US Pledges to Play Role in Accelerating Investment Into the Ocean and Coastal Communities

Financial , Insurance
14.04.2022 09:44 am

John Kerry announces U.S. support for the Ocean Risk and Resilience Action Alliance
US financial support into ocean and coastal resilience

The United States has pledged to play a leading role to support the acceleration of investment into the Ocean and the resilience of coastal communities.

The announcement came during the Our Ocean Conference, which is co-hosted by the Republic of Palau and the United States and is taking place in Palau.

The Ocean Risk and Resilience Action Alliance (ORRAA) brings together the finance and insurance sectors, governments, non-profits, and stakeholders from the Global South to pioneer finance and insurance products that incentivise investment into nature-based solutions in coastal and marine areas, with a focus on protecting the regions and communities that need it most.

In making the announcement at the Our Ocean Conference, John Kerry, Special Presidential Envoy for Climate, United States of America, said, “On coastal resilience the United States intends to provide US$1 Million to support the Ocean Risk and Resilience Action Alliance. The Alliance’s mission is to drive at least US$500 million of investment into ocean and coastal resilience.”

The United States joins both Canada and the United Kingdom in backing the Alliance. This follows the G7 Climate and Environment Ministers setting out their commitment to strengthen their support for ORRAA in their May 2021 Communiqué.

ORRAA is seeking to accelerate investment into nature-based solutions, positively impacting the resilience of at least 250 million people in coastal areas around the world, and has a particular focus on Small Island Developing States (SIDS) – of which Palau is one - and Least Developed Countries (LDCs).

Karen Sack, Executive Director of the Ocean Risk and Resilience Action Alliance (ORRAA) said: “We are delighted that the United States is supporting us and we look forward to working together to accelerate the pace of change and levels of investment we need.

“Here in Palau, we have seen first-hand why there is no time to lose. We are determined - with our growing50-plus strong members from countries to companies and from the public and private sectors – that we can play a leading role in channelling investment into coastal communities around the world.”