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ADB, EIB Join Forces to Protect Oceans, Support the Blue Economy

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The Asian Development Bank (ADB) and the European Investment Bank (EIB) today formed a new Clean and Sustainable Ocean Partnership to support initiatives in Asia and the Pacific to help meet the Sustainable Development Goals (SDGs) and the climate goals of the Paris Agreement.

The partnership will strengthen the capacity of ADB and EIB to support high-impact projects. Both institutions will finance activities aimed at promoting cleaner oceans through the reduction of land-based plastics and other pollutants discharged into the ocean, as well as projects to improve the sustainability of socioeconomic activities that take place in oceans or use ocean-based resources.

“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.”

“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 COVID-19 does not weaken our commitment to address global environmental and climate challenges,” said EIB Vice-President Christian Kettel Thomsen.As the European Union (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.”

The partnership provides a framework for ADB and EIB to expand inter-institutional cooperation and investments in ocean health and sustainable blue economy. The following principles will guide the ADB and EIB cooperation in jointly selected areas, including: (i) alignment with the country partnership strategies of both ADB and EIB; (ii) support for the achievement of the  SDGs and the  Paris Agreement by countries in Asia and the Pacific; (iii) encouragement of stakeholder participation and mobilization of third-party finance; (iv) environmental and social sustainability; and (v) country ownership of investment policies and programs. ADB and EIB will mutually benefit from organizational expertise in key investment areas as well as pool resources in emerging ocean issues and solutions and accelerate growth in the oceans project pipeline and development impact.

The partnership will support projects that reduce marine plastic pollution including integrated solid waste management projects, such as recycling; circular economy principles, such as designing out plastic waste; and promoting clean rivers and waterways, including through improved wastewater management and inclusive sanitation.

The partnership will also focus on sustainable fisheries management and sustainable seafood supply chains; sustainable management, protection, and restoration of marine and coastal ecosystems and resources; integrated coastal protection activities; disaster risk preparedness; and green shipping, green ports, and maritime infrastructure, with a focus on increasing safety and environmental performance.

In addition, ADB and EIB will develop joint technical assistance programs and advisory support to help partners get sustainable blue economy and clean oceans projects off the ground.

Healthy oceans are a key priority of ADB’s Strategy 2030. In 2019, ADB launched a $5 billion Action Plan for Healthy Oceans and Sustainable Blue Economies (the Action Plan) to boost investment and technical assistance to protect and restore oceans in Asia and the Pacific. The Action Plan focuses on promoting action on ecosystem management, pollution control, and sustainable coastal and marine development, while supporting ADB’s developing members to catalyze blue finance for projects through the Oceans Financing Initiative.

EIB is the long-term lending institution of the EU owned by its Member States. As the EU climate bank, the EIB is investing in the sustainable blue economy and supporting initiatives aiming at reducing pollution and preserving the oceans. Under its Blue Sustainable Ocean Strategy, the EIB committed to double its lending to sustainable ocean projects to €2.5 billion (around $3 billion) over the period 2019–2023 and expects to mobilize at least €5 billion of investments that will contribute to improve the health of the oceans and their resources.

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Innovative finance mechanism to support Uruguay’s energy transition

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A joint UN proposal in Uruguay, with the United Nations Industrial Development Organization (UNIDO) acting as lead agency, seconded by UNDP and UN Women, has been approved by the United Nations Joint Sustainable Development Goal (SDG) Fund. This was announced today as part of a Joint SDG Fund US$41m portfolio to catalyze strategic financing to accelerate the Sustainable Development Goals.

Uruguay is one of four countries, and the only one in Latin America, to be selected for funding. The UNIDO-led proposal for Uruguay, along with ones from Fiji, Indonesia and Malawi, was selected from 155 proposals from over 100 country applicants across the globe.

The programme will establish a Renewable Energy Innovation Fund (REIF) to support Uruguay´s second energy transition, with the objectives of decarbonizing the economy and boosting competitiveness. The REIF will combat climate change by helping transition Uruguay’s transportation and industry sectors to green energy and by providing affordable access to innovative clean technologies.

The Joint SDG Fund will provide a grant of US$10m, leveraging around US$70m of co-financing from regional development banks and private commercial banks. The REIF will support cleantech financing in energy storage, smart grid, green hydrogen, electro-mobility and waste management/treatment technologies. 

Manuel Albaladejo, UNIDO Representative and the UN team leader designing the Uruguay proposal, stated, “This programme sets a precedent on how UNIDO should approach development cooperation in middle-income countries. Besides UNIDO´s well-known technical expertise, understanding and deploying innovative financing mechanisms to leverage co-funding from development finance institutions and even commercial banks will be key to UNIDO´s work. Indeed, the UN reform and the multilateral funds such as GEF and GCF emphasize the need to shift to impact investments that tap into private sector financing.”

Mireia Villar Forner, United Nations Resident Coordinator in Uruguay, said, “Thanks to the support of the Joint SDG Fund, the UN team is better equipped to support the alignment of private investments to the SDGs through the establishment of a national ecosystem for impact investment. Without a doubt, it changes the way we work.”

Omar Paganini, Uruguay’s Minister of Industry, Energy and Mining, said, “On behalf of the Ministry, we are very enthusiastic about the support received from the SDG Fund, which will be a great contribution to promote Uruguay´s second energy transition. The REIF is an innovative instrument that powers and deepens the impact of our public policies. We believe it will boost Uruguay´s efforts to achieve the SDGs.”

