COP27 delivers €15 million to protect Egypt’s coral reefs – Saudi Gazette

COP27 delivers €15 million to protect Egypt’s coral reefs – Saudi Gazette

SHARM EL SHEIKH — The Egyptian resort town of Sharm El Sheikh has been transformed into the epicenter of efforts to address the climate crisis as it hosts COP27.

But the coastline on which the UN climate conference is being held is more than just a backdrop for official negotiations.

The coral reefs that have long drawn tourists to the Red Sea peninsula are among the most biodiverse in the world. They are home to over a thousand different species of fish and around 350 coral species.

Mindful of their global importance, the United States Agency for International Development (USAID) has announced a major new fund to support the local ecosystem.

The US agency has contributed $15 million (€14.9) to the Global Fund for Coral Reefs (GFCR), it revealed at COP27 on Tuesday.

This initiative is the largest global blended finance vehicle — whereby development aid is used to mobilize additional private or public funds — dedicated to the UN Sustainable Development Goal on ‘Life Below Water’.

The fresh injection of funds takes the total amount of money mobilized by the GCR since it was launched at the 75th UN General Assembly in September 2020 to $187 million (€185.9 million).

Why are Egypt’s coral reefs so important,