HA NOI — In a collaborative effort, the Asian Development Bank (ADB) and Australis Holdings, Inc. (Australis) have allocated $15 million to bolster climate-resilient barramundi and seaweed aquaculture in Vietnam.
The investment aims to enhance working capital for expanding Australis’ operations in Van Phong Bay, central Vietnam, and to establish a secondary regional production hub in the southern region. Additionally, the Climate Innovation and Development Fund (CIDF), managed by ADB, will grant an additional $3 million to support the initiative.
Suzanne Gaboury, ADB’s Director General for Private Sector Operations, highlighted the global dependence on seafood for protein, amidst declining fish stocks due to overfishing and climate change. Gaboury underscored ADB’s role in supporting Vietnam’s sustainable aquaculture development, particularly in large-scale production of high-value species for export, emphasizing the potential of aquaculture for low-carbon protein production and its resilience to climate risks.
Australis, renowned as the world’s largest barramundi producer, will utilize ADB’s financing to expand operations in central Vietnam and establish a new production hub targeting an annual barramundi output of 50,000 tons. CEO Josh Goldman expressed appreciation for the support, outlining plans for growth and sustainable aquaculture practices.
The CIDF grant will be channelled to Australis’ subsidiary, Greener Grazing LLC, to fund research and development into asparagopsis taxiformis seaweed cultivation for commercial ocean farming. This seaweed species has shown promise in reducing methane emissions in cattle feed and can contribute to ocean ecosystem resilience and carbon sequestration.
Launched in September 2021, CIDF, backed by a $25 million philanthropic commitment from Bloomberg Philanthropies and Goldman Sachs, aims to mobilize up to $500 million in private sector and governmental investments for sustainable low-carbon economic development.
Established in 2006, Australis operates as a vertically integrated entity, spanning breeding, hatcheries, ocean farms, processing, packaging, and export, with its consumer brand, The Better Fish®, focusing on quality and sustainability.
ADB remains dedicated to fostering prosperity, inclusivity, resilience, and sustainability in Asia and the Pacific, while striving to eliminate extreme poverty. With 68 member countries, including 49 from the region, ADB continues its mission since its inception in 1966.
