Global seafood production company Thai Union Group PCL has secured a $150 million Blue Loan from the Asian Development Bank (ADB). The group will use the proceeds to scale its procurement of sustainable shrimp procurement in Thailand, which is a key pillar of its SeaChange 2030 global sustainability strategy. The organization aims to reach net zero greenhouse emissions by 2050.
Thai Union will expand sourcing of shrimp that is certified sustainable. That includes shrimp from providers whose operations have been certified groups including the Global Sustainable Seafood Initiative (GSSI), the Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP). Or it could include shrimp from farms engaged in credible Aquaculture Improvement Projects (AIPs).
The production company hopes that by buying from such sources it can contribute to environmental sustainability in areas including biodiversity protection, feed traceability, lower carbon emissions from the use of renewable energy, improved Feed Conversion Ratio, and preventing deforestation. It also hopes to contribute to social responsibility, including fair labor practices and community engagement.
The financing package includes an ADB A-Loan and a syndicated B-Loan with commercial co-financing partners–Bank of China (Hong Kong) Limited, HSBC, MUFG Bank Ltd, OCBC, Sumitomo Mitsui Banking Corporation, and United Overseas Bank Limited.
“Sustainability sits at the heart of our business, and this Blue Loan represents an important step in our journey,” said Thiraphong Chansiri, CEO of Thai Union Group. “We are honored to be ADB’s first private sector partner in the seafood industry in Thailand, and the first in the seafood industry to secure a loan of this kind. The funding will accelerate our sustainable sourcing efforts and strengthen our contribution to ocean health, food security, and climate action. We hope this model will inspire other seafood companies to follow.”
Beyond advancing Thai Union’s own sustainability goals, the Blue Loan supports Thailand’s national commitments on climate action and sustainable development. It is also closely aligned with ADB’s Strategy 2030, which prioritizes climate resilience, rural development, and inclusive economic development.
“This marks ADB’s first blue loan in the aquaculture sector in Thailand,” said Anouj Mehta, Country Director of ADB Thailand Resident Mission. “Aquaculture is one of the most efficient sources of animal protein, supplying over half of the world’s seafood. While it holds great potential to enhance food security for a growing global population, the sector also faces risks due to climatic conditions and environmental challenges. These include habitat loss, pollution, and increased pressure on deforestation and overfishing due to rising demand for aquafeed. This transaction seeks to address these challenges and serves as a strong case study for sustainable shrimp procurement to strengthen resilience and promote inclusiveness across the supply chain.”
Due to its alignment with the project category of sustainable aquaculture, the loan is labelled as blue under Thai Union’s Blue and Green Finance Framework, which was developed with technical assistance from ADB, and received third-party assessment from DNV, an independent expert in assurance and risk management. It is the first framework to align with Thailand’s draft Taxonomy (Phase 2) and is fully consistent with international standards, including the International Capital Market Association principles and Bonds to Finance the Sustainable Blue Economy: A Practitioner’s Guide.
The framework, which was launched in April, also aligns with the UN Environment Program’s Sustainable Blue Economy Finance Principles, and provides clear criteria for use of proceeds, management of funds, and impact reporting–ensuring transparency and replicability.
