other phenomena resulting from climate change, make coral reefs more vulnerable to diseases and other environmental pressures, ultimately jeopardizing the survival of these vital marine ecosystems and the species that rely on them.

To face these challenges, CAF announced that it has partnered with the Caribbean Marine Research Center (CIM) and Conservation International (CI). Together, they will develop programs and strategies that contribute to the conservation and health of oceans, their biodiversity, and ecosystem services.

According to CAF, efforts will primarily be centered around reef restoration, the protection of endangered species, comprehensive control and management of invasive species, and the promotion of awareness and environmental education actions in countries such as Mexico, Costa Rica, Colombia, and Ecuador.

Sergio Díaz-Granados, Executive President, CAF emphasized that the agreement aligns with the organization’s vision to become the region's leading green and blue bank. “We are committed to supporting initiatives that address the impacts of climate change and drive sustainable development. Moreover, we aim to create synergies to contribute to the ecological and socio-economic well-being of the region. In this regard we are confident that, in partnership with CIM and CI, we will significantly contribute to the improvement of marine ecosystems,” reads a statement by Díaz-Granados. 

Global Coalition Advocates for Coral Reef Protection

ICRI, a network including 45 countries that house over 75% of the world’s coral reefs, launched the Coral Reef Breakthrough. This initiative aims to secure investments of at least US$12 billion by 2030 from public and private sources to conserve and restore around 25,000km2 of shallow-water tropical coral reef ecosystems. 

Coral reefs provide ecosystem services valued at US$9.9 trillion annually. More than 500 million people directly depend on coral reefs for fishing, tourism and protecting their communities from climate disasters. Likewise, they are essential for the security, resilience and climate adaptation of many of the most climate-vulnerable nations on Earth. 

Francis Staub, ICRI Global Coordinator, underscored that the Coral Reef Breakthrough was developed with the support of a dedicated working group of over 30 leading coral reef experts. This ensures that the ambitious targets set are science-based, measurable, and achievable for state and non-state actors to collectively conserve, protect, and restore coral reefs to secure their future and uphold their critical contributions to humanity, as explained by Staub. 

“No ocean can be healthy without healthy coral reefs, and the latter are under such threat that their very existence is at stake … We are calling on public and private sector leaders to take action to achieve these targets and secure the longevity of coral reefs. Support for Coral Reef Breakthrough is support for the well-being of generations to come,” said Peter Thomson, UN Secretary-General’s Special Envoy for the Ocean. 

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