The British government has awarded the Ocean Risk and Resilience Action Alliance (ORRAA) a £2 million (US$2.8 million) grant.
The money comes from the UK government’s £500 million (~US$687.9 million/~587 million Euro) Blue Planet Fund.
ORRAA, which brings together finance and insurance sectors, governments and environmental organizations from across the world, is leading global efforts to pioneer new finance products designed to drive investment into ocean-focused solutions.
The Alliance’s aim is to drive half-a-billion dollars 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 Blue Planet Fund grant, British 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 in May which also include AXA and the World Wildlife Fund.