Countries pledge to raise $12 billion to protect coral reefs from pollution, overfishing

Source: The post is based on the article “Countries pledge to raise $12 billion to protect coral reefs from pollution, overfishing” published in “The Print” on 4th October 2023

What is the News?

The International Coral Reef Initiative (ICRI) has launched the Coral Reef Breakthrough in partnership with the Global Fund for Coral Reefs(GFCR) and the High-Level Climate Champions(HLCC). 

What is the Coral Reef Breakthrough Initiative?

Launched by: International Coral Reef Initiative (ICRI) in partnership with the Global Fund for Coral Reefs(GFCR) and the High-Level Climate Champions(HLCC). 

Aim: To secure the future of at least 125,000 km2 of shallow-water tropical coral reefs with investments of at least US$12 billion to support the resilience of more than half a billion people globally by 2030. 

What is the International Coral Reef Initiative(ICRI)?

International Coral Reef Initiative (ICRI) is a global partnership between nations and organizations which strives to preserve coral reefs and related ecosystems around the world.

Founded in: The initiative was founded in 1994 by eight governments: Australia, France, Japan, Jamaica, the Philippines, Sweden, the United Kingdom, and the United States of America. 

– It was announced at the First Conference of the Parties of the Convention on Biological Diversity in December 1994, and at the high level segment of the Intersessional Meeting of the U.N. Commission on Sustainable Development in April 1995. 

Member countries: 45 Countries.India is also one of the member countries.

Secretariat: The ICRI Secretariat is hosted for a determined term (usually two years) by State members, on a voluntary basis. 

Significance: The initiative is an informal group whose decisions are not binding on its members.But its actions have been pivotal in continuing to highlight globally the importance of coral reefs and related ecosystems to environmental sustainability, food security and social and cultural wellbeing.