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.
ORRAA brings together the finance and insurance sectors, governments, non-profits, and stakeholders from the Global South to pioneer finance and insurance products that incentivise investment into nature-based solutions in coastal and marine areas, with a focus on protecting the regions and communities that need it most.
Our aim is to drive $500 million of investment into nature-based solutions and surface at least 50 novel finance products by 2030, positively impacting the resilience of at least 250 million people in coastal areas around the world.
To achieve these goals and secure a resilient and regenerating Ocean, we believe it is time to #BackBlue. Learn more about what this means.