CAF teams up to restore coral reefs in Colombia, Costa Rica, Ecuador and Mexico

As part of its commitment to protect biodiversity and advance actions for financing the ocean conservation, CAF—development bank of Latin America and the Caribbean—, the Marine Research Center Foundation (CIM) and NGO Conservation International, are set to join forces to devise programs and strategies to help preserve the health of the oceans, their biodiversity, and ecosystem services in Colombia, Costa Rica, Ecuador, and Mexico.

This initiative is mainly focused on the protection and restoration of coral reefs against climate change in Latin America and the Caribbean. While coral reefs cover only 0.2% of the ocean floor, they are considered strategic ecosystems. These ecosystems are home to at least a quarter of all marine species, provide shelter from the effects of coastal erosion, help improve global food security conditions, and support multiple private and community stakeholders whose livelihoods are based on the use of the ecosystem, including as tourism and diving.

However, according to a report from the UNEP on the Status of Coral Reefs of the World, in 2020, over 19 percent of the world's reefs have been effectively destroyed and show no immediate prospects for recovery, 15 percent are at imminent risk of collapse due to human pressure over the next 10–20 years, and another 20 percent are under threat of collapse in 20–40 years.

Against this looming backdrop, this partnership seeks to advance existing initiatives and the implementation of coral restoration pilots—through technical and financial assistance—in Colombia and Ecuador. It will also put forward a plan of action for the restoration of coral reefs in two additional countries, namely Costa Rica and Mexico, in an effort to promote greater regional cooperation and mobilization of funds.

In Colombia, a collaboration framework between CAF and the CIM Caribe Foundation was arranged with the purpose of developing joint projects and actions that foster the restoration of strategic marine ecosystems, the protection of threatened species such as turtles, coral restoration, the control of invasive species such as the lionfish, and the promotion of awareness and environmental literacy actions. The Santa Marta Aquarium will become the focus of the cooperation efforts, with a USD 70,000 investment for the retrofitting of a coral reproduction laboratory, with resulting experiences to be shared with other countries.

Similarly, CAF provided technical cooperation to Conservation International with a view to bolstering coral reef restoration initiatives in the Caribbean region (Colombia, Costa Rica, and Mexico) and in the Equatorial region (Ecuador), as a climate change adaptation strategy through nature-based solutions.

About these partnerships, CAF Executive President Sergio Díaz-Granados said: "This agreement and technical cooperation are part of our vision to become the green and blue bank of the region. We support initiatives that mitigate the effects of climate change and promote sustainable development, thus creating synergies to invest in and help protect the oceanic and socioeconomic health of the region. These initiatives encompass both commitments, and we are confident that, together with the CIM Caribe Foundation and Conservation International, we will help improve the state of marine ecosystems.

Lastly, an event was held to commemorate the start of this partnership, at the Mundo Marino Aquarium in Santa Marta, an ideal setting for the formalization of this major commitment. As part of the activity, ten green turtles (Chelonia mydas), two loggerhead turtles (Caretta), and two nurse sharks (Ginglymostoma cirratum) were released after a conservation and rehabilitation process.