ADB unveils $6 billion initiative to strengthen healthier seas and coastal economies

The Asian Development Bank (ADB) announced on September 19, 2026, that it will mobilize up to $6 billion through 2030 to address escalating threats facing Southeast Asia’s oceans and to strengthen the blue economy that underpins the region’s food supply, jobs, and trade. The announcement was made in Manila, the Philippines, according to a press release. ADB President Masato Kanda revealed the plan at the 58th Association of Southeast Asian Nations (ASEAN) Economic Ministers’ Meeting held in Metro Manila. The gathering was chaired by Philippine Trade and Industry Secretary Cristina Roque. The commitment forms part of a broader $30 billion pledge issued in May to advance ASEAN’s priorities by 2030.

Southeast Asia accounts for roughly one-fifth of the world’s fisheries and aquaculture output, while its ports, coastal logistics, and tourism industries sustain trade, employment, and regional incomes. However, degradation of marine ecosystems, accumulation of plastic waste, and excessive pressure on fisheries resources are eroding this natural capital. Estimates indicate that coastal flooding causes approximately $11.5 billion in damages across the region each year. ADB has long served as ASEAN’s development finance partner and adviser. It is providing a comprehensive support package to help the Philippines, ASEAN chair in 2026, deliver results across the region.

The new ASEAN Blue Economy Initiative will run from 2026 to 2030 and supports the ASEAN Blue Economy Framework and its implementation plan for the same period. ADB will focus on three areas under the initiative. These include strengthening policies, institutional systems, and data foundations that underpin credible investment. It will also scale up investment in ASEAN’s priority blue economy sectors, including fisheries, aquaculture, coastal resilience, and port-related value chains. The third area targets reductions in marine pollution through innovative financing tools and circular economy solutions that attract private capital.

Because much marine pollution originates inland, the initiative will also address water management systems and solid waste management in upstream river basins. President Kanda emphasized the economic dimension of the effort during his remarks. “Oceans are not just an environmental priority. They are the economic foundation of Southeast Asia,” he said. He added that when marine ecosystems degrade, the impact reaches fisheries, dinner tables, and the livelihoods of flood-hit coastal communities. He confirmed ADB will provide up to $6 billion to restore fish stocks, build resilient coastal infrastructure, and stop waste before it reaches the sea.

ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners, it uses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard the planet. Founded in 1966, ADB is owned by 69 members, 50 of which are from the region. The bank continues to serve as ASEAN’s long-standing development finance partner and adviser. Through the initiative, ADB reinforces its commitment to healthier seas and stronger coastal economies across Southeast Asia.