$5 Billion Healthy Oceans Action Plan Launched by ADB

Asian Development Bank (ADB) has launched a $5 billion Action Plan for Healthy Oceans and Sustainable Blue Economies for the Asia and Pacific region.

Details:

• This will support ADB's developing member countries' efforts for achieving the Sustainable Development Goals (SDGs), inclusive of the SDG 14: Life Below Water.
• Among the 10 rivers that transport 88% to 95% of plastics into the sea globally, 8 are in Asia and Pacific region.

More about the Action Plan:

• The Healthy Oceans Action Plan was launched at the 52nd Annual Meeting of ADB's Board of Governors, Fiji.
• Healthy Oceans Action Plan will expand financing and technical assistance for ocean health and marine economy projects to $5 billion from year 2019 to 2024.

The 4 areas that the Action Plan will focus on, are as follows:

1. Creating inclusive livelihoods and business opportunities in tourism and fisheries.
2. Conserving marine ecosystems and major rivers.
3. Decreasing land-based sources of oceanic pollution; including plastics, wastewater and agricultural runoff.
4. Improving sustainability in port and coastal infrastructure development.

• Under this policy, ADB will also launch the Oceans Financing Initiative (will be done by credit risk guarantees and capital market 'blue bonds') which will help in creating opportunities for the private sector to invest in projects for bettering marine health.
• The Oceans Financing Initiative will be handled in Southeast Asia in partnership with the ASEAN (Association of Southeast Asian Nations) Infrastructure Fund and the Republic of Korea.

Question:

Q. Which financial institution has launched a $5 billion Action Plan for Healthy Oceans and Sustainable Blue Economies for the Asia and Pacific region?
a. Asian Development Bank (ADB)
b. Bank of Japan (BoJ)
c. Pacific Development Bank (PDB)
d. Pan Asia Bank (PAB)