17 June 2021
Recognising the importance of a healthy ocean for achieving the UN Sustainable Development Goals, UNEP FI has developed a recommended exclusions list to help financial institutions to lead a sustainable blue recovery.
Based on the market-first practical guidance for financial institutions, Turning the Tide, UNEP FI’s recommended exclusions list for a sustainable blue economy provides financial institutions with an overview of activities to exclude from financing due to their damaging impact on the ocean and high risk. By examining various ocean-related activities, the document identifies unsustainable financial flows in the blue economy and covers five main sectors: seafood, ports, maritime transportation, marine renewable energy, and coastal and marine tourism.
The list has been developed to offer financial institutions an easy to use, at-a-glance overview of the activities to exclude from financing in order to rebuild ocean prosperity, regenerate ocean health and take part in a sustainable blue economy. It can be used as a tool and reference for assessing a company or financing activities, and for managing risks.
Verification is a critical step in assessing any financing activity, and indicators of critical actions or behaviour as well as ways to verify them are suggested in the document. These can be applied by financial institutions aiming to align their business practices and strategy with the Sustainable Development Goals, specifically goal 14: life below water.
Turning the Tide, from which the recommended exclusion list was developed, was written by UNEP FI in partnership with more than 50 leading financial and supporting institutions. Published in March 2021, it provides detailed guidance on sustainability in the blue economy for financial institutions. The full report can be downloaded here.
About the Sustainable Blue Economy Finance Initiative:
The UN-convened Sustainable Blue Economy Finance Initiative underpinned by the Sustainable Blue Economy Finance Principles helps financial institutions align their investment, underwriting and lending activities with the UN Sustainable Development Goal 14: life below water. It provides them with guidance and frameworks to ensure that each signatory takes part in rebuilding ocean prosperity and regenerating ocean health. Read more.