Ocean Risk and Resilience Action Alliance
News
First wave of projects selected, with support from Canadian contribution to the Ocean Risk and Resilience Action Alliance
Sharm El-Sheikh, Egypt 16 November 2022 – The first group of next generation coastal and ocean resilience projects have been selected today to receive significant financial backing from the Ocean Risk and Resilience Action Alliance (ORRAA) to accelerate and scale. This announcement has been made possible, in part, through funding support from the Government of Canada.
The Government of Canada initially provided the seed funding of CAD$2.5 million which set up ORRAA in 2019, backing it in its bid to drive USD$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. During COP26 in Glasgow, Prime Minister Justin Trudeau announced additional funding of CAD$9 million to ORRAA, as part of Canada’s new CAD$5.3 billion climate finance commitment, which will further help ORRAA in achieving its objectives. The announcement today at the UN Climate Conference COP27 in Sharm El-Sheikh, Egypt, follows a global search by ORRAA. The investment into five projects will have the maximum positive impact on building coastal resilience and mitigating ocean risk through finance and insurance product development in the Global South.
The projects include:
In December 2022, Canada will welcome the world to Montréal for the 15th meeting of the Conference of the Parties (COP15) to the UN Convention on Biological Diversity, which will focus on halting biodiversity loss and protecting nature around the world.
The Hon. Steven Guilbeault, Minister of Environment and Climate Change, Canada said: “People living in coastal communities are among those most vulnerable to climate change. This impressive first wave of projects will not only have an impact now, but also has the potential to be scaled up. We must do more to protect our coastlines and oceans, and all of those who depend on them.”
Chip Cunliffe, Programme and Risk Director, ORRAA, said: “We are focused on developing a portfolio of projects which can be tried, tested, replicated, and scaled. The key is developing a pipeline, which ORRAA is starting to link from grassroots grants to investment-ready opportunities. The Government of Canada is playing a crucial role in developing this global ocean financial ecosystem.”