The Paul G. Allen Family Foundation, the German government, and the Prince Albert II of Monaco Foundation announced Thursday that they are committing $10 million to help protect the last of the world’s coral reefs.
The new money will go toward the Global Fund for Coral Reefs, a first-of-its-kind fund launched with a coalition of partners to mobilize resources to make coral reefs more resilient.
Coral reefs are found in the waters of over 100 countries and territories, and provide an estimated one billion people worldwide with jobs and food while protecting coastlines from storms and flood. But over the last 50 years, half the world’s corals have been lost due to climate change, overfishing and growing local pressures. If global temperatures continue to rise, experts suggest that 90% of the remaining coral reefs could disappear. Despite their immense importance and vulnerability, the resources needed to protect coral reefs fall far short.
Read more on the Paul G. Allen Family Foundation's website.