Canada Commits CAD $2.5M to the Ocean Risk and Resilience Action Alliance to Build Coastal Resilience

GRP Areas of work: Innovation Theme: Oceans and coastal zones

 G7 meeting, 26 August 2019, Biarritz, France

Ocean and coastal resilience was a key topic during Canada’s 2018 G7 presidency. At this years’ G7 meeting, held in Biarritz, Canadian prime minister Justin Trudeau announced that the country would commit CAD $2.5 million ($1.9m) to support the Ocean Risk and Resilience Action Alliance (ORRAA) a new collaboration between Global Resilience Partnership, Ocean Unite and global insurer and reinsurer AXA XL.

The Alliance, is a ground-breaking partnership that will foster crucial collaboration between the finance and insurance sectors, governments and environmental organisations to build resilience in the communities and regions most exposed to ocean risk. The Alliance will work to drive investment into coastal natural capital in the regions that need it most by pioneering ground-breaking finance and insurance products.

Deon Nel, CEO at Global Resilience Partnership, said: ‘The GRP seeks to support and catalyse the development of innovative partnerships that build resilience for the people and places that need it the most. Coastal communities face particularly high risks posed by increasingly severe storms, sea level rise and degraded ecosystems. ORRAA brings together powerful private sector financial institutions and environmental groups to unlock investment in coastal resilience We are very excited to be working with the government of Canada, AXA XL, Ocean Unite and other partners to address this urgent issue.’

Karen Sack, President and CEO of Ocean Unite, added: ‘The importance of our ocean to life on Earth cannot be underestimated. Yet it is now changing at a faster pace than at any time in human history. The scale and complexity of the challenge call for a transformative response. Canada’s leadership on ocean resilience during its G7 presidency and through its support of the Alliance provides crucial political will in addressing an urgent and truly global issue.’

Chip Cunliffe, Sustainable Development Director at AXA XL, said: ‘Insurance and finance are critical components in leading a transformative response to the impacts and complexities of ocean risk. Extreme storm events, sea level rise and other risk factors threaten the lives and livelihoods of billions of people. Building resilience in the most vulnerable communities and ecosystems exposure requires a truly collaborative approach that spans sectors and delivers innovative solutions. Canada’s investment and commitment to these issues is a major step forward in addressing ocean risk.’

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Photo credit @ David Mills, WorldFish