Convergence, the global network for blended finance, is joining the Ocean Risk and Resilience Action Alliance (ORRAA) as an institutional partner. Blended finance is the use of catalytic capital from public or philanthropic sources to increase private sector investment in sustainable development.
The partnership will draw on the expertise of both parties to support ORRAA’s overall mission to build resilience in the regions and communities most vulnerable to ocean risk, by pioneering finance and insurance products that incentivise investment into coastal nature.
The collaboration will support ORRAA in gaining a deeper insight into blended finance, with the ultimate result of making ocean-focused products a more significant part of blended finance transactions.
Convergence generates blended finance data, intelligence, and deal flow to increase private sector investment in developing countries. It exists to help realise the United Nations Sustainable Development Goals (SDGs), which face an annual $2.5 trillion funding gap. SDG 14, Life Below Water, which is the area of ORRAA focus, is one of the least invested in of all the SDGs.
As an institutional partner, Convergence will collaborate with ORRAA, its members and project delivery partners to accelerate and increase the impact of and investment in ORRAA’s work and projects.
Karen Sack, co-chair of ORRAA commented: “This partnership represents the coming together of likeminded organisations to further our mission of driving $500 million of investment into coastal nature by 2030, which includes the creation of at least 15 novel finance products by 2025. We look forward to working together with Convergence and benefiting hugely from their invaluable insights and expertise in blended finance.”
Adhiti Gupta, Associate Director of Market Acceleration and Design Funding at Convergence commented: “Traditional development aid from public and philanthropic sources is not enough to realise the SDGs so we’re working to strategically utilize blended finance to attract private sector investment. Joining forces with ORRAA supports this goal and benefits both organisations with a wealth of experience, data and potential to funnel vital funds to ocean focused solutions.”
Convergence joins the Global Fund for Coral Reefs as an ORRAA institutional partner. Full members of ORRAA include the UK and Canadian Governments, AXA, the WWF, Ocean Unite, Willis Towers Watson, Swiss Re, The Nature Conservancy, the Stockholm Resilience Centre, Conservation International, Deutsche Bank, IUCN, Greensquare Ventures and Rare.
ORRAA is focused on driving investment into coastal and marine natural capital, mitigating risk and building resilience in communities adapting to climate change.
The powerful international alliance brings together the finance and insurance sectors, governments, environmental organisations and stakeholders from the Global South to scale solutions and accelerate action. Its aim is to drive $500 million of investment into coastal nature by 2030, and surface at least 15 novel finance products by 2025, with a focus on protecting the regions and communities that need it most.
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