The UK has announced its membership of the Ocean Risk and Resilience Action Alliance (ORRAA).

ORRAA is a multi-sector collaboration between governments, financial institutions, the insurance industry, environmental organisations and stakeholders from the Global South.  The Alliance’s 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 and aims to drive $500 million of global investment by 2030 into nature-based solutions to climate change. The investment will be used to enhance marine and coastal ecosystems such as reefs, mangroves and seagrass beds to increase resilience to climate change and mitigate its impact on coastal communities.

The UK becomes the second G7 country after Canada to become a full member of the Alliance. Through the UK’s G7 and COP26 Presidencies, ORRAA will be uniquely placed to bring the financial sector, governments and NGOs together to drive investment in nature-based solutions and to build resilience in vulnerable coastal communities.

The announcement was made by International Environment Minister Lord Zac Goldsmith at the World Economic Forum’s Virtual Ocean Dialogue: “I am delighted the UK is moving to full membership of the Ocean Risk and Resilience Action Alliance. Our shared ocean is critical to the economic, social and environmental well-being of people and the planet but is currently facing unprecedented pressures.  …  Ocean action is climate action.”