Ocean Resilience Innovation Challenge

Our ocean is changing faster than at any time in human history, with wide-ranging implications for coastal infrastructure, ecosystems and the lives and livelihoods of billions of people. Through October and November, the Ocean Risk and Resilience Action Alliance (ORRAA) hosted its Ocean Resilience Innovation Challenge to surface finance and insurance innovations that build coastal resilience to ocean-derived risks.

The competition is now closed, and we have received a wide range of submissions for scalable projects and financial innovations, from satellite and tidal monitoring to coral reef engineering, and from data collection to blockchain solutions.

The submissions include innovative models to contribute to ORRAA’s aim to drive $500 million of investment into nature-based solutions by 2030, and surface at least 15 novel finance products by 2025.

Proposals have come from a wide variety of actors including individual organisations and the private sector from across the Global North and South.

We are now assessing all entries to the Challenge based on criteria including viability, innovativeness, scale of impact and equity. Winners will be selected in the coming weeks and announced in early 2021.

If you have any questions about the Challenge, please email innovation@oceanriskalliance.org

Benefits for winners

Selected projects will receive customised support to maximise their potential for impact, scalability and investability. The Challenge’s winners will benefit from a program of tailored mentoring, and communications and leadership support to make their project ‘funding- ready’. They will also be connected to potential investors and partners from across the ORRAA network.

ABOUT OCEAN RISK

By 2050, an estimated 800 million people will be at risk from storm surge from extreme weather events, and over 570 low-lying coastal cities will face sea level rise of at least 0.5 metres. Coastal communities in developing countries, Small Island Developing States (SIDS) and other low-lying areas are likely to be most severely impacted, with women and girls especially hard-hit.

There are many perceived barriers to investing in nature-based solutions for coastal protection. These include a lack of understanding of how investing in natural capital can provide a timely and productive return, and insufficient data and modelling capabilities for investors to quantify ocean-derived risks.

There is a huge opportunity to develop pioneering finance and insurance products that reduce ocean risk and build the resilience of coastal areas to emerging hazards.

Learn more

ABOUT ORRAA

By 2050, an estimated 800 million people will be at risk from storm surge from extreme weather events, and over 570 low-lying coastal cities will face sea level rise of at least 0.5 metres. Coastal communities in developing countries, Small Island Developing States (SIDS) and other low-lying areas are likely to be most severely impacted, with women and girls especially hard-hit.

There are many perceived barriers to investing in nature-based solutions for coastal protection. These include a lack of understanding of how investing in natural capital can provide a timely and productive return, and insufficient data and modelling capabilities for investors to quantify ocean-derived risks.

There is a huge opportunity to develop pioneering finance and insurance products that reduce ocean risk and build the resilience of coastal areas to emerging hazards.