A global search is underway for the next generation of projects that will build resilience in the world’s coastal communities.

Run by the Ocean Risk and Resilience Action Alliance (ORRAA), and launched to coincide with the start today of the UN Ocean Conference, the project is the outcome of the pledge made by Prime Minister Justin Trudeau at COP26 in Glasgow when he said the Government of Canada was continuing its support for ORRAA – including a CAD$9m financial commitment.

ORRAA says it is keen to hear from project leaders that are devising or implementing finance and insurance products located in small island developing states or coastal least developed countries, or that have the potential to be scaled or implemented in these areas once they have been piloted.

Successful applicants will receive between from USD$5,000 to USD$400k over the next three years. ORRAA has pledged to ensure this investment goes to those projects where it will have the maximum positive impact on building coastal resilience and mitigating ocean risk.

Stephen Guilbeault, minister of environment and climate change of Canada said: “With the longest coastline in the world, our government understands that protecting and sustaining coastal communities and the ecosystems that support them is key to building resilience and reducing risks from the biodiversity and climate crises.

“In addition to the investments we are making in Canada’s coastal areas, we are proud to support this new global search to identify, invest into and scale projects which build resilience for some of the world’s most climate vulnerable coastal people and mitigate ocean risk.”

Karen Sack, executive director, ORRAA, added: “ORRAA deeply appreciates the Government of Canada’s continued leadership and support. Coastal and ocean risk and resilience are both global challenges and a global opportunity. We are keen to identify and support the next generation of best-in-class projects which can deliver investable finance and insurance products to build coastal and ocean resilience with biodiversity positive outcomes in the Global South.”

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