Global Economic, Ocean, and Financial Resilience Center (GEOFRI) 

Background

The destruction caused by Hurricanes Irma and Maria in 2017 led to a recognition that Puerto Rico must become more resilient. In
response, the initiative to develop an institute dedicated to research, education, and action was put forward by PR ERSF. Focusing on economic, ocean, and financial resilience addresses Puerto Rico’s greatest needs, as well as those of the Caribbean region, and island states/nations worldwide.

Economic Issue:  Need for disaster resilience education, training, research/commercialization, and creation/recruitment of firms or organizations in the response/recovery/resilience industry 

Stakeholder(s): COR3, economic development organizations, existing business/industry, ocean-based companies/organizations, community/non-profit organizations, governments, and  

Proposed Solution:  Create a comprehensive initiative to educate and assist people, companies, organizations,  Municipalities, and Puerto Rico government;  conduct research, and advocate for development of Puerto Rico as the hub of the estimated $90B/year resilience industry.   

Economic RSF Actions: 

• In consultation with COR3 and Invest Puerto Rico, drafted a position paper and presentation outlining the elements of an Institute, and refined the paper it into a business plan.
• The Institute, named “Global Economic, Ocean, and Financial Resilience Institute (GEOFRI)”, contained three primary functions:  Education, training, & professional development; Research & commercialization; and serving as an Anchor for development and recruitment of the $90.4 Billion resilience industry.  This industry is projected to grow at a compounded annual rate of 24.2%, reaching $423 Billion by 2025.  
• Contacted an existing non-profit, EcoExploratirio, an ecological and climatological learning museum that needed funding to execute a lease on facilities being built in the Convention Center District of San Juan.   
• Successfully secured invitations from HGMP and CDBG-DR for EcoExploratirio to apply for funding of over $50 Million.
• MOU between UVI and UPR has been executed
• Affiliations with the UN Economic Commission for Europe and Disaster Risk Reduction unit plus the World Bank, G20, World Economic Forum, and InterAmerican Development Bank, among others.
• Facilitated development of a curriculum for a Resilience Academy and secured a preliminary commitment for development of a Professional Certification from a leading NGO.
• Through an existing agreement, some research, and financing for Ocean Economy resilience, will be conducted through the Puerto Rico Science and Technology Trust and the Coral Reef Alliance in US Virgin Islands.

 Results:

• During the EcoEx grant application process, EDA requested information about how operating funds would be secured. When there was no response, EDA tabled the grant. However, in a March 10, 2021, press release, FEMA announced that it had approved a $4.1 million 404 hazard mitigation grant to EcoEx for implementation of ExRI. Whether ExRI will adhere to the original concept of GEOFRI is unknown.
• Having completed its mission to help create a resilience institute, PR ERSF supported collaboration between the nonprofit BlueTide, Inc., and Disaster Recovery International (DRI) to develop an Ocean Resilience course and certification program. PR ERSF is now focused on implementing regional resilience efforts through the US Caribbean Resilience, Economic Policy, and Strategic Economic Development (CREPSED) initiative.