L’Oréal Egypt, marked another milestone in its ongoing commitment towards empowering women’s journey by celebrating ...
$ 115 m grants to help countries curb pollution in coastal environments
International banks and United Nations agencies have joined hands for a new ‘source-to-sea’ initiative that will direct an estimated $ 115 million in grants to helping countries curb pollution in coastal environments and advance the environmental, social and economic well-being of large marine ecosystems.
The European Bank for Reconstruction and Development (EBRD), along with the Asian Development Bank (ADB), the Development Bank of Latin America (CAF), Food and Agriculture Organization of the United Nations (FAO), and the Intergovernmental Oceanographic Commission of UNESCO (IOC-UNESCO), has been tasked with co-leading the Global Environment Facility (GEF)’s Clean and Healthy Ocean Integrated Program.
This is the first time that the ADB, CAF, EBRD, FAO and IOC-UNESCO have teamed up under one program to deliver global environmental benefits, according to a press release by EBRD.
The Clean and Healthy Ocean Integrated Program aims to contribute to a sustainable blue economy by curbing coastal pollution at the source through policy and regulations, infrastructure investment and nature-based solutions. The initiative aims to improve sustainable practices on 200,000 hectares of land and 14.3 million hectares of marine habitat. It also aims to reduce pollution and improve management in more than three large marine ecosystems as well as mitigating 5.6 million metric tons of greenhouse gas emissions.
The ADB, CAF, EBRD and FAO are recipients of GEF grants. The GEF is dedicated to confronting biodiversity loss, climate change, pollution, and impacts on the health of land and oceans. Its grants, blended financing and policy support help developing economies address their biggest environmental priorities and adhere to international environmental conventions. Over the past three decades, the GEF has provided more than $ 22 billion and mobilized $ 120 billion in co-financing for more than 5,000 national and regional projects.