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ADB, EIB join Hands to Protect Oceans by Supporting Blue Economy

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ADB, EIB join forces to protect oceans, support blue economyOn January 15, 2021, The Asian Development Bank (ADB) and the European Investment Bank (EIB) initiated a Clean and Sustainable Ocean Partnership to achieve Sustainable Development Goals (SDGs) and the climate goals as advised in the Paris Agreement. In this regard, both entities will support the initiatives in Asia and the Pacific.

  • This partnership will strengthen the capacity of both entities to support high-impact projects.
  • They will also develop joint technical assistance programs and advisory support to help their partners in achieving SDGs of blue economy.
  • Healthy oceans are a key priority of ADB’s Strategy 2030.

Key Points:

–Both lenders will finance projects aimed at promoting cleaner oceans through the reduction of land-based plastics and other pollutants discharged into the ocean.

–They will also finance projects relating to the improvement in the sustainability of socioeconomic activities that take place in oceans.

–There will be integrated solid waste management projects, such as recycling; and promotion of clean rivers and waterways through improved wastewater management and inclusive sanitation.

Other Focuses:

  • 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
  • Green shipping, green ports, and maritime infrastructure

ADB and EIB cooperation in joint selected areas viz:

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.

Additional Info:

–In 2019, ADB launched a $5 billion Action Plan for Healthy Oceans and Sustainable Blue Economies (the Action Plan) to boost investment and technical assistance to protect and restore oceans in Asia and the Pacific.

–EIBis  committed to double its lending to sustainable ocean projects to €2.5 billion (around $3 billion) over the period 2019–2023.

Recent Related News:

i.On December 1, 2020 The Asian Development Bank (ADB) approved a $430 million (about Rs 4,143 crore) Multitranche Financing Facility (MFF) for Uttar Pradesh(UP) Power Distribution Network Rehabilitation Project.

ii.On December 4, 2020 The Asian Development Bank (ADB) approved a $190 million(over Rs 1,400 crore) loan for the Bengaluru Smart Energy Efficient Power Distribution Project.

About Asian Development Bank (ADB):

Establishment– 1966
Headquarters– Mandaluyong, Manila, Philippines
President– Masatsugu Asakawa
Membership– 68 countries(Including India)

About European Investment Bank (EIB)
Secretary General– Marjut Falkstedt
Headquarter– Kirchberg, Luxembourg