AXA, Willis Towers Watson hyperlink up with #BackBlue initiative

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“The magnitude and urgency of the challenges posed by marine risks require a transformative and global response,” said Ulrike Decoene, Group Chief Communication, Brand and Sustainability Officer at AXA. “The #BackBlue Ocean Finance Commitment enables the private sector, including the insurance and financial industries in general, to mobilize and mobilize resilience building actions that will bring long-term benefits to the ocean-related economy, local communities and biodiversity around the world Offer. ”

John Haley, WTW’s Chief Executive Officer, agreed, adding that his company “sees climate risk and marine risk together as a financial risk.”

“We are excited to use #BackBlue to drive financial institutions’ actions for a sustainable ocean and blue economy,” he said.

The international consulting and management company Palladium is also one of the first companies to sign up to the program. More companies are expected to add their signatures in the coming weeks.

“It is encouraging to have the first wave of #BackBlue Ocean Finance Commitment signatories and today we are calling on other financial institutions to sign up,” said Karen Sack, Executive Director and Co-Chair of ORRAA. “Although it focuses on the private sector, it is really in everyone’s long-term interest. The climate emergency is code red for the planet – to respond to it, we have to use #BackBlue. “

The #BackBlue Ocean Finance Commitment combines the following elements to ensure that a blue lens is used in sector decision making:

  • Establish solid net zero commitments by joining one of the UN finance initiatives “Race to Zero” and by accepting scientifically based goals to achieve net zero by 2050 at the latest according to your criteria
  • Driving change in financial systems policy by adopting ESG standards and disclosures for companies that are in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and adopting sustainable economic activity taxonomies that share common and clear criteria for classification Define projects and investments as sustainable
  • Investing in nature positive outcomes for the ocean, based on the UNEPFI Sustainable Blue Economy Finance Principles, which drives investments in coastal and marine nature that halt biodiversity loss and maintain and build the benefits of these ecosystems while maintaining and building livelihoods be improved
  • Accelerating the transition to a healthy and sustainable ocean through credit, investment and insurance practices that reduce marine risk and strengthen the resilience of climate-vulnerable coastal communities, and by supporting efforts to invest an initial $ 500 million in coastal nature by 2030 to scalable and investable finance and insurance projects and products
  • Join ORRAA to help address marine risk challenges through breakthrough and innovative financing products that focus on promoting investment in marine and coastal natural capital, reducing risk, building a sustainable ocean and regenerating its biodiversity

The initiative is also supported by the UN Race to Resilience, the World Economic Forum, the Friends of Ocean Action, the International Union for Conservation of Nature (IUCN) and the United Nations Environment Program Financial Initiative (UNEPFI).

“A healthy ocean plays a crucial role in regulating the global climate and mitigating the effects of the climate crisis,” said Jessica Smith, director of the conservation organization UNEPFI. “All areas of society – including private finances – must take ambitious steps to create a sustainable blue economy that fully values ​​natural capital.”

Last May, Great Britain became the second G7 country after Canada to become a full member of the ORRAA. All G7 countries are observers of ORRAA, as are India, Mexico, Norway and Fiji.

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