International bank Standard Chartered announced today it has joined #BackBlue, an “Ocean Finance Commitment” which aims to ensure a regenerating and sustainable ocean has a seat at the table in finance and insurance decisions.
The announcement comes as the the Ocean Risk and Resilience Action Alliance (ORRAA) and the World Economic Forum’s Ocean Action Agenda are working together to encourage more organizations to join this Commitment, also supported by the UN Race to Resilience, the International Union for the Conservation of Nature and United Nations Environment Programme’s Finance Initiative, to drive investment into coastal and ocean natural capital.
Standard Chartered is the latest bank to join #BackBlue which has already seen AXA, Deutsche Bank, WTW and Palladium enlist. Collectively, they bring nearly US$2.7 billion/€2.6 billion of assets under management under this blue finance umbrella.
Standard Chartered Chief Sustainability Officer Marisa Drew said:
“So much of our economic and social wellbeing, especially in our markets, is intertwined or dependent on our ocean. But while the global community is now much more aligned on the need to protect and restore our ocean, investment into a sustainable blue economy remains a ripple, when what we need is a wave. In what has the potential to be a transformative year for the regenerative blue economy, we want to play our part in addressing the cumulative ocean finance gap and supporting the transition of the blue economy to sustainable practices. Our commitment to #BackBlue solidifies that ambition.”
Businesses supporting #BackBlue commit to taking specific actions including:
- Setting robust net zero commitments;
- Driving financial system policy change that is nature positive with a particular focus on the Ocean;
- Accelerating the transition towards a healthy and sustainable ocean;
- Joining the Ocean Risk and Resilience Action Alliance and/or the Sustainable Finance Community at the World Economic Forum.