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.
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 Asian Development Bank (ADB) and the 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.
Ahead of the IMF/World Bank Group meetings, KfW Group on behalf of the German Federal Government, the EIB and the Agence Française de Developpement (AFD) launched the Clean Oceans Initiative to support the development and implementation of sustainable projects that will reduce pollution in the world’s oceans over the next five years. This partnership will provide EUR 2-billion long-term financing for projects aiming at reducing marine litter, especially plastics, as well as untreated wastewater discharge, with a view to crowding-in private sector investment.