Issue 88 - September 2022

The Global Fund for Coral Reefs Investment Fund Announces First Closing and Anchor Investment by Green Climate Fund

SONGDO, South Korea ⎯ Pegasus Capital Advisors is pleased to announce the initial commitment of up to $125 million from the Green Climate Fund (GCF) and $5 million from Builder’s Vision for its Global Fund for Coral Reefs (GFCR) Investment Fund. The Global Fund for Coral Reefs is a blended finance initiative dedicated to catalyzing investment on behalf of critically threatened coral reefs and climate-vulnerable coastal communities.

The Global Fund for Coral Reefs (GFCR) Investment Fund announced new contributions totaling up to $130 million at the recent UN Ocean Conference 2022, during the Sustainable Blue Economy Investment Forum – a high-level event focused on oceans investments, hosted by the Governments of Kenya and Portugal.

The GFCR is the largest UN-supported blended finance initiative dedicated to Sustainable Development Goal 14, Life Below Water, and brings together a target $500 million impact investment fund and a target $125 million grant fund, intending to generate environmental and social impacts for coastal ecosystems that house the world’s most important coral reefs, and climate-vulnerable coastal communities that depend on those reefs for their livelihoods and food security.

Craig Cogut, Founder & CEO, Pegasus Capital Advisors, said, “We are thrilled and grateful for the commitment of the Green Climate Fund as an anchor investor and for Builder’s Vision’s contribution. The GFCR is an exciting new coalition, and with our many partners, we plan to unlock significant private capital to invest in the reef-positive sustainable blue economy, bridging the funding gap for SDG14.”

Yannick Glemarec, Executive Director, Green Climate Fund, said, “As a junior equity investor in the Global Fund for Coral Reefs (GFCR), the Green Climate Fund (GCF) hopes the GFCR closing will catalyze additional private capital into the GFCR Investment Fund. This innovative Fund will provide critical growth equity to entrepreneurs, catalyzing finance at the scale needed to protect coral reefs and people’s livelihoods in some of the world’s most climate vulnerable countries.”

Founded by Lukas Walton, Builders Vision is an impact platform offering versatile philanthropic and investment tools to people and organizations committed to building a more humane and healthier planet. Builders Vision will invest USD $5 million in the GFCR Investment Fund, becoming its first private investor.

“How we care for the environment reflects how we care for one another. When it comes to restoring and preserving the world’s coral reefs, we have an urgent obligation to intervene and pursue innovations to create a flywheel effect to save these vibrant natural resources. Builders Vision is proud to make this impact investment as part of the United Nations Coral Reef Fund’s powerful and growing toolbox. We also hope our investment serves as a catalyst for new advocates and investors to join this critical mission,” says Lukas Walton, CEO and Founder of Builders Vision.

About the Global Fund for Coral Reefs,

The Global Fund for Coral Reefs is a target $625 million blended finance initiative comprised of a $500 million target size Investment Fund and $125 million target size Grant Fund. GFCR is the first commercial-scale private equity impact investment fund targeting SDG14, life below water. The investment fund will pursue a diversified, global portfolio of high-growth opportunities in the wild-caught fisheries, aquaculture, hospitality, and circular economy sectors, with the goal of generating market rate returns while creating positive benefits for coral reef ecosystems and the people who depend on them.

About Pegasus Capital Advisors, L.P.:

Pegasus Capital Advisors is a leading global private markets impact investment manager. As the first U.S. private equity fund manager accredited by the Green Climate Fund, we are dedicated to fostering sustainable and inclusive growth while providing attractive returns for our investors. Founded in 1996 by Craig Cogut, Pegasus has invested over $2 billion across five private equity funds.

For additional information, please visit: www.pcalp.com .

[xyz-ihs snippet=”Prepared-by-PK”]

Up Next

IPNLF, Seafood Souq, & Omani Fishers Demonstrate a New Global Source of Sashimi-Grade Yellowfin Tuna

Don't Miss

Octa-Glove: Underwater Glove Puts Octopus’ Abilities in The Hand of Humans

Issue 88 - September 2022

SEVENSEAS Travel Magazine – September 2022 – Issue 88

Featured Destination

A New Home for Norway’s Famous Viking Ships

The Viking Ship Museum on the Bygdøy peninsula has been one of Oslo’s most visited attractions right from the very beginning in 1926. The present location of the ships doesn’t provide good enough conditions, but the new building will be able to secure the museum’s unique artefacts for future generations and to display the Viking ships and other Viking Age collections. Read more…

