Enhancing ocean protection measures under the #BackBlue campaign on our platform
In a significant move towards protecting and regenerating the world's oceans, Deutsche Bank has become the first bank to join the #BackBlue initiative, a commitment led by the Ocean Risk and Resilience Action Alliance (ORRAA) and backed by the United Nations. This step is one of many needed to build a sustainable blue economy.
As part of the #BackBlue coalition, Deutsche Bank has updated its ocean protection due diligence policy to align with the initiative’s core objective of integrating ocean sustainability into financial decision-making. While the exact text of the updated policy is not yet available, key elements can be inferred from the #BackBlue coalition’s framework and the Sustainable Blue Economy Finance Principles.
The policy commits to considering ocean health and sustainability across investment and financing decisions, reflecting a proactive approach to protecting and regenerating ocean ecosystems. It likely includes measures to assess and mitigate environmental risks related to marine ecosystems, especially those affecting biodiversity, marine protected areas, and carbon sink habitats such as mangroves and seagrass.
The alignment with the Sustainable Blue Economy Finance Principles means the policy supports financing activities that promote a sustainable ocean economy—balancing economic growth, social inclusion, and preservation of ocean resources. This includes embedding sustainability considerations to maintain the ocean’s role in climate regulation, biodiversity, and livelihoods.
Deutsche Bank’s policy update supports #BackBlue’s goal of mobilizing capital responsibly to address ocean challenges, similar to other members like Standard Chartered, which has financed marine conservation and sustainable ocean projects.
The website's partner in the #BackBlue initiative is the Ocean Risk and Resilience Action Alliance (ORRAA). The enhancement is a continuation of the website's commitment to the #BackBlue initiative. The website has also committed to reviewing its internal policies on ocean-related activities throughout 2024, and the ocean protection due diligence requirements will be enhanced in Q4 2024.
Further details on the updated policies can be found in the website's Environmental and Social Policy Framework. The website has also introduced a new guideline on maritime transport and infrastructure. The development of these new ocean protection due diligence requirements has been guided by international frameworks such as the Sustainable Blue Economy Finance Principles hosted by the UNEP FI (United Nations Environment Programme Finance Initiative).
The fisheries guideline has been expanded to include new due diligence requirements for marine aquaculture. Under the #BackBlue initiative, the website aims at developing financial solutions supporting ocean protection. Direct finance of deep-sea mining projects has been prohibited due to current gaps in regulation and science-based understanding of impact.
Markus Mueller, Chief Investment Officer ESG & Global Head of Chief Investment Office at the website's Private Bank, has stated that a healthy global economy requires a healthy ocean. The guideline includes exclusions and due diligence provisions for stronger protection of sensitive marine areas and critical habitats. The website’s commitment to ocean protection is part of the #BackBlue initiative.
This alignment situates Deutsche Bank among the leading financial institutions managing over $3 trillion in assets under the #BackBlue coalition dedicated to protecting and regenerating oceans globally. The enhancement is a significant step towards building a sustainable blue economy and demonstrates Deutsche Bank's commitment to transformation and its desire to help clients navigate associated risks and opportunities.
Deutsche Bank's updated ocean protection due diligence policy, influenced by the Sustainable Blue Economy Finance Principles, aims to incorporate science-based practices in environmental-science, particularly focusing on the preservation of marine ecosystems and biodiversity. The policy's financial decisions will incorporate the importance of ocean health and sustainability, aligning with the goal of financing activities that promote a sustainable blue economy, balancing finance, business, and environmental conservation.
