UK-based lender Standard Chartered 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, made at the World Economic Forum meeting in Davos, Switzerland, comes as the Ocean Risk and Resilience Action Alliance ( ORRAA ) and the World Economic Forum ( WEF )’s Ocean Action Agenda are working together to encourage more organizations to join this commitment to drive investment into coastal and ocean natural capital.

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 oceans
• Accelerating the transition towards healthy and sustainable oceans
• Joining the ORRAA and/or the sustainable finance community at the WEF.

Standard Chartered, a leading international cross-border lender that operates in 52 markets globally, is the latest bank to join the commitment, which has already seen AXA, Deutsche Bank, WTW and Palladium enlist. Collectively, they bring US$2.69 trillion of assets under management under this blue finance umbrella.

This year will be a pivotal year for securing the health and vitality of the world’s ocean, the bank notes, with France and Costa Rica co-hosting the UN Ocean Conference in Nice in June, and Monaco hosting the Blue Economy and Finance Forum, a special event focused on driving ideation and collaboration among blue economy stakeholders, taking place immediately before.

Given the importance of the ocean as an Earth system – it is the planet’s largest carbon sink, host to 80% of biodiversity and critical to trade, communications and food security – having the finance community recognize its importance through #BackBlue, the bank says, is critical.

“So much of our economic and social wellbeing, especially in our markets, is intertwined or dependent on our ocean,” adds Marisa Drew, the bank’s chief sustainability officer. “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.”