NewsEuropean, Asian banks join hands to protect oceans

European, Asian banks join hands to protect oceans

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Manila (The Philippines): Asian Development Bank (ADB) and European Investment Bank (EIB) on Friday formed a new clean and sustainable ocean partnership to support initiatives in Asia and the Pacific to help meet Sustainable Development Goals (SDGs) and climate goals of the Paris Agreement.

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 socio-economic 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.”

The partnership will support projects that reduce marine plastic pollution including integrated solid waste management projects like recycling, circular economy principles like designing out plastic waste, and promoting clean rivers and waterways including improved wastewater management and inclusive sanitation.

ADB said 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 five billion dollar action plan for healthy oceans and sustainable blue economies.

EIB is the long-term lending institution of the European Union and expects to mobilize at least five billion euros of investments that will contribute to improving the health of oceans and their resources — ANI

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