World Bank Announces New Global Fund for Healthy OceansExternal

News Overview

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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 our 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 ensuring 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.