Category: Blue economy

The US insurance arm of Axa is preparing to launch a “Coastal Risk Index” at COP26, which will calculate the risks posed to coastal assets by rising sea levels. The tool will use various ‘flooding scenarios’, up to 2050, and will assess social and fiscal risks caused by depleting coastal ecosystems - “allowing policymakers and investors to direct financial flows more effectively and catalyse behavioural change towards proactive coastal ecosystem management”. It is being developed in collaboration with the Ocean Risk and Resilience Action Alliance, whose Co-chair, Karen Sack, spoke on a webinar on the topic earlier this week. As well as the new index, she said the alliance was working with unnamed fund managers to “explore and test the concept of $1bn ocean financing architecture that can truly drive systemic change by investing in blue resilience, impact and hedging against risk through insurance products that invest in marine and coast…