It is estimated that, by 2050, the global community will face annual costs of over $1 trillion to coastal urban areas as a result of the combined effects of rising sea levels and extreme weather events. The changes in our ocean are also expected to cause the displacement of many coastal communities, and the destruction of precious biodiversity. The scale and urgency of the challenges posed by ocean-derived risks call for a transformative and global response.
The Ocean Risk and Resilience Action Alliance, ORRAA, is a multi-sector collaboration between governments, financial institutions, the insurance industry, environmental organisations and stakeholders from the Global South.
Our purpose is to build resilience in the regions and communities most vulnerable to ocean risk, by pioneering finance and insurance products that incentivise investment in nature-based solutions. Our aim is to drive $500 million of investment into nature-based solutions by 2030, and surface at least 15 novel finance products by 2025 that incentivise private and blended finance into coastal natural capital.