Ocean Risk and Resilience Action Alliance (ORRAA)

General

Name of initiative Ocean Risk and Resilience Action Alliance (ORRAA)
LPAA initiative No
NAZCA Initiative Yes
Website address https://www.oceanriskalliance.org/
Related initiatives
Starting year 2019
End year
Secretariat Global Resilience Partnership (United Kingdom), Ocean United (United States of America).secretariat@oceanriskalliance.org
Organisational structure
Geographical coverage Global
Name of lead organisation ORRAA
Type of lead organisation Network/Consortium/Partnership
Location/Nationality of lead organisation United Kingdom

Description

Description The Ocean Risk and Resilience Action Alliance, ORRAA, is a multi-sector collaboration between governments, financial institutions, the insurance industry, environmental organisations and stakeholders from the Global South.

Our purpose is to build resilience in the regions and communities most vulnerable to ocean risk, by pioneering finance and insurance products that incentivise investment in nature-based solutions. Our aim is to drive $500 million of investment into nature-based solutions by 2030, and surface at least 15 novel finance products by 2025 that incentivise private and blended finance into coastal natural capital.

Objectives To date, efforts by the ocean community, philanthropies, governments and the private sector to invest in ocean natural capital as a way of building resilience to change, empowering economically marginal and vulnerable communities and preparing these groups for adaptation, have been disparate, sparse and significantly underfunded. ORRAA is designed to tackle these challenges to achieve its ultimate outcome:

• Improved state of coastal resilience for vulnerable populations, particularly women and girls in SIDS and coastal developing countries where ORRAA finance products/projects have been deployed.

Over the next year, the Intermediate Outcomes identified in the logic model are designed to realise the objectives of the Alliance's work: • Deliver an increased pipeline of pilot projects for innovative finance products that increase coastal resilience, • Grow the effectiveness of the Alliance to influence greater investments in coastal natural capital, and, • Improve the design/implementation of gender-sensitive ocean resilience pilot projects in key vulnerable regions

Activities ORRAA will support coastal and Small Island Developing States (SIDS) in ODA-eligible countries that are directly threatened by the impacts of climate change by piloting and scaling innovative finance projects that will leverage greater private investment in coastal resilience. It is focused on:

1. Building a multi-sector collaboration between governments, financial institutions, the insurance industry, environmental organizations and stakeholders from the Global South to pioneer ground-breaking finance products and projects that will help mitigate harm from ocean risk, and increase the adaptive capacity and resilience of coastal communities. 2. Establishing a Secretariat to build the Alliance, coordinate its activities and outputs and deliver on its goals. 3. Invest in core initial research needs and example projects that underpin the development of initial product offerings to unlock and incentivise greater private and blended finance investment into coastal natural capital (in situ conservation) to reduce the vulnerability of human and natural systems to the impacts of climate change.

Outcomes will be achieved through activities, outputs and immediate outcomes focused on delivering on the three pillars underpinning ORRAAs work: 1. Practice & Innovation: building risk-adjusted, innovative and scalable products that change the risk perceptions of investing in coastal natural capital and increase resilience while delivering a return on investment 2. Research & Knowledge: accelerating research and using data to better understand, analyse, predict, model and manage ocean risk to drive future action and investments 3. Policy & Influence: informing & advancing ocean and coastal resilience policy, governance, private sector and public understanding.

The Alliance will engage three priority sectors, each of which is targeted through the intermediate and immediate outcomes: 1) Vulnerable communities - to increase the adoption of practices and financial instruments that increase coastal resilience; 2) Private and public sector investors - to increase private/public investment into scalable, gender-sensitive ocean resilience pilot projects focused on key vulnerable regions; and 3) Global public/finance policy makers - to improve global governance and support for investments and measures related to building ocean and coastal resilience.

One or two success stories achieved

Monitoring and Impacts

Function of initiative
Activity of initiative
Indicators
Goals ORRAA's aim is to drive $500 million of investment into nature-based solutions by 2030.

ORRAA's aim is to surface at least 15 novel finance products by 2025 that incentivise private and blended finance into coastal natural capital.

Comments on indicators and goals ORRAA launched the Ocean Resilience Innovation Challenge at the UNEP FI GRT event on October 14th, 2020. The Innovation Challenge aims to identify and nurture 5-10 innovative and scalable finance and insurance products that drive investment in coastal natural capital and increase resilience in communities and regions most exposed to ocean-derived risks. The call for proposals extends to individual organisations or consortiums across public, private, local civil society, international NGOs and academia. We are encouraging experienced implementers, start-ups, hubs and accelerators from the Global North and South to apply. Selected projects will receive customised support to maximise their potential for impact, scalability and investability and will benefit from a program of tailored mentoring, and communications and leadership support.
How will goals be achieved
Have you changed or strenghtened your goals
Progress towards the goals
How are you tracking progress of your initiative ORRAA will be monitored and evaluated against its Performance Measurement Framework (PMF) and logic model. ORRAA and its projects will follow the GRP process and guidance for monitoring, evaluation and learning (MEL) of results and activities. The aim of MEL activities is that, through building and sharing evidence and learning, staff, partners and our clients: a) understand if and how ORRAA has had a transformational and sustainable impact, and b) can use that understanding to further improve resilience outcomes more widely.
Available reporting

Participants

Participants Number Names
Members 17  
Companies 12 AXA (France),Ocean Unite (USA),Global Resilience Partnership (Sweden),Stockholm Resilience Centre (Sweden),The nature Conservancy (USA),Willies Towers Watson (United K.),RARE (USA),WWF (USA),Greensquare Ventures (USA),IUCN (Switzerland),Conservation International (USA),Swiss RE (Switzerland).
Business organisations 0
Research and educational organisations 0
Non-governmental organisations 0
National states 5 Mexico,  Philippines,  Belize,  Guatemala,  Honduras
Governmental actors 0
Regional / state / county actors 0
City / municipal actors 0
Intergovernmental organisations 0
Financial Institutions 0
Faith based organisations 0
Other members 0
Supporting partners 0
Number of members in the years
Have only national states as participators No


Theme

Transport Agriculture Forestry Business Financial institutions Buildings Industry Waste Cities and subnational governments Short Term Pollutants International maritime transport Energy Supply Fluorinated gases Energy efficiency Renewable energy Supply chain emission reductions Adaptation Other Resilience Innovation Energy Access and Efficiency Private Finance
No No No No No No No No No No No No No No No No No No No No No No
Last update: 19 October 2021 09:00:44

Not only have national states as participators