BNP Paribas, Eurazeo and Mirova have joined the #BackBlue Ocean Finance Commitment with a cumulative $3.45 trillion of assets under management. The commitment is a joint initiative to drive investment into coastal and ocean natural capital. The new members made their announcement at the Blue Economy and Finance Forum in Monaco.
#BackBlue is led by 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. #BackBlue ensures a regenerating and sustainable ocean has a seat at the table in finance and insurance decisions. 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% of all life on Earth. It is the planet’s largest carbon sink and has absorbed over 90% of the heat from our carbon emissions. It feeds and provides livelihoods to billions. #BackBlue supporting organizations commit to:
• 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.
“This announcement in Monaco reinforces how connected our Ocean is to decisions made from beachfront to boardroom,” said Karen Sack, Executive Director, ORRAA. “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.”
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 catalyze public-private partnerships to accelerate ambitious solutions for a regenerative and sustainable ocean economy, and;
• ORRAA’s objective of securing $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.