Feature Destination: Brim Explorer, Eco-Friendly Boat Cruises & Tours

Historic Fortress Cruise with Legacy of the Fjords

Legacy of the Fjords lets you explore the Oslo Fjord in a comfortable and environmentally friendly way. This fjord cruise aboard an electric catamaran takes you past idyllic coastal landscapes and picturesque ports along the Oslo fjord on the way to Oscarsborg. You will get to see Oslo from a new perspective when you sail from Langkaia and out towards the Fjord. Read more…

SEVENSEAS Beach CleanUp for August 2022

In August 2022 CleanUp, we picked up over 80 kilogram of plastic, pieces of glasses, tractor tyre, and fishing nets from the beach in Krabi, Long Beach or Pan Beach. Of course, we would not be able to do it without your support. You can make a tax-deductible donation here to keep our publications and Thailand Cleanup Project afloat.

You can either make a direct financial contribution to SEVENSEAS Media through The Ocean Foundation website or connect us with potential donors by sending an email to Giacomo Abrusci, our Editor-in-Chief.

What’s In Our Newsroom

IPNLF, Seafood Souq, & Omani Fishers Demonstrate a New Global Source of Sashimi-Grade Yellowfin Tuna

The International Pole and Line Foundation (IPNLF) and its member Seafood Souq joined forces to conduct a pilot project using IPNLF’s Fisheries Improvement Toolkit. Read more…

First Oyster Farm Established in the Middle East Receives Friend of the Sea Recognition for Sustainable Practices

Dibba Bay Oyster Farm is a unique project producing sustainably farmed gourmet oysters in the pristine waters of Northern Fujairah in the United Arab Emirates while supporting marine conservation efforts. Read more…

The Great Arctic Swim from Canada to Greenland Test Limits of Human Endurance, Swim Re-Routed by Deadly Ice Maze

a man rolling a canoe in the arctic oeean

In a victory for critically endangered North Atlantic right whales, the U.S. 1st Circuit Court of Appeals has reinstated a seasonal prohibition on lobster fishing with vertical lines in federal waters off the coast of Maine. Read more…

Travel Tips: How To Be A Responsible Tourist

We passionately believe tourism can play a huge part in positively impacting our city. By nurturing our culture, respecting our heritage, recounting our history we in-turn can support communities, sustain jobs, boost local supply chains, improve infrastructure, and renovate buildings. Read more…

Study Reveals What Dive Tourists Are Demanding From Business

The Reef-World Foundation released a new report summarising the results from an online survey conducted from April to June 2022, which received over 2,400 responses from various demographics. The study reveals new travel trends and how important sustainability is regarded in this new era of tourism as the industry recovers from the COVID-19 pandemic. Read more…

SAWFISH NEWS: Meet the U.S. Sawfish Research and Conservation Team

The goal of the Endangered Species Act is to protect and recover listed species until the point they no longer need the protections afforded by the Act. After the smalltooth sawfish was listed as an Endangered species in 2003, NOAA Fisheries convened the Smalltooth Sawfish Recovery Team to develop a plan to recover the U.S. population. Read more…

Over 1000 Ton of Mismanaged Plastics Removed from Polluted Coastlines

tropical Island fishing village - view from a hill

Through a certified plastic credit system, the TONTOTON team was able to remove over 1000 tons of mismanaged plastic wastes from polluted shorelines of Sihanoukville, Cambodia, since it started its operations in October 2021. Read more…

Aquarium Partners with the Community to Name Otter Pups

It’s time to name the pups that make up the fantastic female trio at the North Carolina Aquarium at Fort Fisher (NCAFF)—the newest members of the Asian small-clawed otter family. Read more…

Octa-Glove: Underwater Glove Puts Octopus’ Abilities in The Hand of Humans

an illustratsion of the comparison of how octopus' suckers and octo-glove work.

A team of researchers led by Virginia Tech Assistant Professor Michael Bartlett has developed an octopus-inspired glove capable of securely gripping objects underwater. Their research was selected for the July 13 cover of Science Advances. Read more…

The Global Fund for Coral Reefs Investment Fund Announces First Closing and Anchor Investment by Green Climate Fund

Near the island of Aragusuku there is a lone reef the locals call the palace of the dragon king.

