Deutsche Bank has announced a significant enhancement to its ocean protection policies, aligning itself with the BackBlue initiative, a global effort aimed at integrating ocean health into financial and insurance decision-making. The initiative, which was launched in 2021, is backed by the United Nations and led by the Ocean Risk and Resilience Action Alliance (ORRAA), a blue economy-focused organization. Through this initiative, the bank aims to develop financial solutions that actively support ocean conservation while also revising its internal policies related to ocean activities. One of the key changes in Deutsche Bank’s new policy is the implementation of a freeze on direct financing of deep-sea mining projects. This decision is driven by concerns over the lack of regulation and limited scientific understanding of the environmental impacts of such mining activities. As these gaps pose significant risks to marine ecosystems, the bank has decided to refrain from participating in deep-sea mining financing “for the time being.” In addition to the freeze on deep-sea mining projects, Deutsche Bank has updated its guidelines on maritime transport and infrastructure.
These new guidelines incorporate provisions to monitor compliance with environmental and social conventions, particularly those set by the United Nations, the International Maritime Organisation (IMO), and the International Labour Organisation (ILO). The bank has also introduced measures to ensure stronger protection for sensitive marine areas and critical habitats, ensuring that financing decisions align with broader environmental sustainability goals. Furthermore, Deutsche Bank has expanded its fisheries guideline, introducing new due diligence requirements for marine aquaculture. This update reflects the bank’s growing emphasis on sustainable fisheries management and responsible aquaculture practices. These measures are to ensure that the bank’s financial activities do not contribute to the destruction of marine ecosystems or the overexploitation of marine resources. Markus Müller, Chief ESG Investment Officer and Head of Global Investments at Deutsche Private Bank, emphasized the importance of these bonds, saying that a healthy global economy is linked to the ocean healthy He said the understanding of the link between ocean health and economic stability has deepened in recent years, and the need to protect marine environments has grown stronger. Deutsche Bank’s updated guidelines are an important step towards creating a sustainable blue economy as the bank aims to help its customers navigate the risks and opportunities associated with marine protection.