UK Government and Swiss Re Foundation backed programme announces nine community-led, coastal-resilience focused projects. All aim to build resilience in coastal communities vulnerable to climate change and reduce ocean risk through financial innovation. Based around the world, the projects now go through to the final assessment to receive support from the Ocean Risk and Resilience Action Alliance (ORRAA).
Currently in its second wave, the Ocean Resilience Innovation Challenge (ORIC), which is led by the Ocean Risk and Resilience Action Alliance (ORRAA), acts as an incubator by providing mentoring, leadership training and, for some, funding to help promising projects scale up.
The nine finalists include:
Barefoot Monsoon, India – This project works with communities to develop high quality nature-based carbon offset projects to sequester emissions while improving livelihoods. It enables partnerships with low emission technology leaders, from development to commercial deployment. Barefoot Monsoon also finances high impact water, climate change and biodiversity projects.
Blue Ventures, operating in multiple locations including Indonesia and Madagascar – Blue Ventures is working to restore the world’s oceans and improve the livelihoods of traditional fishing communities. It has an office in the UK, but its projects are in countries including Indonesia and Madagascar. This project will put data at the heart of tackling the financial exclusion of fishers. It will build resilience and can be scaled up.
INVERSA Leathers, Mexico – This organisation manufactures the world’s first regenerative leather. Made from invasive lionfish, which can destroy local marine life, INVERSA Leathers helps solve an environmental crisis and helps fashion be more sustainable. INVERSA Leathers is based in Florida USA, but the shortlisted project will build well-equipped fishing cooperatives in Quintana Roo, Mexico, through underwriting fishers’ risk with a 100% catch-to-cash guarantee, financing the upfront re-tooling expenses for fishers to hunt and catch lionfish and offering premium incentives and prompt payment timelines.
More information can be found here.