10 February 2022
As the international community gathered today at the One Ocean Summit in Brest, France, further ambitious steps were taken towards sustainable use of marine resources, with the Agence Française de Développement (AFD) announcing it has signed the UN’s Sustainable Blue Economy Finance Principles.
The Principles are the foremost global guiding framework for financial institutions to ensure ocean-related activity such as lending and investing is delivered with sustainability at its core. They promote the implementation of SDG 14 (Life Below Water), and set out international ocean-specific standards, allowing the financial industry take action to accelerate the sustainability of ocean-based sectors such as seafood, fishing, shipping, ports, marine renewable energy and coastal tourism.
“I am proud to have signed, on the occasion of the One Ocean summit in Brest, the principles for financing the sustainable blue economy,” said Rémy Rioux, CEO of the AFD Group. “The adoption of this analytical framework is further testimony to the resolute commitment of the AFD Group, including its subsidiary dedicated to the private sector Proparco , for the preservation of the oceans. This objective must be taken into account in all of our financing activities, in accordance with our requirement for the protection of biodiversity and the fight against climate change.”
AFD joins a global community of over 70 pioneering institutions, representing a collective total asset size of over USD 11trn, convened by the UN Environment Programme Finance Initiative (UNEP FI) and working together to use the power of finance to rebuild ocean prosperity, restore biodiversity and regenerate ocean health.
“We are pleased to welcome the Agence Française de Développement as a new signatory of the Sustainable Blue Economy Financing Principles, ” added Eric Usher, Head of UNEP FI. “These principles encourage the transition to sustainable use of ocean resources and the acceleration of alignment with United Nations Sustainable Development Goal 14 , ‘Life Below Water’. By observing their activities through this prism of sustainable blue finance, financial institutions are able to take practical steps to engage the sustainable transition of sea-related sectors, restoring a healthy ocean for future generations.”
Discover the latest guidance and recommended exclusions list published by the initiative for practical toolkits to bring a sustainable ocean lens across financial decision-making. Click here for more on ocean finance.