Ocean Action Hub

Justin Ram, Caribbean Development Bank           VIEW ORIGINAL
Gail Hurley, UNDP

30 Oct 2018 - UNDP BlogOne of the more recent terms emerging from the kaleidoscope of colored economies (brownblackorange) is the ‘Blue Economy’. While it may seem like following on the latest buzz of the development community, there are very tangible advantages for small islands to pivot their national development strategy towards the sustainable use of the ocean. In this 2-part blog series, we first introduce the concept and its advantages, then we discuss innovative financing mechanisms that can be used to direct investment to the sector.

A 4-Point Policy Checklist for Diving Deeper into the Blue Economy

The earth’s oceans have been described as the last economic ‘frontier’. Globally, ocean-based activities generated over US$1.5 trillion in economic output in 2010 and were directly responsible for over 31 million jobs, primarily in fisheries, tourism, off-shore oil and gas exploration and port activities. By 2030, on current trajectories, the ocean’s value added is expected to rise to US$3 trillion, and associated employment to over 40 million. However, the state of the world’s oceans and seas threatens these benefits. Climate change, pollution and overfishing pose significant threats to the sustainability of the oceans and the economic rents they could provide. For small island states where the ocean’s role as a source of subsistence and income is magnified, business as usual cannot continue.

What can we do differently? How can Caribbean countries more effectively leverage their ocean and coastal assets for economic and social development, while protecting these assets? This is the topic of the research paper, “Financing the Blue Economy: A Caribbean Development Opportunity,” produced jointly by the Caribbean Development Bank (CDB) and United Nations Development Programme (UNDP).

Adopting a “blue economy” approach (in which the economic value of marine assets is maximised while the health of marine and coastal ecosystems is protected) could help usher in a new development paradigm for the Caribbean. The paper proposes four key sectors for highly targeted interventions over the coming years: fisheries and aquaculture, tourism, renewable marine energy, and marine transport.

What does this imply in practice? And crucially, what can Caribbean policy-makers and the international community do to create an environment where the blue economy can thrive? 

CONTINUE READING ONLINE HERE: http://www.undp.org/content/undp/en/home/blog/2018/leveraging-innovative-finance-for-caribbean-blue-economy-growth.html

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Justin Ram, Caribbean Development Bank and Gail Hurley, UNDP