A new paper on “Microplastics and Micropollutants in Water” was released by the European Investment Bank (EIB), the lending arm of the European Union, during the Our Ocean Conference in Panama.
The paper describes the harmful effects these compounds have on both human and animal life, as well as current policy changes to address the issue.
It underlines what the EIB is doing to help minimize the release of microplastics and micropollutants in water and highlights the costs and benefits of investments required to offset these consequences.
Ricardo Mourinho Félix, the EIB Vice-President in charge of the blue economy, took part in a panel discussion on marine pollution and spoke about how government initiatives and scientific advancement can combat ocean pollution.
Speaking at the conference, EIB Vice-President Ricardo Mourinho Félix said: “Discussions today at Our Ocean conference and the new report published by the EIB highlight the threats posed to human and animal life by microplastics and other pollutants in our soils, rivers, lakes and oceans. The EIB, as the EU’s Climate Bank, recognises the need for investment to support a truly global blue economy. Through our Blue Sustainable Ocean Strategy, the Clean Oceans Initiative, and the Blue Mediterranean Partnership we aim to reduce pollution in water and preserve the oceans, together with our partners.”
The majority of microplastics, according to the paper, end up in water bodies, directly endangering aquatic species that ingests the particles and having an indirect impact on organisms that eat aquatic life.
To lessen the pollution caused by microplastics, the research suggests continuing to invest in new and expanded wastewater treatment facilities and stormwater management systems.
The investment cost to establish quaternary treatment is estimated at €2.6 billion per year in the EU
The research emphasizes the need to spend money on further treatment known as “quaternary treatment” in order to eliminate micropollutants, which are nearly invisible substances derived from industrial chemicals, medications, cosmetic goods, pesticides, and hormones.
In the EU, the annual investment cost to create quaternary treatment is projected at €2.6 billion.
The report’s conclusion stresses the importance of including the public sector in regulating microplastics and micropollutants and providing sustainable financing, some of which may come from the EIB.
With its partners, the EIB created the Clean Oceans Initiative to aid in the global reduction of macroplastic and microplastic contamination.
The initiative has invested €2.6 billion in initiatives that will help more than 20 million people who live in Africa, Asia, Latin America, and Europe, reaching 65% of its €4 billion funding goal.
The Blue Mediterranean Partnership was also announced by the EIB as a fresh commitment to Our Ocean. For projects initially in Egypt, Jordan, and Morocco, the alliance aims to support policy reforms, entice foreign funds, and organize public and private investment.
Source:European Investment Bank
