Recommendations on how the Caribbean can save its national economy and local livelihoods is the subject of a new study.
Recommendations on how the Caribbean can save its national economy and local livelihoods is the subject of a new study.
The research by the University of Portsmouth was published in the MDPI Fishes Journal and highlights innovative ways for Caribbean nations to fund and boost their economies, specifically focusing on Barbados, Grenada, and St. Vincent and the Grenadines.
It concentrates on the development of fisheries and aquaculture sectors as part of the Blue Economy, which have a disproportionately larger influence on the national economy and local livelihoods.
One recommendation from the study is the use of "blue levies" and "blue tokens". Blue levies are special fees that help finance research and conservation projects, directly benefiting the fishing industry. Blue tokens - which come with low repayment costs - can attract public support, increasing the chances of success for these projects.
Another innovative idea is trading natural resources as public investments through "Natural Asset Companies". This concept allows fisheries and aquaculture projects to fund themselves by leveraging natural capital as public equities.
Using different ways to fund projects can help make sure industries in the Blue Economy can grow and improve on their own. To make this happen, we need to create and sustain certain conditions.
The study also suggests creating a financial environment that supports low-interest loans for infrastructure and sustainable fishing gear. This makes it easier for local businesses to access the funds they need for development.
Forming public-private partnerships (PPPs) is another key recommendation. These partnerships can combine the efforts of governments, communities, and private companies to manage and develop fisheries and aquaculture more effectively. A significant challenge is the lack of awareness about these financing options. The study aims to educate stakeholders and policymakers about available mechanisms and encourage them to create policies that support these initiatives.
While there are issues such as overfishing and pollution, better financing and management can help address these problems. Proper funding tools can mobilise the necessary actions for sustainable development.
However, the authors highlight that just putting money into a project doesn't always lead to real improvements or solve problems. Money can help get things moving towards a sustainable Blue Economy but for this to really work, policymakers need to create the right environment for more money to support these developments.
These innovative financing solutions can revolutionise the way these small island developing states manage and develop their fisheries and aquaculture sectors. By leveraging natural capital and forming strong partnerships, they can ensure sustainable growth and a brighter future for the Caribbean's Blue Economy. Creating an enabling environment for financing is crucial. We need to support local industries with the right tools and policies to drive their own development.
Antaya March, from the University of Portsmouth, is co-author of the study. She says: “Using different ways to fund projects can help make sure industries in the Blue Economy can grow and improve on their own. To make this happen, we need to create and sustain certain conditions.
“These conditions include low corruption, quick and secure handling of money transfers, good leadership, strong social and environmental rules, and openness about what’s being developed. By creating rules and methods to support these environments, we can make sure any money put into the Blue Economy leads to real improvements and lasting development.”
Professor Pierre Failler, Director of the Centre for Blue Governance at the University of Portsmouth and UNESCO Chair in Ocean Governance, says: "These innovative financing solutions can revolutionise the way these small island developing states manage and develop their fisheries and aquaculture sectors. By leveraging natural capital and forming strong partnerships, they can ensure sustainable growth and a brighter future for the Caribbean's Blue Economy. Creating an enabling environment for financing is crucial. We need to support local industries with the right tools and policies to drive their own development."
This study highlights the importance of innovative financing and strong partnerships to support the fisheries and aquaculture sectors in the Caribbean. By raising awareness and creating supportive policies, these industries can thrive and contribute significantly to the region’s Blue Economy, ensuring a sustainable future for years to come.