Seven Year Ocean’s Resolve Programme Launched to Protect Seychelles Reefs
VICTORIA, Seychelles — The Ocean’s Resolve programme, launched on Tuesday at the Eden Bleu Hotel, is set to run for the next seven years, with an anticipated grant amount of US$3 million. The programme aims to protect and restore coral reef ecosystems through partnerships with a wide range of partners and innovative, reef-positive ventures. It is one of the largest single conservation finance commitments ever made in Seychelles, and is expected to fund a portfolio of small, medium and large projects over the lifetime of the programme.
Speaking at the launch, Minister for Agriculture, Climate Change and Environment Flavien Joubert explained that the programme is designed around the implementation of the national coral reef policy, aiming to improve coordination with national agencies and to operationalise Seychelles’ first coral reef parametric insurance product. The Global Fund for Coral Reefs (GFCR) is a blended finance instrument that has been developed by the Prince Albert II of Monaco Foundation and the Paul G. Allen Family Foundation in partnership with the United Nations.
Minister Joubert also said the OCEAN’s Resolve Programme, funded by the Global Fund for Coral Reefs, has been in discussion since 2022. The fund has allocated US$625,000 to Seychelles in the first phase to set up structures and create an enabling environment. Seychelles has received a total grant of US$3 million, with an additional US$4 million expected from the GFCR over the lifetime of the programme. The additional money will be released in tranches as project milestones are met.
The programme aims to attract new investment opportunities, support the development of a blue economy and engage non-state actors in environmentally friendly business ideas. The Seychelles Conservation and Climate Adaptation Trust (SeyCCAT) served as the convening agent, designing the programme in collaboration with local partners. The design phase drew on technical expertise from regional and international reef scientists, and is expected to be adapted as the programme evolves.
SeyCCAT will be working with a wide range of partners across sectors. From the government side, partners include the Department of Science, Technology and Innovation (DSTI), the Seychelles Investment Board (SIB) and the Seychelles Parks and Garden Authority (SPGA). The non-government side includes non-governmental organisations and businesses, boat operators, insurance providers, financial institutions, and destination management companies. Designed to raise US$625 million in capital by 2030, the desired change by GFCR is to prevent the extinction of coral reefs in our lifetime by eliminating the coral reef financing gap and supporting solutions for their best chance of survival through a protect-transform-restore-recover approach.
