ADB, EIB to finance ‘blue economy’ investments

MANILA, Philippines — The Asian Development Bank (ADB) has formed a partnership with the European Investment Bank (EIB) to finance ocean economy investments in Asia and the Pacific.

Under the Clean and Sustainable Ocean Partnership, the two multilateral institutions will fund activities aimed at promoting cleaner oceans through the reduction of plastics and other pollutants, as well as those that improve the sustainability of 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 provides a framework for ADB and EIB to expand inter-institutional cooperation and investments in ocean health and sustainable “blue economy.”

It covers the alignment of country partnership strategies; support for the achievement of the  Sustainable Development Goals and the Paris climate agreement; encouragement of stakeholder participation and mobilization of third-party finance; environmental and social sustainability; and country ownership of investment policies and programs.

Some of the ocean economy initiatives that will be supported under the partnership are sustainable fisheries management and sustainable seafood supply chains as well as the establishment of green shipping industries, and building of green ports.

ADB and EIB will develop joint technical assistance programs and advisory support to help partners get sustainable blue economy and clean ocean projects off the ground.

Ocean health is a key priority of ADB’s Strategy 2030. In 2019, the bank launched a $5-billion Action Plan for Healthy Oceans and Sustainable Blue Economies to boost investment and technical assistance to protect and restore oceans in Asia and the Pacific.

The action plan focuses on ecosystem management, pollution control, and sustainable coastal and marine development, while supporting ADB’s developing members to catalyze blue finance for projects through the Oceans Financing Initiative.

EIB is the long-term lending institution of the EU owned by its member states. As the EU climate bank, the EIB is investing in the sustainable blue economy and ocean health preservation.

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 mobilize at least €5 billion of investments that will contribute to improve the health of the oceans and their resources.