GEORGETOWN, Guyana – The Secretary General of the Caribbean Community (CARICOM), Dr. Carla Barnett, says the decision of the World Bank to place a value of approximately US$407 billion on the region’s ocean economy ‘represents a vast, untapped potential to catalyze economic growth, create jobs and foster prosperity for our citizens”.
CARICOM Secretary General, Dr. Carla BarnettAddressing the Regional Consultation on the Draft CARICOM Ocean Governance Policy on Tuesday, Barnett said the World Bank figure “is not just a number” but also represents the long-standing economic pillars of coastal tourism, fisheries and aquaculture remain foundational.
“Tourism, for example, accounts for an estimated 50 per cent of the Eastern Caribbean’s gross domestic product (GDP). Our fisheries sector provides direct employment for over 120,000 fishers and supports thousands more indirectly. It is essentially a cornerstone of regional food security. We must make these pillars more productive and sustainable.”
But Barnett said that the blue economy is expanding and that the region is actively cultivating emerging industries, such as maritime transport, which is crucial, and must be reliable and efficient, in order to improve the movement of goods and people, marine multitrophic aquaculture as a pathway to sustainable, ecosystem-based seafood production as well as marine renewable energy to reduce reliance on fossil fuels.
She said that region is also looking to be involved in marine biotechnology applications, which are projected to double to a 13-billion-dollar industry and that the Biodiversity Beyond National Jurisdiction (BBNJ) and Nagoya Protocols offer critical pathway to these industries.
“These sectors are pivotal for diversifying our economic base and reducing vulnerability to global shocks. This is not merely about economic statistics, it is about tangibly securing a prosperous future and a legacy of sustainability for all spheres of our society.
“The blue economy provides crucial income streams, particularly in our coastal communities, contributing directly to poverty reduction and enhanced livelihoods. It is also deeply intertwined with our cultural heritage,” she said.
Barnett told the delegates that their presence representing diverse interests and expertise from across CARICOM, underscores the collective commitment the region shares towards the sustainable future of the ocean.
”We are meeting in difficult times. Our small, vulnerable economies are largely still recovering from the impacts of the COVID-19 pandemic across our region. Rising food and other living costs, a volatile international trade policy landscape and persistent supply chain disruptions, are increasing economic uncertainties and pushing many of our citizens towards food insecurity.”
Barnett said that the Guyana-based CARICOM Secretariat partnered with the World Food Programme (WFP) last year to update the food security and livelihoods surveys, and the results showed a 78 per cent in food insecurity among Caribbean citizens compared to pre-COVID data.
She said that the increasing impact of climate change makes all these challenges worse. It imposes with increasing frequency and ferocity, natural disasters of every shape and size that erode development gains.
Barnett said that while science is indicating that the outlook for Small Island and Low-lying Coastal Developing States (SIDS) is becoming even more grim, in the global diplomatic arena, the ambition for transformative change to effectively address climate change is at an all-time low.
“Despite this, or because of this, climate resilience, diplomacy and fair access to finance have become a top priority for our leaders,” she said, adding “this bleak reality underscores the importance of this Consultation and, more importantly, the need for regional cooperation. These challenges for our Region have potential solutions in our surrounding Caribbean Sea and adjacent Atlantic Ocean.”
Barnett said that the 15-member CARICOM collectively encompasses approximately 1.8 million square kilometers of maritime space, an average four to one ratio compared to land territory and that this ratio is much higher for the smaller islands within the region.
“For CARICOM, the ocean is not merely a geographical feature, it goes to the essence of our identity, our culture and our survival. It is our historical highway and our connection, our pantry, our playground, and our provider.
“Our oceans supply 50 per cent of the oxygen we breathe and are also a significant carbon sink in the climate fight. They sustain a rich biodiversity that is intrinsic to our natural heritage,” she said, adding yet, this invaluable resource is under unprecedented pressure.
The CARICOM Secretary General said that regional stakeholders, including heads of governments have collectively acknowledged that the region faces rising sea levels, ocean acidification, and increasingly intense hurricanes, all of which pose direct, existential risks to our coastal communities and ecosystems, as well as to the critical infrastructure that underpin our economies.
She said the persistent influx of sargassum seaweed, for instance, has inflicted major economic damage to the vital tourism and fishing sectors. In addition to climate change, pollution and overfishing are relentlessly degrading our marine ecosystems.
”In the face of these formidable challenges, our oceans still hold immense promise as a powerful engine for realizing the objectives of the Revised Treaty of Chaguaramas. The “blue economy” framework represents a paradigm shift – a move beyond traditional sectors to embrace a sustainable and integrated approach to ocean resource management.”
Barnett said that to truly harness ocean wealth sustainably, the region must prioritize two fundamental support pillars, namely Ocean Literacy and Capacity Building.
”Ocean Literacy is critical for effective ocean management and sustainable blue economic growth. It goes beyond merely understanding facts about the ocean, it encompasses communication and decision-making.
“It means instilling in our citizens, from schoolchildren to policymakers, a profound understanding of the mutual influence between humans and the ocean. It means embracing the complex inter-connectedness of systems from ridge to reef, and how we can prosper in these systems. But most importantly, we cannot effectively and strategically plan industries and economies without a deep understanding of the resources.”
She said that equally vital, is the need for capacity building and developing the region’s ocean economies sustainably requires a broad interconnected research agenda, knowledge management, a skilled workforce, robust institutional frameworks, and access to appropriate technologies and financing.
“This will require amongst other things, investing in programs to equip our people with the skills needed for emerging blue economy sectors, strengthening our scientific capabilities to better understand our ocean resources, monitor their health and inform evidence-based policy.”
She said fostering cross-sector collaboration among governments, academia, the private sector, and local communities, including supporting locally relevant outreach and citizen science initiatives, will also be important.
Barnett said that there is also the need to continue to advocate for innovative financing mechanisms, the most recent of which was Barbados’ “Blue Bonds for Ocean Conservation” initiative, which restructured US$150 million of debt to unlock US$50 million in new funding for marine conservation.
“It is also imperative for capacity building to include and prioritize improved domain awareness, and territorial integrity in our maritime zones. The Ocean Policy will, therefore, synergize with the Maritime Security Policy to promote capacity building for both environmental monitoring and maritime surveillance,” Barnett told the conference.
