St. Lucia— The Caribbean Biodiversity Fund (CBF) is thrilled to unveil the Blue Economy Finance (BluEFin) Project, an innovative initiative dedicated to bolstering conservation financing throughout the Caribbean region. This project received substantial backing from the Global Environment Facility, operates with support from the United Nations Environment Programme, and is executed by the Caribbean Biodiversity Fund.
Project Inception and Stakeholder Engagement
The BluEFin Project kicked off with a dynamic two-day hybrid event on April 23 and 24, 2024 in St. Lucia, connecting a broad array of stakeholders from The Bahamas, The Dominican Republic, St. Lucia, Grenada, and St. Vincent and the Grenadines. This format promoted extensive participation from government officials and was instrumental in engaging representatives from the partner CBF National Conservation Trust Funds. This collective participation established a solid platform for open dialogue and cooperative efforts, essential for the project’s success.
The first day of the launch event spotlighted the introduction of ground-breaking financial models and governance frameworks to drive sustainable financing across the Caribbean. Discussions centered on pivotal elements like Blue Carbon Sequestration Schemes and the creation of a Sustainable Blue Finance Knowledge Sharing Hub. These initiatives are designed to enhance regional collaboration and deliver vital local support.
Formation of the Project Steering Committee
The subsequent day witnessed the official formation of the Project Steering Committee, which will play a crucial role in directing the project. This committee is tasked with ensuring the successful delivery of the project’s objectives providing strategic guidelines and decision making for the project execution.
A Milestone for Regional Development
Tadzio Bervoets, Technical Officer for the BluEFin Project at the Caribbean Biodiversity Fund, highlighted, “The BluEFin Project marks a significant breakthrough in our efforts to synchronize the conservation of vital Caribbean coastal ecosystems with the sustainable economic growth of our member states. By leveraging novel financial strategies and fostering regional collaboration, we are set to safeguard our precious marine resources while simultaneously boosting the economic vitality of the region”.
The BluEFin Project is poised to become a keystone in the nexus between environmental conservation and sustainable economic advancement in the Caribbean, promoting the well-being of both its ecosystems and its people through innovative and sustainable financial approaches. The project is funded by the Global Environmental Facility for a total of USD 6 million, with a timeline until 2028. Some key results that will be achieved include the establishment of at least five sustainable finance mechanisms, enhancement of marine protected area management effectiveness in at least ten sites, and significant advancement in regional blue carbon initiatives.”
About the Caribbean Biodiversity Fund
With around 1,600 globally threatened species, the Caribbean is a hotspot for some of the most critically endangered plants and animals. The Caribbean Biodiversity Fund (CBF) was established in 2012 to create reliable, long term funding for conservation and sustainable development in the Caribbean region. The CBF was designed as part of the Caribbean Challenge Initiative, today the CBF is a regional umbrella environmental fund that uses a flexible structure to implement innovative solutions and consolidate resource mobilization in the Caribbean through a range of financial instruments.
Working towards the vision of a Caribbean region where both its natural environment and people thrive, the organization measures total assets under management, annual return on investments, competency improvements and global initiatives as the key performance indicators that directly contribute to its mission. Currently, the CBF has 3 programs, the Conservation Finance Program, based on an endowment fund, Climate Change Program, focused on Ecosystem-based Adaptation (EbA) strategies, and Nature-based Economies Program with an Advancing Circular Economy focus.
To date, the CBF has provided financing for more than 100 projects across the Caribbean, valued at over US$30 million, demonstrating a significant commitment to the preservation of the region’s biodiversity.
