International Waters learning Exchange & Resource Network

Caribbean BluEFin (Caribbean Blue Economy Financing Project)

We are utilizing Blue Economy principles to develop regional Caribbean Ocean finance mechanisms (FMs), focusing on private and private sector partnerships.

The efforts of the BluEFin project will play a vital role and be part of a suite of investments that have started or will soon start under the Sustainability Action Planfor the Caribbean Sustainable Finance Architecture established in 2019. With ten (10) operational Caribbean trust funds and funding now starting to 􀂧ow to on-the-ground and water conservation projects, the Caribbean Sustainable Finance Architecture (CSFA) is at a pivotal point in its evolution. This is a time to takestock of the CSFA and set in motion a Plan of Action to support its full and effective operations and consolidation, and long-term sustainability. Since the designof the Action Plan, the economic effects of the recent pandemic emphasize the need for innovation and efforts for long-term, targeted funding sources forconservation efforts throughout the region. As per the GEF co-􀂦nancing guidelines, the items listed as "Investment Mobilized" are relevant investments that arenot operational recurring costs. Co-􀂦nancing activities in direct support of this project will be provided by the CBF through the secretariats of the CBF andNational Conservation Trust Funds in the design of ideas and development of 􀂦nancial mechanisms including the hosting of workshops and other consultationsat the national and regional levels. The parallel investment mobilized by the French Government jointly through AFD and FFEM consists of a Grant that CBF will beimplementing through the Caribbean Regional Architecture for Biodiversity (CRAB) Project as of Summer 2021. The CRAB Project objective is " the conservationof ecosystems in the Caribbean that are sustainable and have su􀂨cient resources". To achieve its objective, the project has identi􀂦ed 3 broad lines of action:strengthening the 􀂦nancial and operational capacities of the Architecture, positioning the Architecture as a key player in regional approaches to conservationissues, and strengthening the capacity of the network to respond to local and regional needs, especially in the context of emergency responses such as theCOVID-19 pandemic. There is also investment mobilized from the KFW's CBF Endowment Phase III which is currently being implemented by the CBF. Majoractivities will involve creating sub-accounts and payments for countries in the architecture. Parallel investment (managed by a project partner, GIZ in-kind) willalso be mobilized through the Establishment of sustainable 􀂦nancing mechanisms for the Marine Protected Areas (MPA) in Small Island Developing States (SIDS)in the Caribbean "SMF" project. The project aims to improve the protection of the global public goods - climate, environment and biodiversity - and adaptation tothe impacts of climate change in keeping with the voluntary undertakings of the Caribbean states as part of international climate and environmental protection.

Climate Change

General information
GEF ID 10782
Project type Full-Size Project
Status active (Project Approved)
Start Date 01 Jan 2022
End Date 31 Dec 2024
GEF characteristic:
Focal Area International Waters
GEF Allocation to project USD 6,000,000
Total Cost of the project: USD 46,170,000
Bahamas , Dominican Republic , Grenada , Regional

UN Environment (UNEP)