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Call for UK Finance Innovation Targeting Coasts, Oceans

The Ocean Risk and Resilience Action Alliance (ORRAA) is looking for projects developing scalable finance and insurance projects which will drive investment into coastal and ocean natural capital. Financed through the UK’s Blue Planet Fund, ORRAA will offer up to US$500,000 to support and scale the development of these products as part of its wider mission to catalyse at least US$500 million into resilience-focused coastal and marine natural capital by 2030. “It is absolutely vital we continue to take concrete action to manage our ocean sustainably and drive forward our mission to protect at least 30% of the world’s ocean by 2030, ensuring the international marine environment – and the communities who rely on it – can thrive,” said UK Environment Secretary Therese Coffey. Projects should be located or deployed in small island developing states (SIDS) and coastal least developed countries (LDCs), and be climate, nature and gender positive. Karen Sack, ORRAA’s Executive Director, said: “This latest Call for Proposals is a key part of the strategy of building an investable project pipeline from the ground up. Why? Because the lack of an investable project pipeline is the most mentioned issue raised by private sector investors as a barrier to investment. We recognise the UK for its leadership in ocean resilience and supporting this hugely exciting call to find inventive and deployable financial and insurance products to protect coastal communities and our global ocean.”  

 

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