ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 69 members—49 from the region.
ORGANIZATION
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ADB supports projects in developing member countries that create economic and development impact, delivered through both public and private sector operations, advisory services, and knowledge support.
Environment
ADB promotes and invests in nature and environmental sustainability to achieve economic growth and reduce poverty in Asia and the Pacific.
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Blue SEA Finance Hub
Proactively Accelerating the Blue Economy in ASEAN
In support of ADB’s Action Plan for Healthy Oceans and Sustainable Blue Economies, and in line with ADB’s Oceans Financing Initiative, the Blue SEA (Southeast Asia) Finance Hub was established in November 2021.
The Hub is supported by the ADB-administered ASEAN Catalytic Green Finance Facility (ACGF) and based in ADB’s Indonesia Resident Mission in Jakarta. It aims to eventually support the entire Association of Southeast Asian Nations (ASEAN) region.
Identifying and structuring (financially) of ocean health projects for better bankability, optimal risk-sharing, and credit worthiness, to attract funding from all sources public and private
Enhancing capacities of central and local governments and state-owned enterprises on oceans, blue and Sustainable Development Goal (SDG) 14-related project frameworks, circular economy approaches, and innovative finance mechanisms and instruments
Supporting upscaling of small and medium-sized enterprises (SMEs) with relevant technologies or services contributing to ocean health
The Hub will help ASEAN countries develop and finance blue projects with a target of creating bankable projects worth $300 million by 2024 funded by ADB to catalyze a multiple of at least three times capital from other sources, including development financial institutions, philanthropies, and private, institutional and commercial (PIC) financiers.
Activity Pillars
The Hub activities will be based on these five pillars:
Action Plan for
HEALTHY OCEANS AND BLUE ECONOMIES
Commitment: $5 billion by 2024
ADB’s overall Action Plan for Healthy Oceans and Sustainable Blue Economies will expand financing solutions and technical assistance for ocean health protection and its biodiversity conservation and marine economy projects up to $5 billion from 2019 to 2024, with ADB financing and support of ADB’s partners.
It will focus on four areas:
Creating inclusive livelihoods and business opportunities in sustainable tourism and fisheries
Protecting and restoring coastal and marine ecosystems and key rivers
Reducing land-based sources of marine pollution, including plastics, wastewater, and agricultural runoff
Improving sustainability in port and coastal infrastructure development
Related links
- ADB Calls for Innovative Financing for Ocean Health Improvement
- Financing the Ocean Back to Health in Southeast Asia: Approaches for Mainstreaming Blue Finance
- Financing the Ocean Back to Health in Southeast Asia: Approaches to Mainstreaming Blue Finance - Ahmed Saeed
- Healthy Oceans and Sustainable Blue Economies