The EIB will increase its technical assistance and advisory services to make clean and sustainable ocean projects more attractive for investors and scalable for economic development. The EU Bank will work with businesses, cities, governments and other partners to support key sectors, such as coastal protection, research, development and innovation for blue biotechnology, seafood supply chains and green shipping.
Today’s announcement builds on the strong commitment from the EU Bank to preserve the health of the oceans, for example by fighting plastic pollution in the oceans. In October 2018, the EIB launched with the KfW group and the Agence Française de Développement (AFD), the Clean Oceans Initiative which will provide EUR 2 billion for projects reducing marine litter, especially plastics and microplastics, as well as untreated wastewater discharge. In one year, the three partners achieved more than a third of the five-year target.
To promote a sustainable blue economy, the EU Bank pioneered the Sustainable Blue Economy Finance Principles, jointly with the European Commission, WWF and the World Resources Institute, to guide investors towards a sustainable use of the ocean resources. The principles have then been endorsed by the United Nations Environment Programme (UNEP).