Glasgow – 9 November 2021 – The Commonwealth Blue Charter, BNP Paribas, Palladium, Van Oord and the Insurance Development Forum all announced at COP 26 that they are joining the Ocean Risk and Resilience Action Alliance or ORRAA.
Australia has become an observer member of the Alliance, joining countries including Mexico, Fiji, Norway, Japan, France, Germany and the United States. Canada and the UK are full members.
The Alliance connects the finance and insurance sectors, governments, non-profits, and stakeholders from the Global South to drive investment into ocean focused, nature-based solutions to positively impact resilience in coastal communities.
The crucial climate talks currently underway in Glasgow represent a significant opportunity to recognise the key role the Ocean plays in regulating the climate, as home and host to countless marine species, and as critical to building the resilience and adaptation of coastal and island communities around the globe.
Karen Sack, Executive Director and Co-Chair of ORRAA said: “The challenges of climate and ocean risk are so complex – and frankly so dire – that we really need the best brains and strongest muscle we can harness. What is really important in this latest surge of membership for our Alliance is the importance of partnership and collaboration because we are going to need local partners, political heft and financial capital to drive through the changes we need – and the coming months and years after these climate talks are going to be crucial.”
Commonwealth Secretary-General The Rt Hon Patricia Scotland QC said: “The climate crisis is an ocean crisis, and climate action is ocean action. We are pleased to become an institutional member to ORRAA, which will open the door for the country-driven Action Groups of the Commonwealth Blue Charter to form innovative partnerships, unlocking private investments and blended finance options to support ocean sustainability and climate resilience.”
ORRAA members collaborate in workshops and meetings and through the development of projects and products that invest into ocean and coastal natural capital to help it meet its goal of driving $500 million of investment into nature-based solutions by 2030 – part of which will include the creation of at least 50 novel finance products, to build the resilience of at least 250 million climate vulnerable coastal people around the world.
Palladium Impact Capital Managing Director Steven van Weede said: “The importance of the ocean and its impact on some of the most threatened communities on Earth can’t be overstated. We are looking forward to helping ORRAA develop its approach to ocean finance at scale.”
“Van Oord has an ambition to bring our solutions in coastal protection and ocean ecosystem restoration to scale; and to accelerate the resilience of global coastal communities and ecosystems. This is a step towards a new way of doing business and we recognise that critical for success is partnering and collaboration. That is why we are proud to announce our membership of ORRAA. This partnership will enable us to address both ocean risk and build resilience in the regions and communities that need it most,” commented Rachel Terry, Programme Manager Sustainability, Van Oord.
Earlier this year the UK joined as a full member of the Alliance, and Deutsche Bank became the global lead banking partner. AXA is the Alliance’s global lead insurance partner.