London, Washington 13THof August 2021 – The Ocean Risk and Resilience Action Alliance (ORRAA) is today announcing it has secured the financial backing of the UK Government’s Blue Planet Fund.
ORRAA is one of the first organisations globally to receive funding from the new £500m Fund which is scaling up support to protect the world’s oceans.
Today the UK is announcing that ORRAA will receive £2m (US$2.8m) after it became a full member of the Alliance in May.
ORRAA, which brings together finance and insurance sectors, governments and environmental organisations from across the world, is leading global efforts to pioneer new finance 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. 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.
Chip Cunliffe, Co-Chair of ORRAA, said: “We are delighted that the UK is backing our mission, by becoming a full member and through this investment by the Blue Planet Fund. This backing – alongside the support of our growing membership – is vital in accelerating action, investment and delivery in coastal communities around the world. This week’s IPCC report said that climate change is code red for humanity – now, more than ever, it is time to back blue.”
In announcing the multimillion pound boost from the Blue Planet Fund, Environment Secretary, George Eustice, said: “The UK is a global leader in marine protection and will continue to advocate for ambitious climate and ocean action at COP26 this year. Our shared ocean is a vital resource and provides habitat to precious marine life, as well as supporting the livelihoods of one in every ten people worldwide. The Blue Planet Fund will support many developing countries on the front line of climate change to reduce poverty and improve the health of their seas.”
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.
This £2m follows the UK’s recent commitment to bolster support for the organisation at the UK-led G7 summit. All of the other G7 members are Observers of ORRAA, as are India, Mexico, Norway and Fiji.
One of the other recipients of the Blue Planet Fund is the Global Fund for Coral Reefs, an ORRAA institutional partner, which is helping developing countries within the Caribbean, India Ocean, Pacific and Southeast Asia prevent the extinction of vital coral reefs.
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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.