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CIV, Coca-Cola partner for mangrove project
By Nidz Godino
"This financing initiative delivers on Coca-Cola Foundation's continued focus to help support climate resilience and enable vulnerable communities to adapt to impacts of climate change," Coca-Cola Foundation president Carlos Pagoaga said Coca-Cola Foundation, global philanthropic arm of The Coca-Cola Co., and Conservation International Ventures jointly announced launch of new, innovative climate resilience project in Southeast Asia to protect and restore mangrove areas, play critical role in guarding against impact of climate change.
Globally, protecting mangrove areas against coastal flooding is estimated to help save more than $80 billion in losses annually, and could impact around 18 million people worldwide.
Southeast Asia is critical region for mangrove ecosystems, including Indonesia, home to 3.63 million hectares, representing significant amount of world's remaining mangroves. Mangroves contribute to coastal resilience, especially in the Philippines, which experiences devastation of multiple typhoons yearly.
Through $1.5-million grant, project will create dedicated investment pool in Conservation International's Venture philanthropy fund, financing up to three to four small and medium sized enterprises.
Investment will go toward businesses that support local communities and mangrove protection such as crab cultivation or wild shellfish harvesting.
"While this is just first step, we envision this project will help improve lives of thousands of people living in vulnerable shoreline communities by restoring and protecting mangrove coastlines across Indonesia and Philippines," he added.
Gracie White, Conservation International Ventures director of Global Ocean Investments, said, "Marine and coastal ecosystems, such as mangroves, seagrasses and salt marshes play significant role in global climate mitigation and adaptation. Mangroves are climate superstars, single square kilometer of mangroves can lock away as much climate-warming carbon as annual emissions of 35,000 cars."
"This new innovative climate resilience project is latest to transform way we approach climate protection and support businesses that are focused on growth and protection of vital mangrove ecosystems…we are excited for support of The Coca Cola Foundation on this effort," White added.
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