Pegasus Capital Advisors is pleased to announce the initial commitment of up to $125 million from the Green Climate Fund (GCF) and $5 million from Builder’s Vision for its Global Fund for Coral Reefs (GFCR) Investment Fund. Read more…

Greenpeace East Asia Report Uncovers Suspected Human Rights Abuse and Environmental Destruction in Company’s Supply Chain

Major US seafood brand Bumble Bee is suspected of having environmentally harmful illegal fishing and human rights abuse in its supply chain, according to a new investigative report by Greenpeace East Asia. Read more…

Bombshell Court Victory: Chinook Harvest Harms Southern Resident Killer Whales and Wild Chinook Recovery

A bombshell ruling from Seattle’s federal Court landed Monday evening calling out the federal government for failing to protect endangered Southern Resident killer whales (SRKWs) and wild Chinook by approving unsustainable Chinook harvest at levels. Read more…

Key Countries Oppose Deep Sea Mining As Regulations Advance to Open The Industry

As delegates in Kingston, Jamaica, wrap up three intensive weeks of negotiations at the International Seabed Authority (ISA) for rules that could launch the deep sea mining industry by summer 2023, a growing chorus of countries is calling for caution. Read more…

The FREE Weekly Conservation Post and Jobs List

Signing up for the free Weekly Newsletter & Jobs List will get you a round-up of upcoming events, webinars, meetings, reports, funding opportunities, photos of the week, and recent postings to the jobs list.

To sign up for our free subscription, please Click Here or email us Here.

Since 2004, SEVENSEAS Media has fostered an informal and non-partisan platform to promote understanding of key issues and challenges while building partnerships across an increasingly diverse group of marine conservation professionals and students.

Our mission is to promote communication and build partnerships across the global marine community and to identify and address gaps in the community’s work. SEVENSEAS Media achieves this through multimedia promotion and partnerships. The community consists of a diverse and growing group of participants, including non-governmental organizations, government agencies, foundations, bilateral and multilateral agencies, fellowship programs, independent consultants, and academia/students.

If you are interested in contributing or getting involved, email us Here.

[xyz-ihs snippet=”Prepared-by-PK”]

Feature Destination

Feature Destination: A New Home for Norway’s Famous Viking Ships

The new Museum of the Viking Age opens in 2026.

Norway’s new global attraction: In 2026 a new Museum of the Viking Age will open on the Bygdøy peninsula in Oslo. It will be built as an extension of the present Viking Ship Museum.

The new Museum of the Viking Age will be three times the size of the current museum and will provide a more complete picture of the Viking Age in its entirety, with the three magnificent ships still as the main attraction.

In addition to tripling the size of the exhibition areas, the new museum complex will include a restaurant, a lecture hall, a museum shop, a museum park, a dedicated area for visiting students, laboratories that are open to the public and a research centre. The museum is part of the University of Oslo (UiO).

New name and logo

The Museum of the Viking Age has been chosen as a new name because the museum will provide a complementary picture of many aspects of society that characterized the Viking Age. Based on the world’s foremost Viking Age collection, the public will gain insight into everything from daily life to major societal changes that characterized this period, says museum director Håkon Glørstad.

The main attraction at the new Museum of the Viking Age will still be the world’s three best-preserved Viking ships. They symbolize many important aspects and characteristics of the Viking Age, and the museum’s new logo therefore shows three stylized Viking ships.

The Norwegian name is Vikingtidsmuseet.

The museum will be closed to the public for a certain period of time in the construction period. It has not yet been clarified when and for how long the museum will be closed.

[xyz-ihs snippet=”Prepared-by-PK”]

Feature Destination

Feature Destination: Brim Explorer, Eco-Friendly Boat Cruises & Tours

Opening september 2022: Eco-friendly boat cruises and tours in the Oslo Fjord

Brim Explorer resumes their boat tours in the Oslo Fjord in September 2022.

MS Bris is an electric boat that offers tours on the Oslo fjord. Thanks to Brim Explorer’s environmentally friendly motor, you can experience the fjord in almost complete silence and without breathing in exhaust fumes.

The boat has a large sun deck where you can enjoy the maritime breeze and a salon with big windows that let you take in the view no matter the weather. There is also a café on board that serves local specialities.

Brim Explorer offers five different tours:
– Oslo Dinner Cruise: Brim x Einer
– Morning Yoga Cruise
– Brunch & Bubbles
– Silent Oslo Fjord Cruise
– Electric After Work

The tours are led by experienced guides. Reservation recommended.
You can find the departure time for the tours in our sightseeing calendar and on Brim Explorer’s website.