Blue economy financing solutions for the fisheries and aquaculture sectors of Caribbean island states

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Abstract

This study reviews various financing solutions available for fisheries and aquaculture development in Caribbean small island developing states (SIDS) and Barbados, Grenada, and St Vincent and the Grenadines. Previously identified financing needs within the fisheries and aquaculture sectors have been matched with the most suitable financing mechanisms. However, the use of blue levies is recommended and applicable in almost every scenario, as they allow these sectors to drive their own development in financing research and conservation projects to their own benefit. The use of “blue tokens” with sufficiently low repayment coupons allows development projects to gather public support for fisheries, thereby increasing the likelihood of the success of the project through community buy-in. The possibility for natural capital to be traded as public equities as “Natural Asset Companies” provides the opportunity for development projects to fund themselves. The review concludes that natural capital can be leveraged as the base through which public-private partnerships (PPPs) can facilitate optimal delivery of ecosystem services, benefit multiple stakeholders, and provide numerous development opportunities. An enabling environment for debt and lending with low-interest loan repayments is also applicable to almost every scenario, as it facilitates access to capital finance for infrastructure development and the acquisition of increasingly sustainable fishing equipment. Steps towards generating an enabling environment for financing fisheries and aquaculture in the Caribbean region are also discussed. The establishment of dedicated financing institutions, PPPs, and establishing sufficient data reporting infrastructure for the fisheries and aquaculture industry, is essential for driving development in these sectors. Likely the largest limiting factor in financing Caribbean fisheries and aquaculture industries is a lack of awareness of the range of finance and financing mechanisms available to stakeholders, and an enabling environment for financing blue Economy sectors. This review is thus intended to aid financing institutions, blue economy developers, and specifically Caribbean fisheries and aquaculture stakeholders and Caribbean governments by raising awareness of the financing mechanisms available, encourage the incorporation of their use in the fisheries and aquaculture industries in the Caribbean, and encourage policymakers to create an enabling environment for financing development in these crucial sectors.
Original languageEnglish
Article number305
Number of pages39
JournalFishes
Volume9
Issue number8
DOIs
Publication statusPublished - 3 Aug 2024

Keywords

  • Caribbean Blue Economy
  • fisheries and aquaculture
  • natural assets
  • SIDS financing
  • sustainable finance

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