The European Investment Bank (EIB) has launched its Blue Sustainable Ocean Strategy, pledging €2.5bn for building a sustainable blue economy.
The EIB announced the launch of the Blue Sustainable Ocean Strategy at the Our Ocean conference on marine governance in Oslo, Norway, this week; committing to increase the investment it delivers as the EU Bank in sustainable blue economy projects by more than 100%. The strategy, which is projected to mobilise at least €5bn in outside investment in sustainable ocean initiatives, is aimed at improving the overall health of the world’s oceans and shoring up the resilience of coastal environments and ecosystems.
The Blue Sustainable Ocean Strategy, which follows the successful first year of the Clean Oceans Initiative in which the EIB is an active participant, is to be underpinned by the bank’s new Clean and Sustainable Ocean Programme. The EIB will make advice and technical assistance available to sustainable blue economy projects hoping to apply for funding; as well as working in tandem with both the public and private sectors to target investment in key sectors, including research and innovation, coastal protection initiatives; and green shipping.
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.”