Ahead of the UN Biodiversity Conference, COP16, the ORRAA team visited our project partner,
Fondo Acción, in San Andres and Providencia, Colombia. MAR
Fund and WTW are working with Fondo Acción and other partners
to scale a parametric insurance product that pays out when a
hurricane hits a covered reef site. The pay-out enables organised
reef response brigades to immediately kickstart coral recovery
efforts, transforming post-disaster response for the benefit of
coastal communities and the reefs they depend upon.
ORRAA is the only multi-sector collaboration connecting the international finance and insurance sectors, governments, non-profits, and stakeholders from coastal communities to pioneer finance products that incentivise investment into coastal and ocean Nature-based Solutions (NbS). Our mission, by 2030, is to activate at least USD$500million of investment into this space, and in so doing, help build the resilience of 250 million climate vulnerable coastal people in the Global South.
Find out more: oceanriskalliance.org/