The U.S. government announced on Tuesday at COP27 its contribution of $15 million for the Egyptian Red Sea Protection Initiative, which aims to preserve the sea's coastal environment and promote high-value, low-environmental impact ecotourism. The Initiative plans to protect the Red Sea's coral reef and surrounding coastal ecosystem against the impacts of climate change and human activity and empower local communities to lead on climate action, a statement released by the U.S. Embassy in Cairo read. It also aims to establish a blended finance mechanism to support businesses in building resilience against climate change, reducing emissions, and creating jobs. In addition to that, it looks to partner with private businesses and other donors to leverage up to $50 million in total funding. The United States Agency for International Development (USAID) will build on the initial contribution of $15 million through collaboration with the United Nations Global Coral Reef Fund (GFCR). This is in order to engage additional donors, public and private investors and the non-profit sector, with a view to preserve the coastal ecosystem for future generations, according to the statement.
"The United Nations Development Programme (UNDP) is proud to be part of the groundbreaking Global Fund for Coral Reefs initiative, which is mobilising new action by countries to protect and restore coral reefs across the world," said UNDP Administrator. Egypt's Minister of Environment Yasmine Fouad stated, "The Red Sea's Great Fringing Reef is not only an Egyptian national treasure, but a precious resource for the entire world." She added, "We are pleased to partner with the U.S. government, through USAID, the UNDP and the GFCR to conserve our coral reefs." U.S. Embassy noted the Red Sea initiative builds on decades of partnership between Egypt and the U.S., including USAID investments of more than $300 million to protect Egypt's natural resources and promote adaptation to confront climate change.
