Ocean Risk and Resilience Action Alliance
News
Republic of Palau, 14 April 2022 – The United States has pledged to play a leading role to support the acceleration of investment into the Ocean and the resilience of coastal communities, while the co-host of the One Ocean Conference, the Republic of Palau, today announced its membership of the Ocean Risk and Resilience Action Alliance (ORRAA).
The US announcement also came during the Our Ocean Conference, which is co-hosted by the Republic of Palau and the United States, and is taking place in Palau.
ORRAA brings together the finance and insurance sectors, governments, non-profits, and stakeholders from the Global South to pioneer finance and insurance products that incentivise investment into nature-based solutions in coastal and marine areas, with a focus on protecting the regions and communities that need it most.
In making the announcement at the Our Ocean Conference, John Kerry, Special Presidential Envoy for Climate, United States of America, said, “On coastal resilience the United States intends to provide US$1 Million to support the Ocean Risk and Resilience Action Alliance. The Alliance’s mission is to drive at least US$500 million of investment into ocean and coastal resilience.”
The United States joins both Canada and the United Kingdom in backing the Alliance. This follows the G7 Climate and Environment Ministers setting out their commitment to strengthen their support for ORRAA in their May 2021 Communiqué.
ORRAA is seeking to accelerate investment into nature-based solutions, positively impacting the resilience of at least 250 million people in coastal areas around the world, and has a particular focus on Small Island Developing States (SIDS) – of which Palau is one – and Least Developed Countries (LDCs).
In his closing statement to the conference, President Surangel Whipps Jr. announced that the Republic of Palau is joining ORRAA and will be the first full member from a Small Island Developing State to do so.
Karen Sack, Executive Director of the Ocean Risk and Resilience Action Alliance (ORRAA) said: “We are delighted that the United States and the Republic of Palau are supporting us and we look forward to working together to accelerate the pace of change and levels of investment we need.
“Here in Palau, we have seen first-hand why there is no time to lose. We are determined – with our growing 50-plus strong members from countries to companies and from the public and private sectors – that we can play a leading role in channelling investment into coastal communities around the world.”
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Notes to Editors
For more information or to set up an interview, please contact:
susan.hayes@oceanriskalliance.org
About The Ocean Risk and Resilience Action Alliance (ORRAA)
ORRAA brings together the finance and insurance sectors, governments, non-profits, and stakeholders from the Global South to pioneer finance and insurance products that incentivise investment into nature-based solutions in coastal and marine areas, with a focus on protecting the regions and communities that need it most. Its aim is to drive $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.
