ICRI launches Coral Reef Breakthrough targeting $12 billion by 2030

The International Coral Reef Initiative, a network of 45 countries, launched the Coral Reef Breakthrough to protect 125,000 square kilometres of reefs and raise at least $12 billion by 2030. The initiative establishes the first global targets for coral reefs and links conservation finance to biodiversity frameworks relevant to nature-related corporate disclosure.

ICRI, representing more than 75% of the world's coral reefs, launched the Coral Reef Breakthrough with the Global Fund for Coral Reefs and the High-Level Climate Champions during the 37th ICRI General Meeting. The goal is to protect at least 125,000 square kilometres of shallow-water tropical reefs and secure at least US$12 billion in public and private investment by 2030, enhancing resilience for over half a billion people. Action points address pollution, overfishing, protection aligned with 30by30, and restoring 30% of degraded reefs.

The initiative affects governments, conservation financiers, coastal economies, and businesses dependent on reef ecosystem services valued at up to $9.9 trillion annually. Coral reefs occur in over 100 countries, host at least 25% of marine species, and support more than one billion people's livelihoods. The Breakthrough aligns with the Sharm-El Sheikh Adaptation Agenda's Ocean and Coastal targets and the Kunming-Montreal Global Biodiversity Framework, connecting reef finance to the corporate biodiversity reporting expectations many companies now face.

Companies and financial institutions tracking nature-related commitments should monitor the announcement of premiere supporters at COP28 and the mobilisation of public and private conservation finance toward the $12 billion target by 2030. The initiative supports SDG14 on Life Below Water and estimates that conserving 50% of reefs could generate over US$18 billion in annual tourism revenues and safeguard $5.5 billion in coastal economic value. Investors in blue economy and biodiversity finance can watch these scientifically grounded, measurable targets.

Key figure — Investment target: at least US$12 billion by 2030