The Asian Development Bank and the EIB join forces to protect the oceans and support the sustainable blue economy

The Asian Development Bank (ADB) and the European Investment Bank (EIB) signed an agreement for a new partnership to support clean and sustainable ocean initiatives 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 support high impact projects in countries where the needs are the greatest. 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 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.”