The Caribbean Development Bank (CDB), along with its partners RTI International (RTI) and the Ocean Risk and Resilience Action Alliance (ORRAA), is inviting submissions for innovative project ideas and concepts for consideration under the Blue Co Caribbean Umbrella Coordination Programme (Blue Co). Proposals can be submitted to Blue Co submissions no later than October 31, 2024.
Launched during COP28 in 2023, Blue Co is part of CDB’s efforts to combat the effects of climate change and promote sustainable use of marine and coastal resources in the Caribbean, by financing and investing in projects that support the blue economy. Grant funding is provided through the Green Climate Fund.
An independent panel of experts will evaluate project submissions. RTI and ORRAA will provide further technical expertise and support in refining the selected proposals. The most promising initiatives will have the opportunity to secure direct funding through Blue Co.
CDB’s Division Chief, Environmental Sustainability, Ms. Valerie Isaac, underscored the urgency of this initiative which will help to unlock private sector investment and support large-scale transformative projects across the region.
“The Blue Co programme will play a vital role in the region’s response to the climate crisis. This large-scale initiative is expected to generate significant investment in the transition to a climate-smart Caribbean blue economy while unlocking additional financing, particularly from the private sector,” Ms Isaac said.
Vice President of Energy at RTI, Ms Tatyana Marshall, expressed her excitement about RTI’s continued involvement in the programme. “We are thrilled to support CDB through the Blue Co programme. This crucial climate finance will allow us to advance climate-resilient development in the Caribbean. A sustainable blue economy is essential for Caribbean communities, and we commend CDB for leading such a transformative and impactful initiative,” she said.
Global Outreach and Engagement Director at ORRAA, Mrs. Ariane Steins-Meier, highlighted the programme’s potential to drive long-term change. “The Blue Co Programme marks a significant step in building a coordinated, resilient, and regenerative blue economy across the Caribbean. By leveraging innovative financing mechanisms and encouraging collaboration between the public and private sectors, we can collectively scale up projects that protect coastal communities, enhance biodiversity, and drive economic growth. ORRAA is excited to bring its expertise to this essential initiative.”