Asia-centric banking group Standard Chartered has joined the Ocean Risk and Resilience Action Alliance (ORRAA) as its newest member, committing to enhance its support of the sustainable blue economy and help turn the tide on finance for the ocean.
ORRAA is a multi-sector collaboration connecting the international finance and insurance sectors, governments, non-profits, and stakeholders from the Global South to pioneer finance products that incentivise investment into coastal and ocean nature-based solutions, with a focus on protecting the regions and communities that need it most.
in a statement, Standard Chartered said it will bring to ORRAA experience in sustainable finance, with a keen focus on addressing climate change and biodiversity loss through its support of finance that drives climate adaptation and mitigation activity as well as conservation and restoration of biodiversity and ecosystems.
In line with addressing UN Sustainable Development Goal 14 (Life Below Water) – the SDG which has so far attracted the least investment, the new partnership illustrates ORRAA’s focus on driving increasing levels of investment into the Ocean.
With Standard Chartered now on board, ORRAA is poised to expand its impact, fostering innovative solutions that build resilience against ocean risks, promote the sustainable blue economy, and build resilience and encourage prosperity among communities on the front lines of climate change.
Karen Sack, Executive Director of ORRAA, said: “Standard Chartered’s membership in ORRAA is a testament to the growing realisation within the financial sector that the health of our ocean directly influences the health of our economies and that there is no time to lose in taking positive action.”
Standard Chartered has set out an ambition to provide US$300 billion in sustainable finance by 2030 and is committed to being net zero in its own operations by 2025 and in its financing by 2050.
In considering its sustainability approach, the bank said it acknowledges the powerful role that biodiversity can play in helping to address the challenges resulting from climate change, including the protection and restoration of biodiversity that has the potential to support socio-economic development for coastal communities.
Marisa Drew, Chief Sustainability Officer of Standard Chartered added: “Joining ORRAA is a natural extension of our commitment to promoting sustainable economic and social development in the markets where we operate. We recognise the critical role that the Ocean plays for the global economy as well as in addressing climate change and biodiversity loss, and we’re excited to marry our resources and expertise with ORRAA’s to help drive meaningful change.”