According to an estimate by the World Economic Forum, if the oceans were considered an economy separate from the rest, they would be the seventh largest economy in the world, with an annual GDP of more than $1.5 trillion.

A recent IDB Invest blog post states that the Caribbean region’s dependence on the oceans, the largest transportation route and the main source of local employment, presents a clear opportunity particularly for the private sector. IDB Invest has also published a report that presents investment opportunities for marine conservation in Latin America and the Caribbean. The authors conclude that with the right infrastructure and investment, the size of the blue economy in the region could double by 2030. The report identifies investment opportunities that could support a transition away from destructive practices and create new socially engaged enterprises.

The role of multilateral development banks (MDBs) is key to the development of the Caribbean region. As an example, IDB Invest is providing advisory services to secure the Environmental and Social Impact Assessment for the development of Renewstable Barbados, a solar generation facility with lithium-ion battery storage and green hydrogen. Another example is Algas Organics, the first indigenous agricultural biotechnology company in the Caribbean, which uses seaweed to create organic fertiliser.