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Financing of blue economy key to regional economic growth- CDB

Nov 23, 2018 News

With approximately seventy percent of the Caribbean populace living on the coast, the Caribbean Development Bank (CDB) in its study of the blue economy – economic activities that take place in the ocean and seas – has derived that the initiative could effectively drive economic growth and sustainability within the region.
While most of the previous investments made by the CDB have been terrestrial-based, their current focal point in the “blue economy” initiative is to include investments in ocean-based renewable projects. The CDB in delving into ventures like these, is hoping to set the pace for the involvement of the global community.
According to a report by the CDB, the blue economy initiative has been closely linked to potential sustainability and economic growth. The Caribbean is currently the world’s largest source of untapped renewable energy, a region that holds immense potential, whether it is geothermal, wind, solar or marine energy.
Nonetheless, Guyana as well as many other Caribbean countries has been dependent in importing petroleum-based products. The blue economy strategy is seeking to change this, by utilizing the oceans and seas for marine renewable energy development.
The concept of a blue economy encompasses an innovative approach to the exploitation of the ocean’s resources, lakes, rivers and other bodies of water. It seeks to promote economic growth, social inclusion, and preservation or improvement of livelihoods, while at the same time ensuring environmental sustainability.
In essence, it refers to the decoupling of socioeconomic development through ocean-related sectors and activities from environmental and ecosystems degradation. However, an important aspect of the strategy is to understand and better manage the many aspects of ocean sustainability, ranging from sustainable fisheries to ecosystem health to pollution.
This is a determinant factor on whether or not the blue economy strategy will be effective. One of the major components of the initiative is for the society to be receptive and informed on the proper means of management.
The blue economy strategy views oceans as development spaces, avenues where there can be economic gain. However, the CDB sees four major factors as key for the growth of the strategy: awareness, infrastructure, seed investment and policy and institutions. These four factors were identified as critical development inputs in whether or not the strategy would be successful within the region.
The global community has seen a surge in new technologies and newly emerging activities, that will extend to the marine sector. In light of this, CDB sees the blue economy strategy as a means of creating jobs in both the public and private sector. The use of oceanic activities for economic gain within the region can significantly affect a country’s economy through its various sectors.
In CDB’s advocacy, it has recognized that oceans have a key role to play in humanity’s future and that the blue economy offers an innovative approach to sustainable development better suited to their circumstances, constraints and challenges.

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