The Philippine Star
September 1, 2024 | 12:00am
MANILA, Philippines — The Coca-Cola Foundation, the global philanthropic arm of The Coca-Cola Co., and Conservation International Ventures jointly announced the launch of a new, innovative climate resilience project in Southeast Asia to protect and restore mangrove areas, which play a critical role in guarding against the 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 a critical region for mangrove ecosystems, including Indonesia, which is home to 3.63 million hectares, representing a significant amount of the world’s remaining mangroves. Mangroves contribute to coastal resilience, especially in the Philippines, which experiences the devastation of multiple typhoons yearly.
Through a $1.5-million grant, the project will create a 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.
“This financing initiative delivers on The Coca-Cola Foundation’s continued focus to help support climate resilience and enable vulnerable communities to adapt to the impacts of climate change,” said The Coca-Cola Foundation president Carlos Pagoaga.
“While this is just the first step, we envision that this project will help improve the lives of thousands of people living in vulnerable shoreline communities by restoring and protecting mangrove coastlines across Indonesia and the 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 a significant role in global climate mitigation and adaptation. Mangroves are climate superstars—a single square kilometer of mangroves can lock away as much climate-warming carbon as the annual emissions of 35,000 cars.”
“This new innovative climate resilience project is the latest to transform the way we approach climate protection and support businesses that are focussed on the growth and protection of vital mangrove ecosystems. We are excited for the support of The Coca Cola Foundation on this effort,” she added.
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