The announcement was made today at the World Economic Forum meeting in Davos, Switzerland. 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 the World Economic Forum’s Ocean Action Agenda and Friends of Ocean Action, 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.