The Nature Conservancy ("TNC") has received a $1 million grant from Bank of America that will enable TNC scientists to conduct studies in Florida and Hawaii to identify where coral reef insurance and improved reef management could provide a solution to coastal flooding and other risks related to major storm events.

This initiative added to the bank's initial $1 million grant in 2016 that funded a feasibility study for the reef insurance concept and policy in Mexico.

"TNC and its partners proved that insuring coral reefs was possible in Mexico," said Mark Way, director of global coastal risk and resilience for The Nature Conservancy. "Now, we are ready to scale this work. The Nature Conservancy is very grateful to the Bank of America Charitable Foundation for its vital, early stage support of our efforts to produce market-driven, nature-based solutions for coastal resilience."

Reef insurance is a model allowing countries to simultaneously protect its residents, nature, and property. By safeguarding the natural infrastructure coral reefs provide, lives and livelihoods of people can be protected – as well as potentially billions of dollars of infrastructure.

Globally, coral reefs face multiple threats, including those from hurricanes. The reefs of Hawaii and Florida provide both states with a high level of protection. It is estimated that annually the value of that protection to property and economic activity is over $1.5 billion. Given this, and building on TNC's work in Mexico, assessing the potential for expanding reef insurance to Florida and Hawaii presents an opportunity for the future of valuing and protecting nature, TNC said.

"By working with partners like The Nature Conservancy, we are able to support the development and implementation of innovative solutions to climate resiliency, water security, conservation, and other environmental challenges," said Andrew Plepler, global head of environmental, social, and governance at Bank of America. "Through our sustainable finance efforts and philanthropic support, projects like this can be scaled and replicated, building a more sustainable economy and climate resilient communities."

Victoria Spears

Victoria Spears

Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].

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