The EIB commits EUR 2.5 billion for the sustainable blue economy
- Oct 24, 2019
Today at the Our Ocean conference in Oslo, the EIB launched the Blue Sustainable Ocean Strategy (Blue SOS) to improve the health of oceans, build stronger and more resilient coastal environments and enhance the sustainability of ocean-related activities.
- The EIB Blue Sustainable Ocean Strategy runs from 2019-2023
- New support for coastal protection, blue biotechnology, seafood production and green shipping
- Technical assistance and advisory services for ocean related projects
Today at the Our Ocean conference in Oslo, the European Investment Bank (EIB) launched the Blue Sustainable Ocean Strategy (Blue SOS) to improve the health of oceans, build stronger and more resilient coastal environments and enhance the sustainability of ocean-related activities.
The EIB, as the EU Bank, commits to more than double its lending to sustainable ocean projects to EUR 2.5 billion over the next five years. This funding is expected to mobilise at least EUR 5 billion of investment for the sustainable blue economy.
Underpinning this new strategy is the new EIB Clean and Sustainable Ocean Programme, which is stepping up EIB’s lending, technical assistance and advisory services to clean and sustainable ocean projects.
Speaking at the Our Ocean conference, EIB Vice President in charge of Climate Action and Environment Emma Navarro said: “The latest IPCC special report sends the urgent message that ambitious action is needed to address the unprecedented threats facing our oceans and their resources. Climate change is causing rising sea levels, ocean warming and acidification, while pollution and overfishing are further stressing ocean ecosystems. Today we are launching the EIB Blue Sustainable Ocean Strategy to mobilise investments that will support the blue economy while preserving the health of the oceans and their biodiversity. This new initiative will have tangible positive impacts on the climate and is an important part of the EIB’s ambition to strengthen its role as the EU Climate bank”.