The Global Fund for Coral Reefs (GFCR), managed by Pegasus Capital Advisors, has announced an investment in Oceanpick, a South Asian offshore barramundi farm.

This partnership aims to promote sustainable aquaculture practices while supporting coastal communities in Sri Lanka, Pegasus said.

Small island nations like Sri Lanka face severe challenges from climate change, such as rising sea levels and extreme weather. This investment addresses urgent environmental and economic issues.

In Trincomalee, Sri Lanka, where Oceanpick is located, destructive practices like blast fishing have severely impacted coral reefs, jeopardizing both marine ecosystems and local livelihoods. GFCR's investment seeks to provide alternative income sources for those reliant on these ecosystems while fostering the protection and restoration of marine environments.

"We are committed to advancing sustainable aquaculture that transforms coastal ecosystems and communities while driving the creation of a new blue economy for Sri Lanka," said Dale Galvin, managing director of GFCR.

"Oceanpick aims to make a tangible difference in the region, with goals to grow climate-resilient species in ultra-sustainable fashion while creating jobs and promoting alternatives that will lead to more holistic protection of Sri Lanka's critical coral reefs and coastal marine habitat," he added.

Founded in 2012, Oceanpick operates Sri Lanka's first commercial-scale offshore oceanic farm, producing barramundi for international markets. Irfan Thassim, founder and CEO of Oceanpick, also described the investment as a "landmark moment" in the company's mission to revolutionize aquaculture and uplift local communities.

"With the GFCR's robust support, we are enhancing our sustainable operations, creating numerous jobs, and driving economic development. This partnership is about more than fish farming; it's about envisioning and realizing a future where healthy oceans and empowered communities go hand in hand, ensuring a legacy of sustainability and prosperity," he said.

In addition to this investment in Sri Lanka, GFCR recently announced plans for a $50 million investment in Brazil-based Agrion Agrisolutions. This initiative aims to develop eco-friendly, organo-mineral fertilizers that reduce chemical use in sugarcane cultivation and protect Brazil's marine ecosystems, including coral reefs, from nutrient pollution.