Deutsche Bank strengthens its ocean protection policies under #BackBlue initiative
Becoming effective in the course of Q4 2024, Deutsche Bank will enhance its due diligence requirements related to ocean protection. This update is a continuation of its commitment to the #BackBlue initiative. Deutsche Bank became in 2023 the first bank to join #BackBlue – a commitment led by Deutsche Bank’s partner Ocean Risk and Resilience Action Alliance (ORRAA) and backed by the United Nations. Under this initiative, Deutsche Bank aims at working on developing financial solutions supporting ocean protection. The bank also committed to reviewing its internal policies on ocean-related activities throughout 2024.
The development of the 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 key changes under the ocean-related policy update are:
- A new guideline on maritime transport and infrastructure which includes provisions to monitor compliance with the environmental and social conventions of the United Nations and its specialised agencies International Maritime Organisation (IMO) and International Labour Organisation (ILO)
- Exclusions and due diligence provisions to ensure stronger protection of sensitive marine areas and critical habitats
- Expansion of the already existing fisheries guideline to include new due diligence requirements for marine aquaculture
- Considering current gaps in regulation and science-based understanding of the impact of deep-sea mining, direct finance of deep-sea mining projects has been prohibited for the time being.
“A healthy global economy requires a healthy ocean. Our understanding of this connection has improved dramatically in recent years, and with it our sense of urgency about the need to conserve the marine environment,” said Markus Müller, Chief Investment Officer ESG & Global Head of Chief Investment Office, Deutsche Bank Private Bank and Co-Chair of the bank’s Nature Advisory Panel.
Via Deutsche Bank