Skip to content

Economist Impact: COP28 struck a deal for loss and damage. Now what?

The Sea Change Impact Financing Facility (SCIFF) is highlighted in this insightful article by Natalie Fiertz and Sally Yozell looking at what further action is needed to move the needle on climate finance.

ORRAA launched the SCIFF concept at the One Ocean Summit hosted by President Macron in Brest, France, in early 2022. The Alliance has worked since then to further develop the vision to accelerate and unlock investment, to innovate and scale.

Our research, with the WWF and Metabolic, identified that $8.4 trillion worth of assets are at risk over the next 15 years without immediate action. It underscores that two thirds of globally listed companies have some dependency on the #BlueEconomy and that action now can reduce risk exposure by up to $5.1 trillion.

With a goal to drive at least USD$1 billion of private investment into coastal and ocean ecosystems by 2030, activating a further 2.5x of investment, the SCIFF is a beacon of hope for the Ocean’s future. It offers a unique open architecture for global coastal and ocean finance, supporting investments that deliver positive adaptation and resilience outcomes, are nature, climate and gender positive, with integrity and equity built in.

By integrating insurance tools, guarantees, and concessional capital, the SCIFF works to de-risk investments, attracting additional capital and accelerating investment into coastal and ocean resilience.

Learn More