The Asian Development Bank (ADB) and the European Investment Bank (EIB) signed an agreement for a new partnership to support clean and sustainable oceaninitiatives in the Asia-Pacific region, and ultimately to contribute to achieving the Sustainable Development Goals and the climate goals of the Paris Agreement.
ADB and EIB are already actively involved in clean, healthy, and sustainable ocean projects and programs. Their new cooperation will strengthen their capacity to jointly supporthigh impact projects in countries where the needs are the greatest.
Both institutions will financeactivities aimed at promoting cleaner oceans through the reduction of land-based plastics and other pollutants discharged into the ocean, as well as projects which will improve the sustainability of all socio-economic activities that take place in oceans, or that 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.”
EIB Vice-President Christian Kettel Thomsen said: “Oceans play a vital role in the world economy and they are also the largest carbon sink on the planet, helping to regulate the global climate. But oceans are under enormous pressure, with implications for billions of people. The economic crisis caused by the COVID-19 does notweaken our commitment to addressglobal environmental and climate challenges. As the EU climate bank, we are very proud to partner with ADB through this new Clean and Sustainable Ocean Partnership to further protect the oceans and preserve and promote the sustainable use of this precious natural resource.”
Oceans are under threats, with the health of many ocean ecosystems already in steep decline. They face an increasing pollution from plastics and micro plastics, a situation which is exacerbated even further by the improper disposal of protective equipment against the COVID-19 such as masks.
The World Wildlife Fund estimates that 10 million masks could end up in the seas each month.
In addition, the discharge of untreated wastewater and other micro pollutants, oil spills, overfishing, acidification, and warming are all having an increasing impact on the health of the oceans, threatening the livelihoods and well-being of the people dependent on them.
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.
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