Deutsche Bank is 'first' to join ocean protection alliance

The international private banking arm of Germany's largest bank has become the first such organisation to join the Ocean Risk and Resilience Action Alliance (ORRAA), a multi-sector collaborative membership organisation that aims to drive investment into coastal natural capital.

Launched at the United Nations' Secretary General's Climate Action Summit in 2019, the ORRAA aims to drive $500m of investment into coastal and marine ecosystems by 2030.

It brings together governments, financial institutions, insurance companies and environmental organisations to protect the ocean and surrounding communities.

Deutsche Bank International Private Bank (IPB) will help the organisation invest in marine and coastal natural capital and build resilience within coastal regions most at risk to the effects of rising sea levels and extreme weather.

Karen Sack, Co-Chair of ORRAA said: "Together we can help build resilience in the most exposed and vulnerable communities around the world, protect and regenerate valuable natural assets, accelerate the pace of change in delivering the United Nations' Sustainable Development Goals and therefore reduce the environmental, economic and social impacts of climate and ocean change."

Deutsche Bank said it hoped the partnership would allow its existing client base to engage in new areas such as ocean resilience research, developed in collaboration with the ORRAA.

"Banks can be a positive force for social change and partnering with ORRAA is another significant milestone towards embedding sustainability at the heart of everything we do for our clients and society," said Claudio de Sanctis, head of the international private bank and CEO of EMEA at Deutsche Bank.

Deutsche Bank will join as a full member and as such will help to set the agenda, engage on research and policy and provide at least $50,000 a year in support.

Oceans are the planet's largest carbon sink, according to the ORRAA, and marine and coastal ecosystems offer cost-effective ways to mitigate climate risks while simultaneously encouraging social and economic benefits to millions living in coastal areas.

The ORRAA says there is a lack of understanding of the value of these ecosystems yet they are amongst the most threatened and under-invested on Earth.

Other full members include the Government of Canada and OceanUnite.