London, Washington 23rd of July 2021 – The Ocean Risk and Resilience Action Alliance (ORRAA) is today calling for a new generation of investors to “back blue” in a milestone year for climate and biodiversity.
Channelling investment into the ocean is regarded by experts as crucial to economic and planetary security, resilience and prosperity.
With 100 days before COP26 in Glasgow, ORRAA is calling for private and institutional investors to partner with public funders to back investments into the ocean and the coastal communities it supports. It is targeting $500m of investment by 2030.
The Alliance, which brings together finance and insurance sectors, governments and environmental organisations from across the world, is leading global efforts to pioneer new products. These are designed to drive investment into ocean focused Nature based Solutions – fundamental to tackling the threat of climate change, protecting biodiversity and building resilience.
In May the UK became the second G7 country after Canada to become a full member of the Alliance, while Deutsche Bank also joined its growing ranks which also include AXA and WWF. All of the G7 are Observers of ORRAA, as are India, Mexico, Norway and Fiji.
Karen Sack, Co-Chair of ORRAA, said: “There is real momentum towards protecting our biodiversity and global resilience through the Ocean – it is in all of our interests. However, investment is crucial. That is why today we are calling for a new generation of financial backers from institutional investors to family offices, and from banks to insurers to put capital to work for the ocean. This will help fight the climate emergency, it will protect coastal communities and it will preserve the assets that people around the world depend on as part of their pensions. It’s a ‘win, win’ but we have to ‘back blue’.”
A healthy ocean plays a vital role in combating climate change, according to ORRAA. It is the planet’s largest carbon sink, and marine and coastal ecosystems such as coral reefs and mangroves offer efficient and cost-effective ways to mitigate climate risks while bringing a host of social and economic benefits to millions of people living in coastal areas, including food and economic security. ORRAA is already having an impact through its projects, including supporting the development of a new insurance products for coral reefs in the Caribbean, blue carbon projects and a ground-breaking Coastal Risk Index that integrates the protective benefits of coastal ecosystems into insurance risk models.
Chip Cunliffe, Co-Chair of ORRAA, said: “We are looking at innovative financial solutions to support biodiversity and resilience to climate change. We believe that developing investable projects and products which deliver financial returns over the long term are key. We are convening the best brains from governments, the financial and insurance sectors, and NGOs to find solutions to protect, preserve and nurture the Ocean. And we are always on the lookout for more expertise and backing to drive investment into this space.”
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ORRAA is focused on driving investment into coastal and marine natural capital, mitigating risk and building resilience in communities adapting to climate change.
The powerful international alliance brings together the finance and insurance sectors, governments, environmental organisations and stakeholders from the Global South to scale solutions and accelerate action.
Its aim is to drive $500 million of investment into coastal nature by 2030, and surface at least 15 novel finance products by 2025, with a focus on protecting the regions and communities that need it most.