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, said an ADB press release today.
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.
"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," said Bambang Susantono, ADB VP for Knowledge Management and Sustainable Development.
"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.
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.
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.