ORRAA will provide investment in coastal resilience, accelerate research to better understand and manage ocean risk and inform policy, governance and public understanding.
Sustainability is currently in the spotlight given that ocean heating results to hazards, such as extreme storm events, sea level rise, acidification and bleaching. According to a recent survey, oceans absorb 90% of GHG emissions heat.
Additional risks as overfishing, marine pollution and habitat destruction, lead to wider threats that make coastal communities more vulnerable.
Denis Duverne, Chairman of the Board of Directors of AXA commented
From micro-insurance products for loans incentivising sustainable fishing to a Blue Carbon Resilience Credit giving a carbon and resilience value to mangroves, ORRAA’s outputs will be designed to be replicated across regions exposed to the impacts of ocean changes.
The founding members of the joint venture include Ocean Unite, the Global Resilience Partnership, and the Government of Canada, with Prime Minister Justin Trudeau who announced that he would provide CAD$2 million to help build the Alliance.
The Alliance will focus on three key areas: Practice and Innovation; Science and Research and Policy and Governance.
Moreover, the Alliance is the result of the first Ocean Risk Summit held in May 2018 in Bermuda, and was an initiative presented at the 2019 G7 Environment Ministerial in Metz, France. It was the only initiative presented there that was supported by all G7 members as well as Fiji, India, Mexico and Norway.