Climate change affects oceans and coasts, with projections indicating that 800 million people will be at risk of coastal flooding and storm surge by 2050. To further increase the impact of its research on coastal risks, IHE Delft has joined the Ocean Risk and Resilience Action Alliance (ORRAA).
ORRAA brings insurers, banks, governments, academia and civil society together to help them adapt to climate change. It aims to improve the resilience of at least 250 million climate vulnerable people in coastal areas around the world by driving at least USD500 million of investment into coastal and ocean natural capital and introducing at least 50 novel finance products by 2030. It works across the world – with a focus on the Global South – pioneering, piloting, and scaling innovative finance products that invest in coastal resilience.
ORRAA and its global lead insurance partner AXA continue to support the development of the Coastal Risk Index, which is being developed by IHE Delft and other science partners. The Index calculates physical risk to coastal assets in different projected flooding scenarios up to 2050, with and without coastal ecosystems, and will measure the fiscal risk caused by the loss or degradation of those ecosystems.
”For IHE Delft, joining ORRAA opens the door to collaboration and opportunities to amplify the impact of our research,” said Dr. Rosh Ranasinghe, IHE Delft Professor of Climate Change Impacts & Coastal Risk. “The risks facing coastal areas around the globe, and in particular climate vulnerable communities, require global attention and action. Through the Alliance, IHE Delft joins forces with a variety of partners. The Alliance has grown significantly over the last couple of years, building momentum to support research and other efforts to adapt to climate change.”
ORRAA Executive Director Karen Sack said: “Science and research is a key pillar of ORRAA’s mission and IHE Delft can help strengthen and build out this work. The Coastal Risk Index will be an essential tool for identifying key coastal communities at risk. I look forward to working with IHE Delft even more closely as full members of ORRAA.”