The Egyptian Red Sea Initiative (ERSI) is an important new programme that aims to reduce drivers of coral reef degradation while simultaneously developing new finance sources and mechanisms for reefpositive business and livelihoods. To ensure that the Egyptian Red Sea region’s coral reefs continue to provide vital ecological and socio-economic services, the programme will also advance science on coral reef resilience, identify and protect climate refugia[1], and implement sustainable financing mechanisms for Marine Protected Areas (MPAs) that harbour critical coral reef ecosystems.
Through the establishment and operationalization of a new Egyptian Fund for Coral Reefs (EFCR), which will leverage finance for reef-positive businesses that support conservation, economic development, community livelihoods, and enhanced community resilience to climate change, the programme will accelerate the development of reef-positive business models, especially in the ecotourism, sustainable fisheries, and waste management sectors.
With additional finance for conservation and investment from the private sector, the programme is expected to leverage at least an additional USD 45 million in grants through the Egyptian Fund for Coral Reefs (EFCR) to support coral reef conservation in the Egyptian Red Sea.
[1] Clarifying the concept of climate change refugia for coral reefs. Javid Kavousi, Gunnar Keppel. ICES Journal of Marine Science,
Volume 75, Issue 1, January/February 2018, Pages 43–49, https://doi.org/10.1093/icesjms/fsx124