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Financing the next generation of innovative ocean finance projects – Call for Proposals (CfP)

NB – The deadline for applications has now passed.

ORRAA’s mission is to drive investment into coastal and ocean natural capital through the development of innovative finance solutions that reduce vulnerability and build resilience in the most exposed and climate-vulnerable regions and communities.

To do this ORRAA is catalysing the investment of at least US$500 million into coastal and ocean natural capital through the development and deployment of financial products that build the resilience of 250 million climate vulnerable coastal people, by 2030. To achieve these objectives, ORRAA invests in projects, discreet activities supported by ORRAA and delivered through its members and partners.   

The Government of Canada is supporting ORRAA to build coastal and ocean resilience through this Call for Proposals

The call will support a variety of projects, including the implementation and testing of innovative finance and insurance solutions, and research to expand our knowledge of ocean risk to build coastal resilience.

Prospective projects can apply for either a Seed or Project grant, depending on the level of development of their project:

Grant TypeDescriptionFunding AmountImplementation Timeline
Seed grantTailored for organisations to design innovative solutions over a shorter timeframe that might be eligible for future project grant funding.Up to US$10,0003 months
Project grantTailored for organisations to test and pilot innovative ideas or scale up and replicate proven ideas in new contexts.Up to US$400,000Up to 24 months

Watch the full webinar here.

Watch the full webinar here

Deadline for applications was Wednesday 31 August (extended from initial deadline of Sunday, 14 August 2022). Funded projects are expected to be announced by the end of 2022.

The ORRAA Secretariat hosted an information webinar to present the Call’s objectives and answer questions from prospective applicants.

  • For further information on the Proposal timeline, the evaluation process, and frequently asked questions, please see the Guidelines for Applicants (download here.)

Successful projects must meet the following guidelines to be considered by the ORRAA Secretariat

Project Focus:

Project proposals must fall into one of ORRAA’s Financial Innovation or Science and Research priority pathways, and advance ORRAA’s mission by either:

  • Developing and implementing innovative finance and insurance products
  • Undertaking research or developing tools that better analyse, predict, model, and reduce ocean risk

In addition, projects must:

  • Promote the development of ocean and coastal Nature-based Solutions (NbS) or mitigate risk multipliers like overfishing and pollution
  • Align with and include the priorities and interests of local communities 
  • Deliver enhanced economic, social, and cultural resilience for climate vulnerable coastal communities

Geographic Focus:

Projects should either be located or deployed in coastal countries that are Official Development Assistance (ODA) and UNFCCC eligible (non-Annex I countries), which do not conflict with applicable individual and consolidated sanctions set out by the United States or Canada. Special consideration will be given to projects located or deployed in Small Island Developing States (SIDS) and Coastal Least Developed Countries (LDCs). A complete list of countries is included in the Guidelines for Applicants.

Delivery Partners:

To ensure projects are community-led and driven by local partners, projects must include organisations from the Global South as lead or supporting partners and should demonstrate how they will build stakeholder engagement to advance their objectives. 

Environmental and Social Impact:

Projects must ensure they are underpinned by gender, equity, and human rights, and support coastal communities in reducing their exposure or vulnerability to ocean risks by increasing their ability to build resilience in the face of uncertainty.

Projects should accelerate the delivery of the UN Sustainable Development Goals (SDGs), in particular, SDG14 (Life below Water), and should be directly relevant to at least three additional SDGs.