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The Caribbean BLUEFin project objective is to create and strengthen nature-based Blue Economy opportunities and approaches in the Caribbean through innovative financing mechanisms. The project will also engage stakeholders and raise awareness about sustainable blue economy within the region.
Funded by the Global Environment Facility (GEF) through the United Nations Environment Programme (UNEP) to the tune of USD 6 million, the Caribbean BLUEFin project will be executed by the Caribbean Biodiversity Fund (CBF) over four years ending in 2028. Beneficiary countries include: Saint Lucia, St Vincent and the Grenadines, Grenada, Dominican Republic, and The Bahamas.
This project is focused on the GEF-7 International Waters Focal Area, which aims to strengthen Blue Economy Opportunities and Sustaining healthy coastal and marine ecosystems. Actions will enhance public-private partnerships to identify sustainable investments within the blue economy space and transform private sector practices to improve the health of marine and coastal assets.
The global environmental benefits will contribute to socio-economic benefits at the national and local levels, and may improve livelihood options, increase food security, promote gender equality and assist with climate change mitigation and adaptation.
The blue economy refers to the industries and societies that rely on oceans and waterways. The Caribbean Blue Economy Financing (Caribbean BLUEFin) project will tackle several barriers that lead to limited financial resources being invested in marine and coastal ecosystems and the inadequate consideration of the value of these ecosystems’ goods and services. These barriers include the need for support to establish sustainable finance mechanisms, a poor enabling environment for private sector investment, inadequate decision-support tools and a lack of significant actions at the subregional scale.
While blue economy initiatives are in early stages in the insular Caribbean region, the desired
impact of this project is to contribute to the level of investments in sustainable practices by the economic sectors that use and depend on the marine and coastal ecosystems.
The Conservation Finance Program focuses on the provision of funding towards the protection and management of biodiversity and natural resources and is mainly supported through the Endowment Fund. The proceeds of this Fund are invested in country-based sub-accounts and are channeled through partner National Conservation Trust Funds (NCTFs), who in turn lead grant-making programs at the national level.
The Caribbean Blue Economy Financing (Caribbean BLUEFin) project will tackle several barriers that lead to limited financial resources being invested in marine and coastal ecosystems and the inadequate consideration of the value of these ecosystems’ goods and services.
The Caribbean’s Blue Economy is a critical pillar for regional livelihoods and food security. The fisheries sector, which is vital to this economy, directly employs over 116,000 people across the region. In some countries, fisheries contribute over 2% of the GDP. Small-scale fisheries are particularly significant, accounting for up to 90% of marine catches, and coastal communities also depend on these marine ecosystems for cultural and subsistence needs.
