ADB unveils $6B ASEAN blue economy initiative

MANILA, Philippines — The Asian Development Bank (ADB) is committing up to $6 billion through 2030 to support Southeast Asia’s blue economy, with the program targeting industries and infrastructure tied to fisheries, aquaculture, coastal communities and maritime trade.

ADB President Masato Kanda announced the ASEAN Blue Economy Initiative during the 58th Association of Southeast Asian Nations (ASEAN) Economic Ministers’ Meeting in Metro Manila.

“The ocean is not just an environmental priority; it is the economic foundation of Southeast Asia,” Kanda said.

“When marine ecosystems degrade, the damage reaches the fishing net, the family table, and the flooded doorstep. We will put up to $6 billion behind the work of restoring fisheries, building resilient coastal infrastructure, and stopping waste before it reaches the water,” he said.

The initiative comes as Southeast Asia’s marine resources face increasing pressure from ecosystem degradation, plastic waste and fishing activity, threatening economic sectors that depend heavily on the region’s seas.

ADB said modeled estimates place potential damage from coastal flooding in Southeast Asia at about $11.5 billion a year.

The funding will be deployed under the ASEAN Blue Economy Initiative from 2026 to 2030 and will form part of the $30 billion ADB pledged in May to mobilize for ASEAN priorities by 2030.

“ASEAN has clear priorities and strong ambitions, but the challenge now is delivery, especially as the region faces a period of compounding crises, from geopolitical uncertainty to economic shocks,” Kanda said in May.

Southeast Asia accounts for about one-fifth of global fisheries and aquaculture production. Its coastal ports, logistics networks and tourism industry also support trade, employment and incomes across the region.

Rather than focusing only on marine projects, ADB said the initiative will also address the systems and investment conditions needed to support the region’s blue economy.

ADB identified three areas of support: strengthening policy, institutional and data foundations for investment; expanding financing for priority blue-economy sectors; and reducing marine pollution through circular economy measures and innovative financing that can attract private capital.

Priority investment areas include fisheries, aquaculture, coastal resilience and value chains linked to ports. The initiative will also support improvements in water and solid-waste management systems on land because much of the pollution reaching the region’s seas originates upstream.

ADB said the program is aligned with the ASEAN Blue Economy Framework and its Implementation Plan for 2026 to 2030.