Racquel Moses| The blue economy in the Caribbean: Unlocking a trillion-dollar opportunity

Developing blue economy opportunities in the Caribbean can make the region a leader in ocean-based solutions. This was the conclusion of the Caribbean Climate-Smart Accelerator (CCSA) Investor Forum on the blue economy in September - an event that featured nearly $250 million in investment-ready projects in the region, and featured several high-level speakers from the private and public sectors. During the session Dr Angus Friday, the Waitt Institute’s Director of Blue Economy, noted that Caribbean nations are becoming increasingly interested in maximising their ocean resources in a sustainable way.

In their pursuit to develop the blue economy, Dr Friday believes that the Caribbean should be looking at blue biotech, marine biology, education, and medical opportunities. “The Caribbean can play a key and leading role, and should be intentional about its leadership on the blue economy - marine protection and sustainability will be at the heart [of it],” he said to the almost 500 persons in attendance. His sentiments were echoed by other members of the panel, including Coastal8 Chair Rick Warner and Pepukaye Bardouille, a senior operations officer at the International Finance Corporation.

Among the opportunities highlighted by the panel were the creation of green hydrogen from sargassum, various waste management programmes across the region, as well as new ventures in aquaculture and recycling. Investors brimmed with confidence at the ocean-based solutions being developed in local communities, and were quick to point to how private finance could drive innovation in the Caribbean. Furthermore, these projects could be linked directly to a range of benefits within the community that could be scaled following their successful implementation.

The discussion over the course of the investor forum corroborated an earlier assertion made by Heidi Schroderus-Fox, acting high representative for the Least Developed Countries, Landlocked Developing States and Small Island Developing States, at the UN Ocean Conference in July. She said that “what island nations are demonstrating is that benefiting from ocean resources is not a zero-sum game. Conserving the ocean protects marine life and generates economic growth for island and business communities alike.”

A BLUE FUTURE

The world ocean economy is valued at USD$1.5 trillion and expected to double by 2030. Within this economy is nestled fisheries, tourism, shipping, energy and natural resources critical to the welfare of local communities. Maximising these natural resources while respecting the environment to create a sustainable system can only benefit global economies - and, namely, those of island nations and coastal communities. The blue economy tackles key gaps within the Caribbean’s resilience-building and climate adaptation agenda.

Over the past few years, the world has been through the throes of a pandemic, increasing environmental degradation, and a war that has highlighted the instability of the world’s energy markets. As we build towards a better, more sustainable future, there is an intrinsic need for nations to become more resilient and self-reliant - the Caribbean has all the tools to meet these challenges. Whether it be via a vibrant blue economy as envisioned by Dr Friday, collaboration towards energy independence through the Caribbean Single Energy Export Market, the innovation on display across the region, a mix of all three, or even something entirely different - the Caribbean is ready to be a global leader in sustainability.

As island and coastal communities, the Caribbean must maximise the resources they have at their disposal, and have all the tools to do so. An ocean-based, sustainable economy will not only protect the environment crucial to communities’ livelihoods and cultural heritage, but also provide an opportunity for self-reliance that would enable us to create the future we would like to see for ourselves - a strong, sustainable, self-sufficient Caribbean. The key to reaching this future is unlocking the opportunities available to us, of which the blue economy is a unique one capable of delivering long-term prosperity in the region.

As we race to net zero and implement local solutions to protect us from global problems, there is a need to ensure we continue to support local innovation. “It’s important that the blue economy becomes an agenda item for character meetings, and it’s vital that we have a coordinated approach to supporting our entrepreneurs in the blue economy, including not just supporting them, but celebrating their success story,” stated Dr Friday. We gain a lot by standing together, and as such, we must continue to collaborate towards building a sustainable future.

Racquel Moses, CEO Caribbean Climate Smart Accelerator. Send feedback to columns@gleanerjm.com