EIB confirms commitment to support small island states and blue economy

At the United Nations Oceans Conference the European Investment Bank today confirmed support for investment around the world that strengthens conservation and enables more sustainable use of oceans and marine resources. This includes responding to the needs of Small Island Developing States to reduce vulnerability to a changing climate and supporting schemes that reduce pollution and contribute to development of a sustainable blue economy.

Addressing world leaders and representatives of civil society, business, academia and science at the United Nations Oceans Conference in New York, Jonathan Taylor, European Investment Bank Vice President responsible for climate action and the environment, highlighted specific examples of investment that would be supported by two voluntary commitments to the United Nations Ocean Conference.

“Healthy oceans are crucial for the future of our planet and Europe recognises the need to support development of the Blue Economy. The European Investment Bank is fully committed to supporting achievement of Sustainable Development Goal 14 in close cooperation with international and European partners. This includes helping to reduce the vulnerability of Small Island Developing States to a changing climate, supporting efforts to reduce marine pollution and encouraging innovation essential for a sustainable blue economy.” confirmed Jonathan Taylor, European Investment Bank Vice President.

Demonstrating clear support for implementation of Sustainable Development Goal 14 the European Investment Bank made two voluntary commitments to the United Nations Ocean Conference.

“To respond to the needs in particular of Small Island Developing States, to reduce their vulnerability to climate change and assist them in building a more resilient ocean economy, the EIB will - in cooperation with the European Union and peer institutions – leverage support for climate mitigation and adaptation projects, as well as projects that contribute to the protection of coastal ecosystems and the development of a sustainable blue economy.”

“The EIB will support projects that contribute to the protection of coastal ecosystems through the reduction of pollution to the marine environment and will continue, in partnership with the European Union and peer institutions, to encourage innovation, including through investment that contributes to the development of a sustainable blue economy.”

The European Investment Bank finances around EUR 2.5 billion of blue economy related investment each year in Europe, Africa, the Caribbean, Latin America, Asia and the Pacific.

In support of the Paris Agreement the EIB is committed to deliver around USD 100 billion of climate finance for projects worldwide in the five year period to 2020.