BNP Paribas, Eurazeo and Mirova are the latest financial institutions to join the Commitment which ensures a regenerating and sustainable ocean has a seat at the table in finance and insurance decisions. They join existing endorsers including Deutsche Bank, Standard Chartered, AXA, WTW and Palladium. The Ocean plays a vital role in combating climate change and is home to over 80 per cent of all life on Earth. It is the planet’s largest carbon sink and has absorbed over 90 per cent of the heat from our carbon emissions. It feeds and provides livelihoods to billions.
Monaco: The #BackBlue Ocean Finance Commitment now covers a cumulative value of USD$3.45 trillion of assets under management as three new corporates endorse this call, this World Ocean Day.
BNP Paribas, Eurazeo and Mirova are the latest financial institutions to join the Commitment which ensures a regenerating and sustainable ocean has a seat at the table in finance and insurance decisions. They join existing endorsers including Deutsche Bank, Standard Chartered, AXA, WTW and Palladium.
The announcement made on Sunday during the Blue Economy and Finance Forum in Monaco, a Special Event of the Third United Nations Ocean Conference which starts on Monday in Nice, France.
The #BackBlue Ocean Finance Commitment is a joint initiative of The Ocean Risk and Resilience Action Alliance and the World Economic Forum’s Ocean Action Agenda and is also supported by the UN Race to Resilience, the IUCN and UNEP FI, to drive investment into coastal and ocean natural capital.
The Ocean plays a vital role in combating climate change and is home to over 80 per cent of all life on Earth. It is the planet’s largest carbon sink and has absorbed over 90 per cent of the heat from our carbon emissions. It feeds and provides livelihoods
to billions.
Those 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.
Karen Sack, Executive Director, ORRAA, said, “This announcement in Monaco reinforces how connected our Ocean is to decisions made from beachfront to boardroom. Welcoming BNP Paribas, Eurazeo and Mirova to #BackBlue shows a growing, diverse global group of financial institutions coming together to secure a healthy, resilient ocean for people, nature and economies alike. But, as always, there is always much more that can be done, and we encourage others to follow suit in Backing Blue.”
Alfredo Giron, Head of the World Economic Forum’s Ocean Action Agenda and Friends of Ocean Action, said: “We are delighted to welcome these three new private sector actors to #BackBlue. By joining #BackBlue, these organisations are helping to drive the urgent shift toward a regenerative and sustainable blue economy, essential for a healthy Ocean.”
Supporting #BackBlue will help the delivery of:
-The UN Race to Resilience’s goals of building the resilience of four billion people from groups and communities who are vulnerable to climate risks by 2030;
-The World Economic Forum’s Ocean Action Agenda to catalyse public-private partnerships to accelerate ambitious solutions for a regenerative and sustainable ocean economy, and;
-ORRAA’s objective of securing USD$500m of investment into coastal and ocean natural capital by 2030, to mitigate risk and build the resilience of 250 million people in communities vulnerable to climate change in the Global South.