No Go Areas For The International Banking Sector 06 - Protected and

PROTECTING BIODIVERSITY FROM HARMFUL FINANCING REPORT 06 – PROTECTED AND AT-RISK MARINE AND COASTLAND ECOSYSTEMS 2 About the Banks and Biodiversity Briefing Paper Series The Banks and Biodiversity Initiative advocates that banks and financiers strengthen their biodiversity policies and practices. [...] systems that encompass the terrestrial, fresh- In 2008, the ninth meeting of the Conference water, and marine components of the coast- of the Parties to the Convention on Biological land zone, including intertidal areas, estuaries, Diversity (COP 9) adopted the following sci- deltas, lagoons, saltmarshes, mangroves, coral entific criteria for identifying ecologically or reefs, and adjacent habitat. [...] It recognizes the wide range of cance, threats and vulnerabilities, and exist- habitats and environments within the coastland ing protection mechanisms, however, banks zone and emphasizes the significance of coast- and financiers are better situated in devel- land ecosystems in providing ecological services oping policies which eectively safeguard and resources. [...] The Arctic has warmed nearly four times faster than the rest of the world in the last In 2021, the discovery and extraction of vast four decades, according to a study published by LNG reserves on the Yamal peninsula in Sibe- scientists in the journal Nature27. [...] and other benefits to over two million people30, In February 2023, the Princess Empress oil with the strait being the backbone of the local tanker sank o the east coast of Mindoro island, economy, providing for tourism, fisheries, and adjacent to the passage, releasing 800,000 litres as a shipping route to international ports in the of industrial oil35 into the sea.