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Carib - Promoting coastal resilience through novel finance solutions at the Latin America and the Caribbean climate week

During the Latin America and the Caribbean Regional Climate Week (11-14 May) the Global Resilience Partnership together with the Race to Resilience Campaign, Ocean Risk and Resilience Action Alliance (ORRAA) and WayCarbon, hosted a side event on promoting coastal resilience through novel finance solutions.

During the Latin America and the Caribbean Regional Climate Week (11-14 May) the Global Resilience Partnership together with the Race to Resilience Campaign, Ocean Risk and Resilience Action Alliance (ORRAA) and WayCarbon, hosted a side event on promoting coastal resilience through novel finance solutions.

Gonzalo Muñoz, the High Level Champion, COP25 Chile, opened the session by stressing both the need and the opportunity to act on ocean risks. The ocean provides close to $21B in GDP to the Latin America and Caribbean (LAC) region. Yet ocean-derived risks are multiplying, with wide-ranging implications for billions of people. Without action, 1 billion people will be at risk of coastal flooding by 2050. And a large portion will be in the Latin America and the Caribbean region, where between 25% and up to 100% of the population live along the coastline.

The launch of the Race to Resilience (R2R) Campaign this year offers an opportunity to spotlight the importance of understanding ocean risks and building coastal resilience. Ocean and Coastal Zones is one of the three pillars of the campaign, which aims to build resilience of 4 billion people who are vulnerable to climate risks by 2030. This side event convened many of the R2R partners around a virtual table to discuss innovative resilience financing mechanisms and insurance products that can enable climate adaptation in coastal countries.


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