ADB Supports New Green Businesses in Coral Triangle Communities
3 November 2011: The Asian Development Bank (ADB) will assist coastal communities in remote areas of the Coral Triangle of Indonesia and the Philippines in starting small, green businesses that will help preserve threatened marine environments in the area.
A $2 million grant from the Japan Fund for Poverty Reduction, administered by ADB, will help poor fishing households in Berau District in East Kalimantan, Indonesia, and Balabac in Palawan, the Philippines. The three-year project will help identify, establish and operate eco-friendly businesses that could potentially include seaweed culture, fish processing, boat transport services and livestock rearing.
Marilou Drilon, Natural Resources and Agriculture Economist, underlined that the livelihoods of families that depend on fishing are threatened by over-finishing and climate change. According to ADB, income losses from overfishing in coral zones in the Philippines are estimated at $1.2 billion over 20 years, and losses linked to climate change-induced coral bleaching across Southeast Asia are calculated at $38.3 billion. [ADB Press Release]