ADB promotes and invests in nature and environmental sustainability to achieve economic growth and reduce poverty in Asia and the Pacific.
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.
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.
The Hub activities will be based on these five pillars:
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