Caribbean: Green Climate Fund (GCF) announced support for the Blue Co Caribbean Umbrella Coordination programme on December 1, 2023 at 28th session of Conference of the parties.
The Blue Co Caribbean Programme is declared as a project preparation facility grant which will be managed by Caribbean Development Bank.
Importantly, as the grant will be approved, the framework for 14 Caribbean countries for the development of the Blue Economy will be carried forward.
Also, this would establish the functioning for the region in support for responding to the needs of the Caribbean Blue Economy.
As the funds will be managed by the Caribbean Development Bank, the president of CDB, Huginus Gene Leon at the launch event welcomed the programme as such an action is like a commitment to ensure the development and sustainability of the Blue Economy.
Considerably, the economic value came forward in this event for the Caribbean Sea is projected to be USD 407 billion per year. To this, about 19 million masses of the Caribbean Region have dependence, and rely on the oceans for livelihood.
Along with livelihood, their reliance for recreation, health, well- being and culture as well is on the oceans.
At COP 28, the ministers from various Caribbean Countries; Bahamas, Dominica and Executive Director of the Green Climate Fund and Caribbean Community Climate Change Centre along with the CEO of Conservation International were present.
In making the announcement and elaboration of such a programme as an initiative to fulfill the commitment of a sustainable region was combined efforts of all the ministers present there.
At the conference, the World Trade Organization provided detailed information on Trade Policy Tools for Climate Action. After getting the connection in trade, climate action and poverty reduction, the president of CDB reiterated his call for international support and investment to build sustainability in the region.