New Ocean plastics reduction guide revealed

New Ocean plastics reduction guide revealed

Circulair economy

Luxembourg European Investment Bank (EIB) has presented its new Ocean plastics reduction guide.

The EIB hopes to promote awareness of the oceans’ critical importance to people and the planet, as well as the mounting hazards posed by plastics discharged into and accumulating in the oceans, through this guide. The handbook highlights the key issues and challenges, as well as how to overcome them, and supports cyclical solutions to ocean plastic pollution.

Plastics reduction in oceans, lakes and rivers

The Ocean Plastics Reduction Guide aims to motivate policymakers, planners, project promoters, and other stakeholders to address the ocean plastics problem and catalyze meaningful action and change. While the handbook focuses on oceans, the issues raised and offered solutions are relevant to both seas and bigger 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.

Financing

Given the importance of funding, the book identifies several sources of funding for initiatives aimed at minimizing and eliminating plastic pollution, as well as improving solid waste, wastewater, and storm water management. The EIB, as the EU’s climate bank, is investing in the sustainable blue economy and supporting initiatives aimed at decreasing pollution and safeguarding 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 doubling its loan to sustainable ocean projects to €2.5 billion between 2019 and 2023, with the goal of mobilizing at least €5 billion in investments to improve the health of the oceans and their resources. This will be accomplished by projects in coastal preservation, blue biotechnology, sustainable seafood production, and green shipping.

Expanding to Asia Pacific

As part of the joint project, the European Investment Bank (EIB) is working alongside the Asian Development Bank (ADB) to improve the health of the Asian and Pacific oceans, with a focus on clean and sustainable development.

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.

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