Blue and Circular Economy
To date, a pipeline of nearly 100 sustainable Blue and Circular project concepts have been developed for island territories in the Caribbean, Central and South America including Barbados, Bahamas, Belize, Costa Rica, Dominican Republic, Haiti, Honduras, Jamaica, Nicaragua, Panama, Trinidad and Tobago.
These include both public and private sector projects at both national and regional levels which can be financed using various financial instruments. The projects vary across thematic areas and include resilient, blue, and circular economy concepts that range from:
- Marine renewable energy options (e.g. ocean thermal energy conversion (OTEC, floating solar panels, renewable energy plus storage, and desalination using wave energy)
- Blue carbon restoration
- Blue bonds for the protection and management of ocean resources
- Reformulation of waste (e.g. ocean plastics to lumber, sargassum to biofuel, and bioplastics from seaweed)
- Sustainable tourism (e.g. voluntourism, geo-tourism, production of ethical-environmental tourism)
- Sustainable fisheries (blue finance for MSMEs in fisheries sector and coastal mapping/monitoring via autonomous systems)
Climate Smart Island Program
The Inter-American Development Bank (IDB) is currently implementing the “Climate Smart Islands Program” with the primary goal of identifying and demonstrating ways of transitioning to a low carbon and climate resilient development pathways in the pilot islands of Tobago, Caye Caulker and Harbour Island.
Check back often for updates on the implementation of other IDB programs.