Deutsche Bank has become the first bank to join the Ocean Risk and Resilience Action Alliance (ORRAA) as a full member, creating a partnership dedicated to bringing financial expertise and innovation to protect the ocean and the communities that depend on it.
The International Private Bank (IPB) of Germany’s largest bank will partner with ORRAA to encourage global action and private finance to invest in marine and coastal natural capital, to promote a sustainable blue economy and to build resilience in the regions most vulnerable to ocean-related risks, including sea-level rise and extreme weather events.
Launched at the United Nations’ Secretary General’s Climate Action Summit in 2019, ORRAA is a multi-sector collaboration between governments, financial institutions, insurance companies, environmental organisations and other stakeholders that aims to drive USD500 million of investment into coastal and marine ecosystems by 2030.
The partnership will offer new areas of engagement and impact to the bank’s clients, starting initially with ocean resilience research developed in close collaboration with ORRAA. Deutsche Bank International Private Bank has a long track record of offering environmental, social and governance (ESG) themed investments, integrating sustainability into its investment processes, and producing ESG, biodiversity and ocean risk research for clients.
“Banks can be a positive force for social change, and partnering with ORRAA is another significant milestone towards embedding sustainability at the heart of everything we do for our clients and society,” says Claudio de Sanctis, Head of the International Private Bank and CEO of EMEA at Deutsche Bank.
De Sanctis adds: “I have been passionate about the environment since spending much of my childhood in and around the ocean. As I have grown older I have been increasingly concerned about the damage we see around the world, so I could not be more excited about the long-term potential for this partnership, from thought leadership to client engagement and a positive impact on this most critical part of our ecosystem.”
A healthy ocean plays a vital role in combating climate change, according to ORRAA. It is the planet’s largest carbon sink, and marine and coastal ecosystems such as coral reefs and mangroves offer cost-effective ways to mitigate climate risks while bringing a host of social and economic benefits to millions of people living in coastal areas. Yet a lack of understanding of the value of those ecosystems means they are amongst the most threatened and under-invested on Earth.
“By joining ORRAA, Deutsche Bank can lead the way in setting the ambition for the finance sector in catalysing financial innovation and private investment for our oceans,” says Karen Sack, Co-Chair of ORRAA. “Together we can help build resilience in the most exposed and vulnerable communities around the world; protect and regenerate valuable natural assets; accelerate the pace of change in delivering the United Nations’ Sustainable Development Goals; and therefore reduce the environmental, economic and social impacts of climate and ocean change.”