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- Deutsche Bank enhances due diligence for ocean protection under its #BackBlue initiative.
- New guidelines for maritime transport, sensitive marine habitats, and deep-sea mining exclusions.
- Direct finance for deep-sea mining projects prohibited due to regulatory and environmental concerns.
Deutsche Bank is set to strengthen its commitment to ocean conservation under its #BackBlue initiative, implementing updated due diligence requirements in Q4 2024. These updates mark a continuation of the bank’s efforts, which began when Deutsche Bank became the first financial institution to join the #BackBlue initiative in 2023. This initiative, led by the Ocean Risk and Resilience Action Alliance (ORRAA) and supported by the United Nations, focuses on developing financial solutions that prioritize ocean protection.
New Policy Enhancements
The updates to Deutsche Bank’s ocean protection policies are designed in accordance with international standards, including the Sustainable Blue Economy Finance Principles developed by the United Nations Environment Programme Finance Initiative (UNEP FI).
Key updates include:
- Maritime Transport and Infrastructure: New guidelines to monitor compliance with environmental and social conventions of the United Nations and its specialized agencies, such as the International Maritime Organisation (IMO) and International Labour Organisation (ILO).
- Marine Area Protections: Expanded due diligence provisions to ensure the protection of sensitive marine habitats and critical ecosystems.
- Marine Aquaculture and Fisheries: Enhanced due diligence requirements for marine aquaculture, building upon the bank’s existing fisheries guidelines.
Additionally, Deutsche Bank has prohibited direct financing of deep-sea mining projects, acknowledging the current regulatory gaps and limited scientific understanding of its environmental impact.
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A Commitment to Sustainability
Markus Müller, Chief Investment Officer ESG & Global Head of the Chief Investment Office at Deutsche Bank Private Bank, and Co-Chair of the bank’s Nature Advisory Panel, emphasized the importance of ocean health in relation to the global economy:
“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,” Müller stated. “This step is just one of many that will be required to build a truly sustainable blue economy. We are committed to transformation and want to help our clients navigate the associated risks and opportunities.”
Deutsche Bank’s strengthened policies reflect the growing global awareness of the need to safeguard marine ecosystems, ensuring a sustainable future for both the oceans and the economy.