ORRAA Secures CAD$14 Million from the Government of Canada to double-down and scale-up Ocean Finance Solutions
- The Ocean Risk and Resilience Action Alliance (ORRAA) has secured CAD$14 million in funding commitments over 4 years from the Government of Canada to double-down and scale-up its work to drive investment into more resilient coastal communities and the Ocean.
- Canada has been a member of ORRAA since its foundation in 2019.
- ORRAA’s mission is to activate at least USD$500 million of investment through finance and insurance products to build the resilience of 250 million climate vulnerable coastal people by 2030.
Antalya, Türkiye – 13 November 2026 – At COP31 in Antalya, Türkiye, the Government of Canada and the Ocean Risk and Resilience Action Alliance (ORRAA) today announced a major new funding commitment from the Government of Canada.
Having been a founding member of the Alliance in 2019, the Government of Canada has doubled-down on its support with a pledge of CAD$14 million over 4 years. Part of the funding will be used to support ORRAA’s Secretariat and the Innovation Pipeline of tested finance and insurance products in the Global South that are ready to be replicated and brought to scale; as well as its Sea Change Impact Financing Facility (SCIFF), a suite of mutually reinforcing financial instruments and platforms to help build a capital market for the Ocean.
Over the past four years, in total, ORRAA’s Pipeline has included 53 projects in 30 countries, helping to protect 1.4 million ha of coastal and ocean real estate, and helping to build the resilience of over 500,000 climate-vulnerable coastal people, 45% of whom are women.
Canada’s latest contribution brings its total support for ORRAA to CAD$25.5 million, with direct grant support to 19 finance and insurance projects in 20 countries, already positively impacting more than 245,000 climate vulnerable coastal people.
The Honourable Julie Dabrusin, Minister of the Environment, Climate Change and Nature, Government of Canada said, “ Canada is proud to be a steadfast partner in the global fight against climate change. With this investment to ORRAA, Canada is supporting innovative, impactful solutions at the ocean-climate nexus—mobilising finance, partnerships, and practical action for climate vulnerable coastal communities.”
Karen Sack, Executive Director of ORRAA, said: “Canada has been an essential partner in conceptualising, building, and now helping to scale the work of the Ocean Risk and Resilience Action Alliance. Over the next four years, we’ll work to replicate and scale proven finance and insurance products that build coastal resilience and regenerate ocean life. We’ll also ensure that ORRAA’s Secretariat, the Mission Control of our 150+ member multi-stakeholder alliance, can continue to drive the blue finance agenda forward, so that by the time we reach 2030, we can clearly say that SDG14 is no longer the least funded of the Sustainable Development Goals, and ocean finance is fully integrated as a critical element of climate finance globally.”
-ENDS –
