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Add to Preferred SourcesThe Asian Development Bank (ADB) and the European Investment Bank (EIB) formed a new Clean and Sustainable Ocean Partnership to support initiatives in Asia and the Pacific to help meet the Sustainable Development Goals (SDGs) and the climate goals of the Paris Agreement.
The partnership will strengthen the capacity of ADB and EIB to support high-impact projects. 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 provides a framework for ADB and EIB to expand inter-institutional cooperation and investments in ocean health and a sustainable blue economy. The following principles will guide the ADB and EIB cooperation in jointly selected areas, including: (i) alignment with the country partnership strategies of both ADB and EIB; (ii) support for the achievement of the SDGs and the Paris Agreement by countries in Asia and the Pacific; (iii) encouragement of stakeholder participation and mobilization of third-party finance; (iv) environmental and social sustainability; and (v) country ownership of investment policies and programs. ADB and EIB will mutually benefit from organizational 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.