The EIB shares circular solutions to preserve the oceans in its new Ocean Plastics Reduction Guide
8 June 2021
On the 2021 World Ocean Day, the European Investment Bank (EIB) is pleased to present its new Ocean plastics reduction guide. Through this guide, the EIB aims to raise awareness about the oceans’ crucial importance to people and to the planet, and the growing threats posed by plastics discharged into and accumulating in the oceans.
The guide outlines the key problems and challenges and how these can be addressed and promotes circular solutions to the ocean plastic pollution.
The Ocean plastics reduction guide intends to inspire policymakers, planners, project promoters and other stakeholders to engage in addressing the ocean plastics problem and catalyse impactful action and change.
While the guide concentrates on oceans, the problems highlighted and proposed solutions are equally important for the seas and for larger lakes and rivers.
After presenting the key regulatory, institutional, technical and financing challenges and barriers to addressing the ocean plastics problem, the guide discusses ways to reduce and prevent plastic discharge by addressing these challenges and barriers.
Given the importance of financing, the guide identifies numerous sources of financing for projects that will contribute to reducing and preventing plastic pollution, and to improving solid waste, wastewater and storm water management.
As the EU climate bank, the EIB is indeed investing in the sustainable blue economy and supporting initiatives aimed at reducing pollution and preserving the oceans.
Within the Clean Oceans Initiative, the EIB, together with the Agence Française de Développement (AFD) and KfW, the German promotional bank, committed to finance €2 billion in public and private sector projects by 2023 to fight plastic waste in rivers, seas and on land. They were joined by Cassa Depositi e Prestiti (CDP), the Italian National Promotional Institution and Financial Institution for Development Cooperation, and ICO, the Spanish Promotional Bank, as new members of the initiative.
Under its Blue Sustainable Ocean Strategy (Blue SOS), the EIB committed to double its lending to sustainable ocean projects to €2.5 billion over the period 2019-2023 and expects to mobilise at least €5 billion of investments that will contribute to improve the health of the oceans and their resources. This will be done through projects in sustainable coastal protection, blue biotechnology, sustainable seafood production and green shipping.
The EIB is also teaming up with the Asian Development Bank to promote clean and sustainable oceans in in Asia and Pacific under the Clean and Sustainable Ocean Partnership.
In Europe, the EIB is joining forces with the European Commission to enhance a sustainable blue economy, reduce pollution of oceans and seas, with particular focus on circular economy approaches, and to provide joint solutions for equity and guarantee funding for blue innovation and blue bioeconomy in the EU.
By 2050, the European Union is meant to achieve climate neutrality, or net zero greenhouse gas emissions. Clean hydrogen can be a key factor in reducing emissions in the transport sector and in industry, becoming a green energy source for these difficult areas of the economy. According to forecasts, hydrogen technologies will be viable within 5 to 10 years. An advisory agreement signed between the European Investment Bank (EIB) and the Polish Cluster of Hydrogen Technologies will support the roll-out of clean hydrogen technologies in the country.
The heaviest rainfall in a hundred years has caused devastating floods in Luxembourg, our host country, Germany, Belgium and the Netherlands. The number of casualties is still uncertain but it is clear that many dozens of people have died, many more are missing, and that tens of thousands of people have had their homes and businesses destroyed. At the EIB, our thoughts go to the victims of this catastrophe.