
Standard Chartered is the latest bank to join #BackBlue Ocean Finance Commitment
Davos-Klosters, Switzerland – 22 January 2025 – 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 was made today at the World Economic Forum’s Annual Meeting 2025 in Davos. It comes as the The Ocean Risk and Resilience Action Alliance (ORRAA) and the World Economic Forum’s Ocean Action Agenda are working together to encourage more organisations to join this Commitment, also supported by the UN Race to Resilience, the IUCN and UNEP FI, to drive investment into coastal and ocean natural capital.
Standard Chartered, a leading international cross-border bank which operates in 52 markets globally, is the latest bank to join #BackBlue which has already seen AXA, Deutsche Bank, WTW and Palladium enlist. Collectively, they bring USD$2,693bn of assets under management under this blue finance umbrella.
2025 will be a pivotal year for securing the health and vitality of the world’s ocean with France and Costa Rica hosting the UN Ocean Conference in Nice in June and the Blue Economy and Finance Forum, a special event focused on driving ideation and collaboration amongst blue economy stakeholders, hosted by Monaco, taking place immediately before. Given the importance of the Ocean as an Earth system: the planet’s largest carbon sink, host to 80% of biodiversity and critical to trade, communications and food security, having the finance community recognise its importance through the #BackBlue Finance Commitment, is critical.
Marisa Drew, Chief Sustainability Officer, Standard Chartered, said:
“So much of our economic and social wellbeing, especially in our markets, is intertwined or dependent on our ocean. 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.”
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 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.
Karen Sack, Executive Director, ORRAA, said:
“This year is going to be a ‘super year’ for the Ocean with the Blue Economy and Finance Forum and the UN Ocean Conference taking place in June. Today’s announcement by Standard Chartered to #BackBlue launches us off to a great start to this crucial year as the finance community is increasingly recognising the importance of the Ocean to a healthy planet, food, livelihoods, trade and commerce. While announced here in the mountains of Switzerland at Davos, this Alps to Ocean announcement reinforces just how connected the Ocean is when finance and insurance decisions are made.
“We now urge other financial institutions and insurers globally to also step-forward and join this blue journey too.”
Alfredo Giron, Head of Ocean, World Economic Forum, said:
“We are happy to welcome Standard Chartered to #BackBlue. With their robust portfolio in the regenerative blue economy, Standard Chartered sets a leading example for how financial institutions can champion ocean sustainability. As we convene in Davos to kick off an ‘ocean year,’ their commitment underscores the growing wave of financial action and ambition for the ocean.”
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 catalyse public-private partnerships to accelerate ambitious solutions for a regenerative and sustainable ocean economy, and;
- ORRAA’s objective of securing USD$500m of investment into coastal and marine natural capital by 2030, to mitigate risk and build the resilience of at least 250 million people in communities adapting to climate change.
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About the Ocean Action Agenda
The Ocean Action Agenda is a core part of the nature-positive pillar within the World Economic Forum’s Centre for Nature and Climate. We convene stakeholders across sectors to create platforms at the nexus of science, business and policy, and cultivate partnerships across business, government, academia, and civil society. Our mission is to secure a thriving, resilient ocean that sustains economic growth, societal well-being and environmental health for generations to come.
About The Ocean Risk and Resilience Action Alliance (ORRAA)
ORRAA is the only multi-sector collaboration connecting the international finance and insurance sectors, governments, non-profits, and stakeholders from coastal communities to pioneer finance products that incentivise investment into coastal and ocean Nature-based Solutions (NbS). Our mission, by 2030, is to activate at least USD$500 million of investment into this space, and in so doing, help build the resilience of 250 million climate vulnerable coastal people in the Global South.
About Standard Chartered
Standard Chartered is a leading international banking group with a presence in 52 of the world’s most dynamic markets. Its purpose is to drive commerce and prosperity through its unique diversity, and its heritage and values are expressed in its brand promise, “Here for Good.” The Bank has been incorporating international standards and best practices on nature and biodiversity for more than 20 years and became an early adopter of the Taskforce for Nature-related Disclosures in January 2024. This has been complemented by the launch of a dedicated Nature Finance Hub in 2023, through which it is working to catalyse opportunities to shift financial flows to help halt and reverse nature loss. In December 2024, Standard Chartered acted as sole lender and deal arranger in an innovative debt conversion for nature and climate for the Bahamas, which is expected to generate USD124 million for marine conservation.