University of Portsmouth unveil plans to boost Caribbean fisheries and aquaculture

The experts of the University of Portsmouth conducted research that brings forward new strategies that could help in strengthening the economic structure of Caribbean nations.

The researchers primarily focused on the blue economy for the countries of Barbados, Grenada, and Saint Vincent and the Grenadines.

The intention of the study stayed on the development of the fisheries and aquaculture sectors, as these are one of the main sources of economic movement in the islands. These sectors are also a part of the blue economy on which Caribbean nations are focusing.

Blue economy is the concept of promoting sustainable use of resources that come from the sea and oceans. Under these economic structures, the authority aims to achieve expected growth along with improved livelihoods without harming the health and ecosystem of the ocean.

As it is understood that fisheries and aquaculture play a major role in the economies of these Caribbean nations. The study by the University of Portsmouth presents many innovative financial plans that can help in the growth of these industries. The research also ensures the long-term viability and contribution to local livelihoods.

The research highlights one recommendation for the implementation of blue levies and blue tokens while focusing on the blue economy.

Blue levies are a special kind of fee that is used in the funding of conservation efforts and related research. These fees are laid for the financial backing to maintain the sustainable acts in the director of promoting health of ocean and seas.

It is mentioned that blue levies could help in the betterment of the fishing industry. The other term in relation to this is a blue token, which is a kind of low repayment cost and begins the public support to the sector.

This could help in increasing the success chances of conservation projects ongoing or under turnal.

The other idea recommended by the researchers of the University of Portsmouth is to put natural resources on treaded through Natural Asset Companies as public investments.

The reasoning behind the idea is to allow the fisheries and aquaculture sectors to fund their projects by trading natural assets as public investments.

This path of using natural resources as assets for public investment could help in gaining sustainability in financing the projects without reliance on other sources of funding. Following these significant requirements, the research also brings forward the necessity of building a reliable financial environment.

In order to achieve a supportive financial environment, research added steps that can be taken, like offering loans for infrastructure development with low interest.

Helping local businesses with accessible funds for upgrading their equipment could lead to their growth. The growth of businesses in the sector will promote financial sustainability and resilience.

Pierre Failler, Director of the Centre for Blue Governance at the University of Portsmouth, said in his words, “By leveraging natural capital and forming strong partnerships, they can ensure sustainable growth and a brighter future for the Caribbean’s Blue Economy.”

The research highlights the importance of strong partnerships and innovative approach in the financing plans that could lead to the sustainability of the blue economy for Caribbean.