The Asian Development Bank (ADB) and the European Investment Bank (EIB) has formed a new clean and sustainable ocean partnership to support initiatives in Asia and the Pacific to help meet the SDGs and the climate goals of the Paris Agreement.
The partnership will strengthen the capacity of ADB and EIB to support high-impact projects, reports BSS citing an ADB press release.
Both institutions will finance activities aimed at promoting cleaner oceans through the reduction of land-based plastics and other pollutants discharged into the ocean, as well as projects to improve the sustainability of socioeconomic activities that take place in oceans or use ocean-based resources.
“Healthy oceans are critical to life across Asia and the Pacific, providing food security and climate resilience for hundreds of millions of people,” said ADB Vice-President for Knowledge Management and Sustainable Development Bambang Susantono.
“This Memorandum of Understanding between ADB and EIB will launch a framework for cooperation on clean and sustainable oceans, helping us to expand our pipeline of ocean projects in the region and widen their impacts.” added the ADB vice president.
“Oceans play a vital role in the world economy and they are also the largest carbon sink on the planet, helping to regulate the global climate. But, oceans are under enormous pressure, with implications for billions of people. The economic crisis caused by COVID-19 does not weaken our commitment to address global environmental and climate challenges,” said EIB Vice-President Christian Kettel Thomsen.
The partnership provides a framework for ADB and EIB to expand inter-institutional cooperation and investments in ocean health and sustainable blue economy.
The release said ADB and EIB will mutually benefit from organisational expertise in key investment areas as well as pool resources in emerging ocean issues and solutions and accelerate growth in the oceans project pipeline and development impact.
The partnership will support projects that reduce marine plastic pollution including integrated solid waste management projects, such as recycling; circular economy principles, such as designing out plastic waste; and promoting clean rivers and waterways, including through improved wastewater management and inclusive sanitation.
The partnership will also focus on sustainable fisheries management and sustainable seafood supply chains; sustainable management, protection, and restoration of marine and coastal ecosystems and resources; integrated coastal protection activities; disaster risk preparedness; and green shipping, green ports, and maritime infrastructure, with a focus on increasing safety and environmental performance.
In addition, ADB and EIB will develop joint technical assistance programs and advisory support to help partners get sustainable blue economy and clean oceans projects off the ground.
Healthy oceans are a key priority of ADB’s Strategy 2030. In 2019, ADB launched a $5 billion Action Plan for Healthy Oceans and Sustainable Blue Economies (the Action Plan) to boost investment and technical assistance to protect and restore oceans in Asia and the Pacific.
The Action Plan focuses on promoting action on ecosystem management, pollution control, and sustainable coastal and marine development, while supporting ADB’s developing members to catalyse blue finance for projects through the Oceans Financing Initiative.
Under its Blue Sustainable Ocean Strategy, the EIB committed to double its lending to sustainable ocean projects to €2.5 billion (around $3 billion) over the period 2019–2023 and expects to mobilise at least €5 billion of investments that will contribute to improve the health of the oceans and their resources.