Asian Development Bank announces major investment vehicle to bridge the gap in sustainable finance for ocean health and economy.
The Asian Development Bank (ADB) has launched the the Blue SEA Finance Hub, a new financing programme to help Southeast Asian governments develop and access finance for bankable ocean health projects.
By supporting innovative structuring of blue projects, and by strengthening capacities of governments, the Blue SEA Finance Hub will help to scale up investment to at least $300m by 2024.
Billions of people in Asia and the Pacific, especially in poor and vulnerable communities, depend on healthy ocean ecosystems for livelihoods, food, good health, and enjoyment. Indeed, the ADB reports that if the world’s oceans were evaluated as a country, they would have the seventh largest economy on Earth.
However, climate change, pollution, unsustainable fishing, and rapid coastal development are threatening the productivity of the oceans. That means work needs to be done to raise large investments in improving oceanic health, which governments and donors cannot meet alone.