Overview
Greenbackers Investment Capital’s support for the The Sustainable Blue Economy Finance Principles (“the Principles”) remains strong. As an organisation that is growing ourselves, we are delighted with to see the ongoing growth of the community supporting the Principles, which is seeing excellent progress in their adoption. Likewise, we are delighted to see our own, ongoing growth coincide with the UN’s progress towards expanding the adoption of the Principles worldwide. At the last count there were 87 member organisations with some USD 11.1trn total assets (July 2023).
We are seeing the impact of our membership and use of the Principles in our day to day work. This will only increase as awareness around the Principles increases. In that respect, we are eagerly anticipating the launch of the Blue Bond Guidance – anticipated in late summer 2023. There is no doubt that innovation is not only needed in technology; financial instruments also need to evolve. It is essential that this evolution happens in a sustainable way and the involvement of the United Nations Environment Program Finance Initiative (UNEPFI) in producing this guidance to the appropriate evolution and use of Blue Bonds is a key step in ensuring this exciting area emerges in the right way.
Greenbackers is taking its own set of solutions to the issues around the adoption, entry into markets, funding and investment support of early-stage clean, climate technology to a growing audience of funds and go to market partners in the blue economy supply chain. This is essential as we seek to catalyse the investment needed to build a more sustainable society.
Not only do we continue to expand our work connecting disruptive technology providers to our network of climate focused investors, our range of services for the large corporates has evolved. We are now retained to help them connect with the right technology that they need to help them achieve rapid step changes in decarbonising their business – and thus help continue the fight against climate change.
Greenbackers is Backing the Planet – One Deal at a Time
Current implementation of the Principles
Greenbackers Investment Capital’s partners Robert Hokin (UK), Mark Hannigan (US) and Andrew Smith (UK) are all involved in ensuring the sustainability of the Blue Economy. Greenbackers are among the first signatories to the Principles, and are active members of Ocean Energy Europe, the World Ocean Council, the Society of Underwater Technologies, Scottish Renewables and the National Hydro Association in the US. Andrew Smith is also on the Board of the UK Marine Energy Council, a contributing member of the FTech2Zero working Group, part of the expert panel advising the EU on the Innovation Fund, an assessor for the Solar Impulse Foundation’s 1000 Solutions program and a Global Scot.
In the past twelve months, Greenbackers has continued its work in the implementation of the Principles. This is exemplified by specific, personal invitations to be involved in the launch of key, EU, marine initiatives and Greenbackers’ participation ensures that the financial, funding and investment aspects were always represented and the Principles embedded within these initiatives.
Two of the most important initiatives were launched just a few weeks apart.
Andrew’s participation in Enabling the Energy Transition: Skills & Finance for Innovation Panel, came following his invitation to speak at the Launch Event of the European Blue Forum in Brest, France.
The Launch Event gathered policymakers, industry leaders, scientists, and environmentalists to enable discourse surrounding the current state of our Sustainable Blue Economy and the challenges faced.
The panels involved highly engaging discussions that evoked promising food for thought on future blue forum initiatives and the steps needed to make them possible. The Launch Event is only the beginning of the European Blue Forum’s activities.
The event’s final briefing paper sets out the road ahead: final-briefing-paper-en.pdf (europa.eu) and Greenbackers will continue to be involved and ensure the Principles remain at the heart of these initiatives.
2. Energy Transition in EU Fisheries and Aquaculture
The second was the high-level conference Joining Forces for the Energy Transition in EU Fisheries and Aquaculture. The event in Brussels launched the process of establishing the new Energy Transition Partnership for the fisheries and aquaculture sector. This saw the start of a new, comprehensive approach towards stakeholder cooperation needed to accelerate the energy transition in these sectors and help them become climate-neutral by 2050.
The Conference consisted of panel discussions and pitches led by speakers from the fisheries and aquaculture sectors, European institutions, research and financial institutes on the topics of stakeholder cooperation, finance, technology, innovation, skills and more. It also enabled important networking opportunities to help spur future activity and engagement between these key parties.
Additionally, in our work with the UK Marine Energy Council, we are helping introduce a new insurance product to the financial sector that will help carry and defray risk for early stage clean, ocean energy businesses, which will help to deliver decarbonising projects and grow the blue economy. There is no doubt that our involvement with the Principles is of great assistance, as we pursue this challenging, but vital, work. This work builds on early-stage scoping supported by the EU.
Robert Hokin, Greenbackers Managing Partner, comments:
“The science is clear: the oceans are heating up and human activity is the cause of it. As financiers we have a duty of care to do everything that we possibly can to finance solutions to fix the crisis that we have collectively created, ensuring a viable, liveable future for all species. There is hope for the seas, but things will only get better if we work together. Greenbackers are committed to working with our fellow signatories of The Sustainable Blue Economy Finance Program to support investments, activities and projects which underpin sustainable development and ocean health.”
Conclusion
We continue to feature the Principles in all that we do; attendance at conferences, the launch of EU initiatives, podcasts – Scope 3 Emissions Tracking, Blockchain & Bitcoin & the Follically Challenged! – Greenbackers, and, crucially, every day in the provision of our services here at Greenbackers Investment Capital.
