Ecosystems such as reefs, mangroves, seagrass beds, wetlands and saltmarshes play a critical role in coastal protection and in sustaining local communities and their economies. They need to be maintained and regenerated to continue providing significant co-benefits to populations and to protect biodiversity.
Building resilient natural infrastructure requires investment from a combination of private, government, philanthropic and development finance. Yet perceived risks, underdeveloped finance vehicles and the lack of a pipeline of products have restricted significant investment.
The Ocean Risk and Resilience Action Alliance is a multi-sector collaboration designed to drive investment into coastal natural capital by pioneering ground-breaking finance products that incentivise blended finance and private investment.
Specifically, the Alliance’s programme of work will:
Undertake research and develop strategies to better analyse, predict and manage ocean risk.
Leverage public and private finance to build coastal resilience in Small Island Developing States (SIDS), Least Developed Countries (LDCs), and the most vulnerable through the delivery of projects and products that incentivise investment in natural capital.
Create scalable insurance and finance tools to shift risk away from sovereign states.
Advance the global narrative on ocean risk and on building coastal resilience as part of the global policy agenda, with policymakers and investors around the world.
Ensure that gender, equity and human rights underpin all of its work.
The Alliance is an outcome of the first Ocean Risk Summit held in May 2018 in Bermuda and was presented at the 2019 G7 Environment Ministerial in Metz, France. It was the only initiative supported by all G7 members as well as Fiji, India, Mexico and Norway.
ORRAA’s mission to unlock innovative investment in coastal natural capital and build resilient infrastructure will help deliver the United Nations’ Sustainable Development Goals (SDGs).
Our work to mitigate investor risks and incentivise private and blended finance will help meet some of the SDGs funding requirements, while our overall aim to address ocean risk is aligned with SDG 14 (see Life Below Water target 14.2).
We aim for our projects and research to contribute to the delivery of a number of the SDGs, in particular SDG 5: Gender Equality, SDG 11: Sustainable Cities and Communities, SDG 13: Climate Action and SDG 17: Partnerships for the Goals