Ocean Eye is excited to announce we have joined the Ocean Risk and Resilience Action Alliance (ORRAA) as a grantee and Project Delivery Partner. This partnership will allow us to highlight and grow Ocean Eye’s unique innovation channeling ecosystem payments to coastal communities from the marine tourism.
ORRAA is a multi-stakeholder convener connecting the international finance and insurance sectors, governments, non-profits and stakeholders from the Global South. They are focused on driving financial innovations to deliver a sustainable and equitable blue economy and more resilient coastal communities.
Sustainable Development Goal (SDG) 14, ‘Life Under Water’ has been one of the least funded SDGs despite the crucial role the Ocean plays in livelihoods, food security and the economy not to mention its immense role in climate regulation and biodiversity. There is growing international momentum to increase the funding and innovation needed to deliver the goals of the SDG 14.
ORRAA does essential work to achieve this, with a mission is to build the resilience of 250 million climate vulnerable coastal people by 2030, by deploying investment into coastal and ocean resilience through the development of novel finance and insurance products.
With support from ORRAA through the Government of Canada, Ocean Eye will expand its work with a key focus on biodiversity rich hotspots in coastal tropical areas as well as Small Island Developing States (SIDS). The initial project sites will be in Indonesia, specifically North Bali, the Banda Islands as well as the Maluku and Papua provinces in Eastern Indonesia.
‘Indonesia is one of the marine biodiversity hotspots in the world, and with its 17000 small islands provide endless marine tourism opportunities. Many coastal communities are struggling with livelihoods as pollution, overfishing and climate change are impacting ocean productivity. With Ocean Eye we want to incentivize coastal communities to support biodiversity conservation as well as provide alternative income’ said Sari Tolvanen, founder of Ocean Eye.
Additionally, Ocean Eye will pilot a biodiversity/nature credits approach for the use of our platform as a monitoring and financial transfer mechanism, with the goal of bringing more varied reward-based income streams for target communities and support conservation .
We are grateful to ORRAA and the Government of Canada for their contribution to helping us continue valuable work for conservation and communities.