On 30 September, Swiss investment bank Credit Suisse announced that it had partnered with Rockefeller Asset Management to launch an impact fund for ocean health. Currently, the fund had raised $212 million, which will go to financing ocean protection projects.
The $212 million of the Credit Suisse Rockefeller Ocean Engagement Fund will finance 30 to 50 projects tackling three main ocean-related issues: Pollution Prevention, Carbon Transition, and Ocean Conservation.
“Other than creating livelihoods for billions of people and being a source of natural beauty, the ocean serves as a tremendous asset to climate change mitigation, absorbing 93% of climate heat and sequestering 25% of global CO2 emissions,” the bank stressed.
Investing in the Blue Economy
For instance, the fund will help companies transition away from plastic pollution, finance initiatives mitigating sea-level rise and ocean acidification, as well as projects improving sustainable fishing practices.
“The ocean is amongst some of the least invested topics from the UN Sustainability Goals yet more than a third of institutional investors have expressed their interest in investing in the Blue Economy,” reminds Marisa Drew, Chief Sustainability Officer and Global Head of Sustainability Strategy Advisory and Finance at Credit Suisse.
Amongst the many challenges faced today by oceans is the extinction of coral reefs and the impact of global warming on marine ecosystems. In Monaco, The Prince Albert II of Monaco Foundation continues to be a leader in addressing ocean health: its efforts range from large-scale fundraising events to initiatives tackling Mediterranean plastic pollution.