European Investment Bank and Asian Development Bank enter into cooperation to protect Ocean sustainability

The Asian Development Bank (ADB) and the European Investment Bank (EIB)  will cooperate  to protect the oceans and support the sustainable blue economy. On January 15, 2021,EIB and the ADB 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. 

“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.” 

EIB Vice-President Christian Kettel Thomsen said: “Oceans play a vital role in the world economy and they are also the largest carbon sink on the planet, helping to regulate the global climate. But oceans are under enormous pressure, with implications for billions of people. The economic crisis caused by the COVID-19 does not weaken our commitment to address global environmental and climate challenges. As the EU climate bank, we are very proud to partner with ADB through this new Clean and Sustainable Ocean Partnership to further protect the oceans and preserve and promote the sustainable use of this precious natural resource.” 

Photo Credit : https://en.wikipedia.org/wiki/Ocean#/media/File:Clouds_over_the_Atlantic_Ocean.jpg