Blue Economyr

Blue Economy

The blue economy relates to the sustainable use, management, and conservation of marine resources through activities that bring about economic development and improved the livelihoods, whilst preserving the biodiversity richness of impacted areas. The Climate Change Division at the IDBG defines as following; “a sustainable Blue (circular) Economy “is intentionally designed to create and sustain restorative, regenerative and climate resilient economic, environmental and social harmonization which safely and efficiently utilizes the resources of the land and surrounding water.”” (IDBG, 2019).

 

Scope of Activities

Technical Assistance

Advisory support related to subjects such as ocean conservation, ocean exploration, Blue Carbon, Sustainable Fisheries, Sustainable Aquaculture, Coastal Zone Management, Nature-based Solutions, Payment for Ecosystem Services, Eco-tourism and marine protected areas, Marine renewable energy.

Intersectoral Dialogue

Promote dialogue with regulators, capital markets and financial sector stakeholders and mobilize financing, knowledge, and networking.

Financial Instruments

Stimulate private and public funding for climate-related investment .


 

Where it is implemented

Bahamas

Marine Pollution Port Reception Facility (Clean Marine Group)

Barbados

Totally Traceable Tuna (Ten Habitat)

Belize

Market-based Incentives for Responsible Fishing (Oceana)

Haiti

Ayiti Blue Ocean Plastics Solution (Environmental Cleaning Solutions, S.A., and Pan American Development Foundation)

St. Lucia

Converting Sargassum into Biostimulant (Algas Organics)
 

Project Map

Click icon to locate all active initiatives in the region.

 

Why Blue Economy?

An approximate 97% of world's fisherman reside in coastal areas of developing countries and heavily depend upon marine resources for their daily sustaining livelihoods (UN). In LAC, the total population that reside in coasts is at 27% (UN Environment, 2017) and coastal tourism accounts for a US$6 billion in the Caribbean. The Sustainable Development Goal 14 “Life Below Water” (UN) identifies the importance of preserving and regenerating ocean biodiversity to secure food security and planetary boundaries. Global goods and ecosystem services provided annually by nature’s coastal areas and oceans reach an estimated worth of US$2.5 trillion (WWF, 2015). With the institutional support to scale up and implement fundamentals of the Blue Economy in LAC, the IDBG and its implementing partners aim to facilitate sustainable development and management of valuable coastal assets and preserve the region’s natural capital. The Blue Economy enables opportunities for building up capacity and strengthening regional economic, social and environmental resilience, as well as self-sufficiency for Small Island States (SIS) that are reliant on ocean resources for provision of livelihoods and sustaining GDP. In addition, the ocean space belonging to the SIS often significant dwarfs their terrestrial space and presents significant challenges and also opportunities for economic development.

 

Partners on the Ground

1-idbgroup
2-idb-lab
3-Republique-francaise
4-earth-economics
5-conservation-international


 
Resources
  • Stay updated on the latest trends of Green Finance

Third TCFD Status Report Shows Progress & Highlights Need for Greater Climate-Related Disclosures and Transparency

The TCFD also issues implementation guidance and opens public consultation period to solicit input on forward-looking metrics The Task Force on Climate-related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB), published its 2020 Status Report today. Reviewing 1,700 companies’ reports using artificial intelligence technology, the Task Force found that disclosure of climate-related financial information aligned with the TCFD recommendations has steadily increased since the recommendations were published in 2017. The largest increases relate to companies disclosing how they identify, assess, and manage climate-related risk. Industries considered most exposed to material climate risk have led with the highest levels of TCFD disclosure. To date, more than 1,500 organizations have expressed their support for the TCFD recommendations, representing an increase of over 85% since the 2019 status report. However, despite the significant momentum, the 2020 Status Report highlights the continuing need for progress in improving levels of TCFD-aligned disclosures given the urgent demand for consistency and comparability in reporting. In particular, disclosure of the potential financial impact of climate change on companies’ businesses and strategies remains low. Key findings from the Task Force’s review of company disclosures, insights from users, and other research include: • Energy companies and materials and buildings companies are leading on disclosure, with an average level of TCFD-aligned disclosures of 40% for energy companies and 30% for materials and buildings companies in fiscal year 2019. • Expert users of disclosure identified the impact of climate change on a company’s business and strategy as the “most useful” information for financial decision-making. • Asset manager and asset owner reporting to their clients and beneficiaries is likely insufficient. • The report also provides an illustrative ‘roadmap’ for preparers by highlighting insights from expert users on which information is most useful for decision making To support companies’ implementation efforts, the Task Force is issuing two guidance documents with the release of this status report: • Guidance on conducting climate-related scenario analysis; and • Guidance on integrating climate-related risks into existing risk management processes and disclosing those processes. The Task Force also seeks feedback on its consultation on decision-useful, forward-looking metrics for the financial sector. Publication of the consultation document today begins a 90-day public consultation period, ending January 27, 2021. The Task Force will deliver its next status report to the FSB in September 2021. DOWNLOAD REPORT HERE


Events


Date : 10/07/2020 - 10/15/2020



 

Visit other Initiatives

  • Market Regulators For Development
  • Bioeconomy
  • Private Sector
  • Green Social and Thematic Bonds
  • Green Finance
  • Climate Risk
  • Blue Economy
  • Green Bond Transparency Platform
  • LAB

This post is also available in: Spanish Portuguese (Brazil)

X