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#BackBlue Ocean Finance Commitment

#BackBlue Ocean Finance Commitment

Project Lead: ORRAA
Location: Global

Summary 

The #BackBlue Ocean Finance Commitment was launched ahead of COP26 in 2021.

The United Nations-backed Commitment – the first of its kind to focus on the Ocean – is designed to incorporate the Ocean in finance and insurance decisions, especially with its importance in the fight against climate change.  

Leading financial institutions including AXA, Willis Towers Watson and Palladium were the first to sign up.

The initiative

The Commitment blends the following elements to ensure that a blue lens is applied to decision-making by the sector: 

  • Setting robust Net Zero commitments by joining one of the UN Race to Zero Financial Initiatives and by adopting science-based targets to reach Net Zero no later than 2050 in line with their criteria. This includes aligning investments with the UN-convened Net Zero Asset Owner Alliance’s target setting protocol.
  • Driving financial system policy change by adopting corporate ESG standards and disclosures that align with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and adopting taxonomies on sustainable economic activities that define common and clear criteria for classifying projects and investments as sustainable.
  • Investing in nature-positive outcomes for the ocean, based on the UNEP FI Sustainable Blue Economy Finance Principles, that drive investment into coastal and marine nature which halts biodiversity loss and sustains and builds the benefits that these ecosystems provide, while preserving and improving livelihoods.
  • Accelerating the transition towards a healthy and sustainable ocean through lending, investment and insurance practices that mitigate ocean risk and build the resilience of climate vulnerable coastal communities; and by supporting work to raise an initial US$500m of investment into coastal nature by 2030 with the aim of creating scalable and investable finance and insurance projects and products.
  • Joining ORRAA so that together the challenges posed by ocean risk can be met by pioneering new and innovative finance products that focus on driving investment into ocean and coastal natural capital which reduce risk and build a sustainable, equitable, resilient ocean and regenerate its biodiversity.

The initiative is backed by the UN Race to Resilience, the World Economic ForumFriends of Ocean Action, the IUCN and UNEP FI.