By Pesi Fonua

With a dire warning that, “If we do not act now, by 2050, 90% of the region’s coral reefs will be dead, and there will be no commercially exploitable wild fish stocks left,” the President of the Asian Development Bank, Mr Takehiko Nakao, launched an ‘Action Plan for Healthy Oceans and Sustainable Blue Economies for Asia and the Pacific’ yesterday, 3 May in Fiji.

Oceans are public goods and their protection requires collective action, Mr Nakao reminded hundreds of people from Asia and the Pacific Islands, attending the opening of the Asian Development Bank's 52^nd Annual General Meeting, held this year in the Pacific at Denarau island.

He said that the ADB is already playing a catalytic role in this area through regional programs such as the Coral Triangle Initiative.

The ADB will will expand financing and technical assistance for ocean health and marine economy projects to $5 billion from 2019 to 2024, including cofinancing from partners. It will focus on four areas: creating inclusive livelihoods and business opportunities in sustainable tourism and fisheries; protecting and restoring coastal and marine ecosystems and key rivers; reducing land-based sources of marine pollution, including plastics, wastewater, and agricultural runoff; and improving sustainability in port and coastal infrastructure development.

Mr Nakao was optimistic that the investment and technical assistance will help countries “reduce, reuse, and recycle plastic waste, and address other forms of marine pollution.”

He said that the ADB would support sustainable fisheries and measures to protect and restore key marine and river ecosystems, while stressing the importance for planet earth and the millions of people in Asia and the Pacific to have a healthy ocean.

“If we do not act now, by 2050, 90% of the region’s coral reefs will be dead, and there will be no commercially exploitable wild fish stocks left.”

Country offices

He said the ADB’s new lending and grant operations in 2018 grew to a record $21.6 billion compared to $13.9 billion in 2013, an increase of 55%.

The ADB's ongoing projects in the region amount to $3 billion, six times as much as in 2005. To support this expanding portfolio, the ADB is increasing its physical presence in the Pacific.

The ADB is establishing country offices in 11 Pacific developing member countries, in addition to its existing offices in Fiji, Papua New Guinea and Timor-Leste.

This year the number of Pacific island members countries in the ADB has increased to 15. The newest, and 68^th member of the ADB is Niue.

“…I am a firm believer in the multilateralism system, which includes multilateral development banks such as ADB.”

One wave

The theme for the ADB’s 52^nd Annual General Meeting “Prosperity Through Unity” - in Fijian Dua ga na ua - or one wave. It describes the way people move (work) together.

“This meeting is our opportunity to work together as one wave for the future of Asia and the Pacific.

He said that the ADB is preparing seven operational plans as well as action plans for private sector operations and knowledge management to advance implementation of its “Strategy 2030”.

Mr Nakao highlighted six areas, which will be the key to the success of Strategy 2030.

• “First, ADB’s priority will continue to be addressing remaining poverty and reducing inequalities. We will strengthen our support to the poorest and most vulnerable countries in the region including those in fragile and conflict-affected situations and many small island developing states.
• “Second is accelerating progress in gender equality. By 2030, we have committed to ensure that at least 75% of our operations by number will actively promote gender equality. The ADB is supporting a transformative gender agenda such as promoting women’s land title ownership, which is a basis for women’s economic empowerment.
• “Third is climate change. For ADB, 2018 was another strong year for climate investments, reaching almost $3.6 billion in approvals for climate change adaptation and mitigation. By 2030, at least 75% of ADB’s operations will support mitigation and adaptation efforts.
• “Fourth, ADB will continue to foster regional cooperation and integration.
• “Fifth, on private sector operations. New lending, equity investments, and guarantees to private companies were $3.1 billion in 2018, a 37% increase from the previous year. ADB will continue to expand our private sector operations. We will also broaden our business reach to support social sectors, namely, education and health, as well as agribusiness companies.
• “Sixth, ADB will continue to use concessional resources effectively to support poverty reduction, gender equality, climate actions, and disaster prevention and responses.

Tonga was represented at the ADB annual meeting by the Minister of Finance, Hon. Pohiva Tu‘i‘onetoa, with the CEO Ministry of Finance Pilimilose Balwyn Fa'otusia, and officials Lesieli Tufui Faletau and Elizabeth Baker.

Established in 1966, the Asian Development Bank is owned by 68 members—49 from the region.