Standard Chartered Bank is ramping up efforts to channel capital into ocean-based climate solutions, positioning itself at the forefront of a growing global push to protect marine biodiversity and support the economic resilience of coastal communities—particularly in Africa and other emerging markets.
The multinational lender, which operates in over 20 African countries, announced the strategy in alignment with the United Nations Ocean Conference and Sustainable Development Goal 14 (Life Below Water), noting that ocean health is vital to both environmental sustainability and inclusive economic growth.
“The ocean is not just a vast expanse of water. It’s vital for climate mitigation, biodiversity, and a source of livelihoods across our markets in Asia, Africa and the Middle East,” said Marisa Drew, Standard Chartered’s Chief Sustainability Officer in a public statement on social media.
The bank’s new approach, dubbed “blue finance,” aims to drive investment into marine conservation, sustainable fisheries, coastal resilience, and emerging ocean-based sectors. The move reflects mounting awareness that oceans, home to 80% of global biodiversity, are in sharp ecological decline due to overfishing, pollution, and climate change.
Standard Chartered took a major step by acting as sole lender and manager in a US$124 million debt conversion deal with The Bahamas. The transaction will direct funds over 15 years to support marine conservation, including the management of 6.8 million hectares of Marine Protected Areas and the development of national policies for mangroves and marine spatial planning.
A long-term endowment, expected to reach US$20 million by 2039, is part of the deal’s design to ensure continuity in conservation financing. Blue debt swaps, like those used in Seychelles and Belize, are attracting interest across Africa, where many coastal economies face rising sea levels, coral reef degradation, and dwindling fish stocks. Similar models are now being explored by Kenya, Ghana, Mozambique, and other nations with significant marine assets.
Beyond project finance, Standard Chartered is integrating ocean-related risks and opportunities into its core decision-making. The bank is a founding signatory of the Back Blue Ocean Finance Commitment, alongside other financial institutions managing a collective US$2.7 trillion in assets. This coalition aims to embed sustainable ocean principles into investment and insurance policies.
It is also an active member of the Ocean Risk and Resilience Action Alliance (ORRAA), which is targeting US$500 million in nature-based coastal solutions and aims to strengthen the climate resilience of 250 million coastal people globally by 2030.
With the blue economy estimated to contribute over US$1.5 trillion annually to the global economy, but still vastly underfunded, Standard Chartered’s interventions are being closely watched. Marine finance currently represents less than 1% of climate-related investment worldwide, according to the UN Environment Programme.
Africa’s potential in the blue economy remains largely untapped. The continent’s combined Exclusive Economic Zones (EEZs) are larger than its landmass, and over 70% of African capital cities are located along the coast. Yet destructive fishing practices, mangrove loss, and plastic pollution persist. One marine economist commended Standard Chartered’s move as one that signals for recognition that oceans are economic infrastructure. He added that it isn’t charity but strategic investment.
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The bank’s approach includes support for sustainable aquaculture, low-carbon shipping, and marine technology start-ups. Through partnerships with organisations like The Earthshot Prize and the Ocean Impact Navigator, it helps identify investment-ready projects while influencing sector-wide finance guidelines.
Standard Chartered’s broader sustainable finance strategy includes a US$300 billion target by 2030, with a commitment to achieve net-zero operations by 2025 and reduce its financed emissions to net zero by 2050.
These pledges aim to position the bank as a private sector leader in addressing both the climate and biodiversity crises. Group CEO Bill Winters emphasised the long-term market relevance of this pivot.
“Whether through blue bonds or blended finance structures, by investing in the health of our ocean, we invest in the long-term stability of global markets, supply chains, and communities,” Winters said in a public statement. The private sector’s role in marine conservation is expanding as governments face widening budget shortfalls. The UN Ocean Conference has repeatedly called on financial institutions to redirect capital flows to protect marine life and reduce risks to coastal economies.
Plastic waste, ocean warming, and illegal fishing are not just environmental issues—they are economic threats. According to recent estimates, declining marine ecosystems could cost the global economy up to US$428 billion per year by 2050, if no corrective action is taken. By aligning with global blue economy frameworks, Standard Chartered is not only responding to regulatory and reputational pressures but also laying the groundwork for long-term value creation in developing markets.
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