The Global Environment Facility today joined with the Asian Development Bank (ADB) and the Nordic Development Fund (NDF) at COP27 to announce grants of $16.5 million for the Blue Pacific Finance Hub, which aims to build ocean and coastal resilience in countries threatened by the impacts of climate change.
The GEF's Least Developed Countries Fund (LDCF) is providing $10 million and ADB $2.5 million, with NDF also providing a proposed commitment of $4 million.
NDF’s contribution will come through the new Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund co-created by ADB and NDF which supports blue economies in Asia and the Pacific, of which Blue Pacific Finance Hub is a window.
The Blue Pacific Finance Hub aims to raise $50 million in grant finance to leverage $500 million in ocean investments to build resilient blue economies in the Pacific.
“Oceans are a lifeline for ADB’s Pacific developing member countries,” said ADB Vice-President for East Asia, Southeast Asia, and the Pacific Ahmed M. Saeed. “We are grateful to our partners for their contributions and look forward to working with them closely to support the Pacific’s blue economies.”