By Charlotte Owen-Burge | August 4, 2021

Initiative overview: The Ocean Risk & Resilience Action Alliance (ORRAA) is the only multi-sector collaboration connecting the international finance and insurance sectors, governments, non-profits, and stakeholders from the Global South to pioneer finance products that incentivise investment into coastal and ocean Nature-based Solutions. Our goal, by 2030, is to activate at least USD$500million of investment into this space, and in so doing, help build the resilience of at least 250 million climate vulnerable coastal people. The heart of ORRAA’s mission is focused on building the resilience and adaptive capacity of marine and coastal ecosystems and the coastal communities around the world that rely on them.  The organization does this by driving investment into ocean and coastal Nature Based Solutions (NBS), as well as through the mitigation of risk multipliers like overfishing and pollution. These solutions will enable the Ocean and the communities which depend on it to thrive, creating greater economic security as well as social and cultural resilience for climate vulnerable coastal communities.

Benefits: Members of ORRAA contribute to and gain from solutions sessions with other organizations working in the space, as well as cutting edge research, financial/insurance product innovation and input into policy relating to ocean health, coastal resilience, small scale fisheries, reef and Small Island State protection.

Geographies: Africa: Tanzania. Americas: Guatemala, Honduras, Mexico. Asia-Pacific: India,Indonesia, Philippines. SIDS: Bahamas, Belize, Fiji, Papua New Guinea, St. Lucia.

Case studies: AXA XL is working with science partners to develop a Coastal Risk Index that integrates the protective benefits of coastal ecosystems into insurance risk models. The Index will calculate physical risk to coastal assets in different projected flooding scenarios up to 2050. More here.

Suitable for: Businesses, civil society, countries, financial institutions and governments.

How to join: Organizations are invited to join as full members, directly engaging on innovative product development and delivering impact, research, and policy outcomes. Current business members include AXA, Deutsche Bank, Swiss Re and Willis Towers Watson. Annual fee or equivalent value in-kind. Applications are vetted by the Secretariat and approved by the Steering Council.

Website: www.oceanriskalliance.org/

Contact Name / Email: secretariat@oceanriskalliance.org