Policymakers, world leaders, and environmental campaigners gathered in Colombia for COP16 this week have reached a groundbreaking new agreement that will unlock much needed funding to protect and restore the nation’s Seaflower Biosphere Reserve.

One of the earliest ocean-focused announcements to come out of COP16 this week, the launch of the Seaflower Fund marks the first ever long-term financial commitment to protecting the region, a reserve rich in marine biodiversity that includes over 407 species of fish, 48 species of hard corals, and 54 soft corals.

It’s a move that will stand to benefit 77% of coral reefs in Colombia and some 70,000 archipelago community members reliant on such reefs for sustenance and income.

Discussions to unlock the funding were led by the environmental NGO, Global Fund for Coral Reefs (GFCR) which worked in partnership with the Blue Action Fund and Colombia’s local non-profit private foundation, Fondo para la Accion Ambiental y la Niñez – an organisation dedicated to the conservation of biological diversity, equitable development, and the protection of local ecosystems.

The Seaflower Fund aims to provide financial sustainability to protected areas, including the reserve, which currently safeguards the second-largest barrier reef in the Caribbean – an area spanning some 32 kilometres. The Seaflower Biosphere is recognised as a vital biodiversity reserve serving as an important migratory route for sea turtles and whale sharks.

“Colombia’s coral reefs play an important role in the well-being of local coastal communities and in the immense interconnected marine biodiversity throughout the entire region,” said Yabanex Batista, GFCR deputy director, part of the UN Global Team, UNCDF.

“GFCR is committed to the conservation of coral reefs in Colombia, particularly in the archipelago of San Andres, Providencia and Santa Catalina, where it is possible for the reefs to withstand and recover from the effects of climate change.”