The world’s oceans require $500 million of dedicated investment to address pollution and biodiversity issues, according to a new report.
The Ocean Risk and Resilience Action Alliance (ORRAA) – backed by investors including AXA, Swiss Re, and Willis Towers Watson – called the investment to clean up oceans, also highlighting the need for “nature-based solutions” to protect the earth’s ocean life, coastal communities, and biodiversity.
With just over three months to go until the COP-26 climate summit in Glasgow, Scotland, the ORRAA has requested that private and institutional investors ramp up partner activities with public funders and back investments into the ocean.
The alliance is channelling new investment opportunities, focusing on nature-based solutions, that it said were crucial to protecting biodiversity and tackling the threat of climate change.
“There is real momentum towards protecting our biodiversity and global resilience through the ocean,” said Karen Sack, co-chair of ORRAA.
“However, investment is crucial. That is why today we are calling for a new generation of financial backers from institutional investors to family offices, and from banks to insurers to put capital to work for the ocean.”
According to the Global Sustainable Investment Review 2020, investment into sustainability reached $35.5 trillion across five markets in early 2021, exhibiting a 14% increase over two years. Canada and the US are leading the way.
Deutsche Bank was the first bank to join the ORRAA in May 2021. Among the ranks today are insurance giant AXA and non-profit WWF. In May, the UK became the second G7 country to acquire membership, after Canada.
All G7 countries are ‘observers’ of the alliance, as are India, Mexico, Norway and Fiji.
“We are convening the best brains from governments, the financial and insurance sectors, and NGOs to find solutions to protect, preserve and nurture the Ocean. And we are always on the lookout for more expertise and backing to drive investment into this space,” said Chip Cunliffe, Co-Cahir of the ORRAA.
“We believe that developing investable projects and products which deliver financial returns over the long term are key.”