R20 Regions of Climate Action and Partnerships in Environmental Management for the Seas of East Asia (PEMSEA) announced a new partnership this week to facilitate the scale up of investments at the intersection of sustainable “blue economy” growth in coastal areas and the expansion of low-carbon and pollution control technologies in East Asia.
As an intergovernmental organization established between 11 country partners and 21 non-government organizations, PEMSEA promotes blue economy growth across the region through scaling up private sector investment in the sustainable development of coasts and oceans. PEMSEA has established a regional platform and services for facilitating investment in blue economy, which includes diverse sectors such as fisheries and aquaculture, ecotourism, coastal habitat, pollution control and low-carbon infrastructure.
R20’s mission is to support subnational governments in the creation and successful financing of renewable energy and sustainable infrastructure projects, including in coastal and ocean sectors. Its unique model helps governments to overcome obstacles in financing by collaborating with and connecting local government, technology and policy experts and public and private investors.
The partnership between R20 and PEMSEA provides a unique opportunity to identify quality green infrastructure projects through PEMSEA’s local government network, applying the needed technical, regulatory and financial expertise to prepare bankable investment projects supporting low-carbon infrastructure and technology in coastal areas.
Stephen Adrian Ross, Executive Director for PEMSEA, stated, “our country partners have made a clear commitment to driving sustainable blue economy growth, and low-carbon investments play a key role in these efforts. R20’s international experience, expertise and network can significantly strengthen local capacity in our region to develop low-carbon investment projects with measurable environmental, social and economic benefits, along with attractive financial returns for investors.”
Christophe Nuttall, Executive Director of R20, added “Coastal cities are among the most vulnerable regions threatened by climate change, low carbon infrastructure will greatly enhance the sustainability and boost the blue economy. PEMSEA’s experiences and expertise in the coastal regions in East Asia will provide hands-on experience for project proponents. A portfolio of bankable, low-carbon, blue economy projects will be generated through collaborating with PEMSEA’s regional technical support network.”