Ocean Resilience and Coastal Adaptation Financing Partnership Facility
Year Established
2023
Partners
Cumulative Contributions Committed
$13 million
The Ocean Resilience and Coastal Adaptation Financing Partnership Facility (ORCA-FPF) aims to scale up investments across coastal areas and the blue economy. The ORCA-FPF includes (i) the Ocean Resilience and Coastal Adaptation Trust Fund (ORCATF), a multi-donor fund to support technical assistance, grant components of investment projects, and other activities that ADB may agree upon with financing partners; and (ii) additional partnership agreements that can be arranged during the ORCA-FPF implementation period.
The ORCATF was established with $13 million in grant commitments from the Nordic Development Fund and the United Kingdom’s Foreign, Commonwealth and Development Office. Initial priority countries include Cambodia, India, Maldives, the Marshall Islands, Tonga, and Viet Nam.
In September 2023, the inaugural partnership meeting of the ORCATF took place at the ADB headquarters, bringing together key stakeholders, both financing and non-financing partners. The meeting reached a consensus on the trust fund’s implementation guidelines and work plan for 2024.
Trust Funds
Ocean Resilience and Coastal Adaptation Trust Fund
| Year Established | 2023 |
|---|---|
| Partner | Nordic Development Fund, the United Kingdom |
| Cumulative Contributions Committed | $13 million |
| Project Commitments | |
| Technical Assistance | $650,000 for 1 TA project |
The Ocean Resilience and Coastal Adaptation Trust Fund (ORCATF) was established in March 2023 to increase the quantity and quality of investments in ocean health (including resilience and the blue economy) and coastal adaptation.
ORCATF will provide grant finance for ocean-positive project origination and preparation in all areas that contribute to measurable ocean health and resilience with a focus on nature-based solutions, ecosystem management and restoration. Activities should be integrated with ocean- and coastal-related components of national plans and commitments, such as nationally determined contributions and national adaptation plans, finance frameworks and fiscal policies, and environmental tax reform. Projects that can demonstrate enhanced donor coordination and/or facilitate new sources of private sector finance will be prioritized.
News
8 Nov 2022
ADB, Key Partners Announce $16.5 Million for Ocean Health in the Pacific
ADB joined the Global Environment Facility and the Nordic Development Fund at COP27 to announce $16.5 million in grants for the Blue Pacific Finance Hub, which aims to build ocean and coastal resilience in countries threatened by the impacts of climate change.
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