CARICOM takes steps to develop ocean governance policy

Regional leaders and key stakeholders gathered in Guyana this week for a two-day conference aimed at developing a new Ocean Policy to guide the Caribbean in the sustainable management of marine resources, marine spatial planning, and maritime security.

The high-level meeting focused on the ocean’s critical role in sectors such as tourism, fisheries, transport, renewable energy, and the broader blue economy. It also provided a platform for stakeholders to share input on a draft regional ocean policy.

In her opening address, CARICOM Secretary-General Dr. Carla Barnett emphasised the ocean’s central importance to the region’s identity, noting that the maritime space across CARICOM countries averages a 4:1 ratio compared to land area.

“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,” Dr. Barnett said.

She added, “Our oceans supply 50% of the oxygen we breathe and are also a significant carbon sink in climate fight. They sustain a rich biodiversity that is intrinsic to our natural heritage.”

While acknowledging the promise of the blue economy, Dr. Barnett also warned of the growing threats facing Caribbean waters, including sea level rise, ocean acidification, and stronger, more frequent hurricanes.

“This invaluable resource is under unprecedented pressure,” she said. “But the waters of the Caribbean still hold immense promise as a powerful engine.”

According to the World Bank, CARICOM’s ocean economy is currently valued at approximately US$407 billion.

Dr. Barnett praised the region’s increasing investment in blue economy industries such as marine renewable energy, aquaculture, and biotechnology—sectors that are projected to grow into a US$13 billion industry.

The meeting comes just months ahead of the United Nations Climate Change Conference (COP30), scheduled for November in Brazil, where ocean management will be a major focus. World leaders are expected to spotlight sustainable practices for protecting marine ecosystems.

In the Virgin Islands, marine resources continue to play a significant role in the local economy, accounting for roughly 40 per cent of annual earnings. In 2023, then Minister of Financial Services Lorna Smith announced plans to develop financial services products linked to the blue economy.

She said these offerings would include blue bonds—debt instruments issued by governments or development banks to finance ocean-based projects with environmental, economic, and climate-related benefits.