Left Menu
Development News Edition

World Banks's new global fund PROBLUE to support health, productive oceans

PROBLUE is part of the World Bank’s overall Blue Economy program, which takes a multi-pronged approach to ensure the protection and sustainable use of marine resources.

World Bank | Updated: 26-09-2018 10:10 IST | Created: 26-09-2018 10:09 IST
World Banks's new global fund PROBLUE to support health, productive oceans
PROBLUE, which was announced on the sidelines of the U.N. General Assembly, supports the implementation of the U.N.’s Sustainable Development Goal 14, which covers the sustainable use of oceans, seas, and marine resources. (Image Credit: Pixabay)

The World Bank Group announced on Wednesday the creation of PROBLUE, a new multi-donor trust fund that will support healthy and productive oceans by tackling marine pollution, managing fisheries and fostering the sustainable growth of coastal economies.

PROBLUE, which was announced on the sidelines of the U.N. General Assembly, supports the implementation of the U.N.'s Sustainable Development Goal 14, which covers the sustainable use of oceans, seas, and marine resources. By investing in the long-term wealth of oceans, PROBLUE is also fully aligned with the World Bank's mission to end extreme poverty and increase the income and welfare of the poor.

"Healthy oceans protect biodiversity, provide jobs, food, drive growth, and keep the planet cool. Our oceans are nearing a tipping point on many fronts, from over-fishing and marine pollution to coastal erosion. PROBLUE is designed to address these challenges and to develop and sustain our precious marine resources for generations to come," said Laura Tuck, World Bank Group Vice President, Sustainable Development.

PROBLUE is part of the World Bank's overall Blue Economy program, which takes a multi-pronged approach to ensure the protection and sustainable use of marine resources. The World Bank's active Blue Economy portfolio is around $3.7 billion, with a further $1.5 billion in the pipeline. Projects range from implementing large regional fisheries programs in Africa and the Pacific to tackling all sources of marine pollution and supporting coastal development around the world, with emphasis on addressing erosion and the other effects of climate change on marine and coastal resources.

PROBLUE focuses on four key themes: the management of fisheries and aquaculture; the threat posed to ocean health by marine pollution, including plastics; the sustainable development of key oceanic sectors such as tourism, maritime transport and offshore renewable energy; and building the capacity of governments to manage their marine and coastal resources in an integrated fashion to deliver more and long-lasting benefits to countries and communities.

About $75 million has been committed so far to the fund, with Norway providing the initial pledge of $15 million as part of a planned multi-year contribution to PROBLUE. Last week, Canada announced it would contribute $50 million to the fund and other donors include Germany, Sweden, Iceland, and the European Commission. Denmark and France are also expected to contribute to PROBLUE.


TRENDING

OPINION / BLOG / INTERVIEW

How UK’s 'best prepared' healthcare system failed to gauge COVID-19

The UK is proud of their public health system and its unlike any other country as around 90 percent of British public supports the founding principles of National Health Service. But without accurate data being available to stakeholders in ...

Poor on IHR capacity progress in 2019, WHO says Cambodia tops COVID-19 response

Despite being in proximity to Hubei, the original epicenter of COVID-19 pandemic, Cambodia has reported just 226 confirmed cases and zero deaths. After seeing the data, WHO appreciated Cambodias healthcare information system but experts dou...

Loopholes in Healthcare Information System may have failed Singapore COVID-19 model

In the initial days of the COVID-19 outbreak, Singapore was in the limelight for its effective healthcare system and pandemic response plan. However, Singapore has now joined the list of the worst-hit nations and the situation is even worse...

Australia's COVID-19 response: Digital infrastructure of help but implementation remains a challenge

Australias ongoing plans to upgrade its health information system helped by the Digital Health Strategy seem even more practical due to the pandemic. But as evident during the pandemic, administrative lapses and the complex matrix of power ...

Videos

Latest News

Reuters US Domestic News Summary

Following is a summary of current US domestic news briefs. Trump withdraws nomination of controversial figure to Pentagon postPresident Donald Trump has withdrawn the nomination of Anthony Tata, a retired Army brigadier general who has call...

Reuters World News Summary

Following is a summary of current world news briefs. Next big COVID-19 treatment may be manufactured antibodiesAs the world awaits a COVID-19 vaccine, the next big advance in battling the pandemic could come from a class of biotech therapie...

Reuters Sports News Summary

Following is a summary of current sports news briefs. Justin Thomas confident he can hold onto No. 1 this timeJustin Thomas got a taste of being the No. 1 ranked golf in the word when he was only 25 years old. That was in 2018, when he spen...

Capture of kingpin offers hope to battered Mexican state

The arrest of one of Mexicos most notorious crime lords has offered a glimmer of hope to businesses in a central state whose emergence as an industrial powerhouse has been clouded by the bloody gang wars he waged there. The capture on Sunda...

Give Feedback