Deutsche Bank launches ocean resilience fund

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First philanthropic fund of a financial institution for marine protection, sustainable blue economy

Deutsche Bank announced the launch of the Deutsche Bank Ocean Resilience Philanthropy Fund, a new global philanthropic fund dedicated to ocean conservation and coastal resilience.

This is the first philanthropic fund of its kind set up by a financial institution, offering clients and other stakeholders the opportunity to support ocean conservation efforts through a dedicated framework to facilitate donations.

“We are committed to supporting ocean conservation and a sustainable blue economy,” said Claudio de Sanctis, global director of Deutsche Bank’s international private banking and CEO for Europe, Middle East and Africa. “We are delighted to give our customers and colleagues the opportunity to invest in a better, more sustainable future for one of the world’s most precious resources. “

The bank is a founding member of the Net-Zero Banking Alliance and the first bank to join the Ocean Risk and Resilience Action Alliance (ORRAA) as a full member. It is committing an initial amount of $ 300,000 to launch the fund and aims to raise up to $ 5 million from clients and other stakeholders over the next five years.

The first initiative to be supported by the fund will be the Future Climate Coral Bank, a research project in the Maldives led by the Maldives Coral Institute that aims to identify climate-resilient coral species and keep them in a living gene bank. . .

The Maldives, one of the most climate-vulnerable countries in the world, has suffered large-scale damage and destruction of their coral reefs over the past 20 years. The project will help the island nation monitor and repair its reefs, maintain its fishing and tourism industries, and protect itself from the growing threat of storm surges. Ultimately, this will help scientists heal and strengthen coral reefs around the world.

“By creating this philanthropic fund, we are directing much-needed capital towards the development of nature-based solutions to protect and enhance our marine ecosystems,” said Markus Müller, global head of Deutsche Bank’s chief investment office. “While coral bank development is first and foremost about building an archive of the most climate-resistant corals, it is, more importantly, designed to benefit future generations by providing knowledge to help other vulnerable coastal communities. . “

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