The Joint Sustainable Development Goals (SDG) Fund is an innovative instrument to incentivize transformative policy shifts and stimulate the strategic investments required to get the world back on track to meet the SDGs. The UN Secretary-General sees the Joint SDG Fund as a key part of the reform of the UN’s development work by providing the “muscle” for a new generation of Resident Coordinators (RCs) and UN Country Teams (UNCTs) to really accelerate SDG implementation.

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Estonia provides good support to jobseekers, but does not reach everybody

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The Estonian labour market has outperformed most EU countries after the global financial crisis. The employment rate of people in working age stood at 73% in the third quarter of 2020, up from 61.3% in 2010 and above the OECD average of 66.7%. Estonia provides comprehensive and targeted support to jobseekers, workers and employers. The Public Employment Service provides effective policies addressing the individual needs of the clients and cooperates pro-actively with a wide range of stakeholders. However, many people still lack stable jobs and incomes and are not in touch with the Public Employment Service to get the support they need, according to a new OECD report.

Connecting people with jobs: Improving the provision of active labour market policies in Estonia says that despite good labour market outcomes, about one quarter (26%) of the working age population could achieve better labour market outcomes through targeted support. Many of them face challenges related to their skills (68%) and family-related challenges (64%), such as care obligations. In many cases, they face several obstacles simultaneously and require an integrated approach.

Estonia’s active labour market policies (ALMPs) are responsive to labour market needs. However, ALMPs reach only 39% of people who are weakly attached to the labour market, and only 33% of people who are out of employment for more than one year.

“Reinforcing outreach to vulnerable groups far from the labour market is crucial to ensure that more people in Estonia get the support they need,” said Stefano Scarpetta, OECD Director for Employment, Labour and Social Affairs.

Improved cooperation between the Public Employment Service and other relevant institutions providing social, health and education services would help reduce gaps in support to vulnerable groups. Notably, municipalities should be the “first respondents”, supporting vulnerable groups with social welfare services, and cooperating with other institutions when needed. 

Further improvements in the provision of ALMPs could be supported by a leaner regulatory framework. The current legal regulations support flexible and effective policy responses but are complex, which leads to administrative inefficiencies. A leaner regulatory framework would enable Estonia to support flexibility in policy design while maintaining the capacity to respond to labour market changes.

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UNIDO works to scale up the ICT start-up ecosystem in Iran

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photo: UNIDO

Together with its national counterparts from the Information Technology Organization of Iran’s Ministry of Information and Communication Technologies and in partnership with the Erasmus Centre for Entrepreneurship, the United Nations Industrial Development Organization (UNIDO) is taking the next step to implement the project, “Promoting and upscaling innovative SMEs in the Islamic Republic of Iran”.

The project aims to nurture the entrepreneurial ecosystem for ICT start-ups and scale-ups through international exposure and fostering technology and know-how exchange. In this context, a comprehensive dialogue between governmental institutions and leaders in the private sector has been launched, thereby providing a mechanism for Iranian startups to connect with institutional actors and successfully start scaling up.

An ICT ecosystem mapping exercise has revealed that Iran already possesses extensive scientific, technological, financial and highly qualified human capital to boost its SME sector. However, it is currently not living up to its potential and there is a need to provide a mechanism for establishing linkages with key stakeholders, including access to finance and relevant advisory support. This way the project builds competitiveness and supports the development of innovative enterprises.

Amir Nazemi, Deputy Minister at Iran’s Ministry of Communication and Information Technology, said, “Aiming to diversify its economy and attract foreign investment, Iran has made a considerable effort to develop a dynamic national innovation system and is moving steadily towards a knowledge- and innovation-based economy. As a result, our human capital is now comprises highly educated and motivated workforce, including scientists, entrepreneurs and business people. Knowledge-based entrepreneurship is a key tool in Iran for employment generation, providing new opportunities for labour market integration of young professionals and serving as a powerful impetus for knowledge-based development of the country’s economy as a whole.”

Based on the findings regarding the existing constraints and opportunities of the ICT sector, the UNIDO project team has proposed a roadmap that envisages short-, medium- and long-term interventions in both public and private sectors, addressing several problem areas, such as knowledge generation and transfer; access to finance; nurturing of entrepreneurial talent and skills, as well as stimulating interaction and collaboration within the ICT ecosystem.

“The level of engagement from prominent public and private sector representatives related to the ICT sector has demonstrated the importance such initiatives have in making the ecosystem for ICT startups more vibrant and sustainable,” said Maryam Javan Shahraki, UNIDO representative in Iran.

She added, “UNIDO looks forward to further extending our support to the government of Iran in its efforts to promote internationalization of ICT-related entrepreneurs through the virtual entrepreneurship hub that will become a major platform for knowledge exchange and support services for ICT startups, as well as facilitating partnerships with domestic and foreign partners and inter-institutional networking.”

As part of the public-private initiative, in cooperation with its national and international partners, UNIDO conducted a two-day workshop for major ICT sector stakeholders, including government entities, entrepreneurs and other key players, to present key findings of the initial phase of the project and the forthcoming action plan, while also providing an opportunity for a thorough exchange on how to reduce the existing  development gaps between science and industry thereby raising Iran’s profile as a knowledge-driven economy.

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