Over 60 ADB staff and representatives from ASEAN, BIMP-EAGA, IMT-GT, and GMS attended the first ADB training on blue finance held on 9,11, and 13 November 2020. The online learning program aimed to support DMCs in developing bankable investment opportunities that support ocean health and the blue economy. The training,  led by ADB's Sustainable Development and Climate Change Department and Southeast Asia Department, in collaboration with the ASEAN Catalytic Green Finance Facility, and the BIMP-EAGA, IMT-GT, and GMS Capacity Building Program (B-I-G Program),  emphasized the importance of blue finance in growing the region’s sustainable coastal and marine economies. One-pager briefs on select innovative finance mechanisms were circulated to participants as part of a toolbox approach to fund projects with ocean health components.  

 

The “blue economy”—often synonymous and interchangeable with “sustainable ocean economy”—is an emerging concept that encourages better stewardship of invaluable ocean resources for food, livelihood, good health, and economic growth. ADB is a signatory to the Sustainable Blue Economy Finance Principles, which aim to further define and support the blue economy. ADB’s Healthy Oceans Action Plan aims to support developing member countries (DMCs) catalyze much needed finance for ocean health and blue economy projects.