Launch of BLUE CAR Initiative in Saint Lucia – Advancing a Sustainable Blue Economy

Saint Lucia is set to benefit from an investment of approximately USD 100 million into a groundbreaking project aimed at enhancing and sustaining the Blue Economy, a critical sector for the nation’s development.

In support of this initiative, the Global Green Growth Institute (GGGI) recently hosted the BLUECAR Stakeholder Prioritization Workshop, which brought together around 25 representatives from various government agencies and financial institutions to discuss strategies for resilient ocean management.

Held at the Finance Administrative Centre in Pointe Seraphine, the workshop aimed to validate findings from a recent market study and prioritize a pipeline of Blue Economy projects aligned with the Government of Saint Lucia’s objectives. This event is a key component of the Accelerating a Sustainable Blue Economy in the Caribbean (BLUECAR) project, which seeks to mobilize USD 100 million for blue economy initiatives, particularly in Saint Lucia and the Dominican Republic.

Participants evaluated proposed projects in relation to Saint Lucia’s national strategic priorities and the eligibility criteria outlined in the Blue Bond Framework. Through an interactive scoring exercise and group discussions, attendees assessed each project’s alignment with national goals, potential impacts, and readiness for development. This collaborative approach fostered consensus on projects with the greatest potential to attract sustainable financing while delivering environmental, social, and economic benefits.

“Saint Lucia’s blue economy is an important part of our development and long-term resilience. This validation process allows government, industry, finance and community stakeholders to apply their collective knowledge to shape a project pipeline that reflects our national priorities,” Nadia Wells-Hyacinth, Chief Economist at the Ministry of Economic Development and Youth Economy in Saint Lucia, noted. “Our focus is to identify viable investment opportunities that align with the Blue Bond Framework and national priorities. Ultimately, we are strengthening the foundation for credible investment opportunities that can generate environmental, social and economic benefits for Saint Lucia.”

Implemented by GGGI and funded by the Korea New Green Deal Trust Fund, BLUECAR project supports Saint Lucia and the Dominican Republic in developing sustainable blue economy investment pipelines. The project aims to mobilize USD 100 million in sustainable blue economy investments by de-risking early-stage project development, strengthening investor confidence and leveraging blended finance approaches.

Daniel Muñoz-Smith, GGGI Caribbean Representative, emphasized that “BLUECAR is designed to help move promising ideas from national ambition towards investment readiness. This workshop connects technical evidence with the experience of the people and institutions working across Saint Lucia’s blue economy. The resulting prioritization will help concentrate project-preparation support where it can unlock the greatest value, while building the confidence and shared ownership needed to attract sustainable finance.”

Ocean-based sectors, including tourism, fisheries, mariculture and maritime transport, are major sources of employment and economic activity across the Caribbean Small Island Developing States. However, marine ecosystems and blue economy sectors continue to face pressures from climate change, pollution, over-exploitation of natural resources and limited economic diversification.

Developing well-prepared, finance-ready projects is therefore essential to translating national blue economy priorities into measurable benefits for communities, ecosystems and the wider economy. Following the validation workshop, GGGI will consolidate stakeholder feedback, refine the market study and support the Government of Saint Lucia in advancing the prioritized project pipeline.

BLUECAR’s broader training and knowledge-sharing activities will further strengthen the institutions and organizations, technical capacity and partnerships required to develop and finance sustainable blue economy initiatives.

The BLUECAR project is being implemented in Saint Lucia and the Dominican Republic with support from the Korean Green New Deal Trust Fund.