Deutsche Bank Strengthens Ocean Protection Policies with Stricter Due Diligence Under #BackBlue Initiative

Deutsche Bank Strengthens Ocean Protection Policies with Stricter Due Diligence Under #BackBlue Initiative

(IN BRIEF) Deutsche Bank is enhancing its ocean protection policies as part of its continued commitment to the #BackBlue initiative, which it joined in 2023. The new guidelines, set to take effect in Q4 2024, focus on developing financial solutions that support marine conservation and ensure stricter due diligence for ocean-related activities. Key updates include stricter regulations for maritime transport, expanded provisions for marine aquaculture, protection of sensitive marine habitats, and a temporary ban on financing deep-sea mining projects due to concerns over regulatory gaps and environmental impacts. These measures are aligned with international frameworks such as the United Nations Environment Programme’s Sustainable Blue Economy Finance Principles. Markus Müller, Chief Investment Officer ESG at Deutsche Bank, emphasized the connection between a healthy ocean and a healthy global economy, expressing the bank’s commitment to helping clients navigate the associated risks and opportunities as they work toward a sustainable blue economy.

(PRESS RELEASE) FRANKFURT, 26-Sep-2024 — /EuropaWire/ — In an effort to reinforce its commitment to ocean protection, Deutsche Bank has announced the strengthening of its due diligence policies under the #BackBlue initiative. Set to take effect in Q4 2024, the updated guidelines aim to further align the bank’s operations with international sustainability frameworks, including the UNEP FI’s Sustainable Blue Economy Finance Principles. Deutsche Bank, the first bank to join the #BackBlue initiative in 2023, is partnering with the Ocean Risk and Resilience Action Alliance (ORRAA) and the United Nations to develop financial solutions that support marine conservation.

Key updates to Deutsche Bank’s ocean protection policy include new guidelines on maritime transport and infrastructure that ensure compliance with United Nations conventions, stricter protections for sensitive marine areas and critical habitats, expanded due diligence requirements for marine aquaculture, and a temporary ban on financing deep-sea mining projects due to regulatory gaps and uncertain environmental impacts.

Markus Müller, Chief Investment Officer ESG at Deutsche Bank, emphasized the importance of these changes, stating: “A healthy global economy depends on a healthy ocean. Our understanding of this relationship has grown, increasing the urgency to conserve marine ecosystems. These new policies represent a crucial step in our ongoing effort to foster a sustainable blue economy while helping our clients navigate the associated risks and opportunities.”

More details on the updated policies can be found in Deutsche Bank’s Environmental and Social Policy Framework.

Media Contact:

Christopher Springer
Deutsche Bank AG
Media Relations
+49(69)910-48935
christopher-renz.springer@db.com

SOURCE: Deutsche Bank AG