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COAST AND OCEAN RISKS
The Ocean Risk and Resilience Action Alliance (ORRAA), a new collaboration between the Global Resilience Partnership, Ocean Unite and global insurer and reinsurer AXA XL, has received CAD $2.5 million ($1.9m) from the Canadian government to help work to drive investment into coastal natural capital. This will be done by pioneering ground-breaking finance and insurance products. The commitment from Canada was announced during the G7 meeting in August 2019, in Biarritz, France.
Deon Nel, CEO at Global Resilience Partnership, said: "The GRP seeks to support and catalyse the development of innovative partnerships that build resilience for the people and places that need it the most. Coastal communities face particularly high risks posed by increasingly severe storms, sea level rise and degraded ecosystems. ORRAA brings together powerful private sector financial institutions and environmental groups to unlock investment in coastal resilience We are very excited to be working with the government of Canada, AXA XL, Ocean Unite and other partners to address this urgent issue."
GRP is a partnership of public and private organisations whose secretariat is based at the Stockholm Resilience Centre. It is funded by USAID, Sida, the Zurich Foundation and UKAid. The Stockholm Resilience Centre acts as one of the core scientific partners to GRP.
Within the Ocean Risk and Resilience Action Alliance, the centre will act as a science and knowledge partner. Initial contributions will include assessments of the current ocean risks associated to small island states and least developed countries and the gender effects of these risks. "We are delighted to be an integral part of this exciting and important partnership," says centre researcher Albert Norström.
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