World Bank announces trust fund to support healthy, productive ocean

On the sidelines of the 73rd session of the UN General Assembly (UNGA 73), the World Bank Group announced the creation of a multi-donor trust fund to tackle marine pollution, manage fisheries and facilitate the sustainable growth of coastal economies. The trust fund aims to support a healthy and productive ocean, in line with SDG 14.

The World Bank designed the trust fund named, ‘PROBLUE,’ to tackle challenges facing the ocean, including marine pollution, overfishing and coastal erosion. PROBLUE aims to address these challenges, promote a healthy ocean and sustainable blue economy and contribute to the World Bank’s twin goals of ending extreme poverty and increasing the income and welfare of the poor in a sustainable manner.

The initiative is part of the World Bank’s Blue Economy program, which works to ensure the protection and sustainable use of marine resources. Other active projects in the Blue Economy portfolio include activities to tackle marine pollution and implement large regional fisheries programs in Africa and the Pacific.

PROBLUE will focus on four key themes: fisheries and aquaculture management; marine pollution, including plastics and marine litter; sustainable development of ocean sectors, including tourism, offshore renewable energy and maritime transport; and government capacity to manage marine and coastal resources in an integrated way.

To date, donors have contributed approximately US$75 million to PROBLUE. Norway provided the initial pledge to the Fund, with US$15 million as part of a planned multi-year contribution. Canada announced it will contribute US$50 million to PROBLUE. Germany, Sweden, Iceland and the European Commission (EC) have also provided financial contributions. Denmark and France are anticipated to make contributions to the Fund.

Original source: SDG
Published on 2 October 2018