During the “Finance in Common Summit” held in Cartagena, Colombia, several public development banks committed to working together on a “Blue Finance Roadmap” to take rapid action on ocean protection and sustainable use.

Titled “A Call to Deliver Positive Actions for the Ocean”, the cooperation was launched by the French Development Agency (AFD), the Asian Development Bank (ADB), CAF – Development Bank of Latin America and the Caribbean, the Bank Reconstruction and Development Bank (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank (IDB), the KfW Development Bank of Germany and the West African Development Bank (BDAO). The initiative will contribute to improving coordination among public development banks to align their interventions.

The Blue Finance Roadmap will bring together knowledge and experience from all ocean investments made by participating organizations, ensure accountability and identify remaining financing gaps and realistic funding opportunities. In addition, public banks must adhere to the “do no harm” principle, aligning with the guidelines from the UN Sustainable Blue Economy Finance Initiative and not compromising the ecosystem services of blue natural capital.