Asean Blue Economy Innovation Grants Us$40,000 To 60 Regional Innovators

JAKARTA, May 15 (Bernama) -- The ASEAN Blue Economy Innovation project is offering US$40,000 each to the 60 innovators selected across the region including those from Timor-Leste, to address the challenges in ocean and freshwater ecosystems.

Launched at the ASEAN Secretariat in Indonesia's capital on Tuesday with  support from the Japanese government and the United Nations Development Programme (UNDP) Indonesia, the project encourages innovators to lead advancements in these sectors.

Applications via www.undp.org/indonesia/blueinnovation are open until May 31 midnight Jakarta time, according to a joint statement by ASEAN and UNDP Indonesia on Wednesday.

They said winning teams will receive six months of mentorship to market their solutions and present them to business communities, financiers and investors, facilitating access to blue investments in the region.

The organisations pointed out that the region leads to global maritime potential, with marine resources valued at up to US$2.5 trillion yearly, constituting five per cent of the world economy.

Despite this potential, challenges such as overfishing, habitat degradation, and marine pollution threaten marine life, necessitating urgent collaborative efforts to protect marine ecosystems.

In his opening remarks, ASEAN secretary-general Dr Kao Kim Hourn said the project came at an opportune time as the region gears up for the implementation of the ASEAN Blue Economy Framework.

“The project seeks to not only improve the economic output of marine sectors but also to enhance the resilience of coastal communities against climate change and environmental degradation,” he added.

The UNDP has supported the blue sector worldwide, mobilising over US$1 billion for ocean protection and restoration in over 100 countries for over 25 years.

-- BERNAMA