IFC Supports SeABank to Issue Vietnam’s First Blue Bond, Boost Climate Finance. (Image source: SeABank)

IFC is providing a financing package of US$150mn to Southeast Asia Commercial Joint Stock Bank (SeABank) to catalyse a viable blue finance market, foster green bonds and support smaller businesses in Vietnam

As part of that, IFC's $25 million subscription in blue bonds will allow SeABank to expand its funding for sustainable economic activities associated with ocean and water. These include aquaculture and fisheries, water supply, etc. IFC's US$50mn subscription in green bonds will help the bank increase financing for green assets. 

As the implementing entity of the UK's Market Accelerator for Green Construction (MAGC) Programme, IFC will provide a performance-based incentive of up to US$0.48mn targeting retail borrowers to help offset the incremental greening costs associated with green housing units purchase. 

Moreover, IFC's US$75mn loan to SeABank is aimed at promoting financial inclusion through boosting financing for SMEs, including women-owned businesses. Alongside the investment, IFC will advise SeABank on adopting green and blue bond frameworks, while helping SeABank identify eligible green and blue assets and develop a pipeline.

"Vietnam's green transition relies heavily on private capital, and the launch of innovative financing instruments such as blue and green bonds offers a new source of funding for climate-related projects," said Thomas Jacobs, IFC country manager for Vietnam, Cambodia, and Lao PDR. "With investment in a leading player, IFC is establishing new asset classes while mobilizing capital and strengthening the capacity of local financial institutions to drive increased climate finance in Vietnam."

The certification marks the first ASC Feed Standard awarded in Asia.

Thai Union has become the latest feed company to achieve ASC Feed Standard certification for its Mahachai Plant in Thailand, marking the first time this certification has been awarded in Asia

Shrikumar Suryanarayan, chairman, and Nelson Vadassery, CEO of Sea6 Energy demonstrate operations of the company’s large-scale mechanised seaweed farm. (Image source: Sea6 Energy)

Sea6 Energy, a technology pioneer in the Blue Economy recently launched the world's first large-scale mechanised tropical seaweed farm off Ekas, on the island of Lombok, Indonesia

Seaweed is gaining popularity because of its potential to be used as an input feedstock to make many products that would otherwise be made today from fossil fuels or land-based biomass, which is increasingly in conflict with the human food supply chain. Moreover, the challenges involved in harvesting tropical seaweed at-scale have been seen as a significant barrier to growth in the industry.

By automating various workflows of seaweed cultivation, from seeding to harvesting, and developing proprietary processing know-how that dramatically enhances the feedstock's shelf life, Sea6's vertically integrated state-of-the-art technology platform increases smallholder farmer productivity and firmly positions the oceans as the next frontier for scalable agriculture biomass for a sustainable planet. Sea6's one-square-kilometer seaweed farm is poised to revolutionise the ocean economy by maximising efficiency, minimising environmental impact, and ensuring the highest standards of product quality, safety, and traceability while creating employment opportunities for coastal communities.

The launch was attended by dignitaries in Indonesia, including Luhut B Pandjaitan, Coordinating Minister for Maritime Affairs and Investment, Minister of Fisheries, Minister of Industry as well as the Indian and UAE Ambassadors to Indonesia, underscoring the importance of this innovative project in promoting environmental stewardship and fostering economic growth in the region.

"We are honored to inaugurate the world's first mechanised tropical sea farm, a testament to our unwavering commitment to innovation and sustainability in the Ocean Economy," said co-founder and CEO of Sea6 Energy, Nelson Vadassery. "This groundbreaking initiative not only showcases the immense potential of sustainable seaweed cultivation but also underscores our collective responsibility to develop sustainable products for future generations." Sandeep Chakravorty, Ambassador of India to Indonesia and Timor Leste also highlighted that the project was a shining example of India-Indonesia cooperation in blue economy. 

For more information, visit: www.sea6energy.com

Grand opening ceremony of the De Heus Vinh Long Shrimp Feed Mill. (Image source: De Heus)

International animal feed producer, De Heus organised the grand opening of a new shrimp feed mill on 5 March at the Co Chien Industrial Zone located in the Vinh Long province of Vietnam