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3 Projects to Celebrate International Oceans Day

May 25, 2023 por Alejandra Paris Gallego - Catalina Aguiar Parera - Jennifer Doherty-Bigara Leave a Comment


International Oceans Day is a reminder of the importance of this ecosystem. The ocean covers more than 70% of the Earth’s surface, generates half of the oxygen we breathe and absorbs at least a quarter of the carbon dioxide emitted by human activity. They are also a vital source of food, energy and natural resources for millions of people worldwide. However, the oceans face serious threats, such as overfishing, pollution, climate change, and acidification, which negatively affect their biodiversity and their ability to regulate climate and natural cycles.

It is worth noting that caring for the oceans contributes to achieving the goal of limiting the global temperature increase (1.5-2C) established by the Paris Agreement. Oceans are carbon sinks, having the capacity to absorb significant amounts of carbon dioxide (CO2) from the atmosphere; in fact, the more CO2 that enters the atmosphere, the more the oceans absorb, causing a process of acidification, which impacts corals and marine animals.

In December 2022, countries agreed at COP15 to protect 30% of the land, oceans, coastal areas, and rivers by 2030. Latin America and the Caribbean is a mega-biodiverse region with 40% of the world’s biodiversity and plays a key role in biodiversity conservation and climate action. Therefore, in the framework of International Oceans Day 2023, we would like to highlight three recent IDB projects that are contributing significantly to the protection and conservation of our oceans.

Blue economy in Barbados

The blue economy refers to the set of sectors, economic activities, and policies related to the sustainable management of marine and coastal resources. It allows countries in the region to expand into new areas such as marine biotechnology, marine renewable energy, sustainable tourism, fisheries/aquaculture, and carbon sequestration.

Barbados is a small island developing state (SIDS) whose economy depends on tourism. Its maritime and fisheries sectors contribute significantly to the national gross international product (GDP). That is why in 2021, Barbados adopted its Blue Economy Roadmap, establishing the priority of the ocean in generating jobs and growth and the importance of ensuring sustainable use of its resources for sustainable development. In 2022, Barbados renewed this commitment with its debt-by-nature transaction, which is backed by a commitment to protect 30% of marine protected areas. A key process that has begun this year through its Marine Spatial Planning (MSP). 

Galapagos Islands, the Largest Debt-for-Nature Conversion

With IDB support, Ecuador recently completed the world’s largest debt-for-nature conversion and will allow it to allocate resources for long-term marine conservation in the Galapagos Islands to promote greater sustainability and improve the quality of life of Ecuadorians.

As part of the debt-for-nature deal, Ecuador has committed to invest more than $323 million in conservation in the region over the next 18 years, in particular, to manage and oversee the Hermandad Marine Reserve, a new protected area announced by the government in 2021.

The operation consists of an $85 million IDB guarantee and $656 million of political risk insurance from DFC to Ecuador to purchase existing public debt on better terms. This debt purchase with lower-cost financing will generate total savings of more than $1.126 billion. In addition to providing the guarantee, the IDB has supported institutional strengthening policies for environmental and public debt management in the country. All the preparatory work for the operation was done with resources from the IDB’s NDC Pipeline Accelerator fund, supported by partners from the Netherlands, Finland, Sweden, Austria and the Nordic Development Fund (NDF).

Blue Carbon in Panama

With investments of $2.3 million from the UK’s Blue Carbon Fund, the IDB is supporting a technical assistance project to promote the conservation and protection of Panama’s coastal natural capital, including mangroves and wetlands. Scientific activities are underway to quantify the so-called blue carbon stored in the mangroves of Parita Bay and Panama Bay, as well as complementary research on mangrove dynamics, such as the mapping of mangrove and bird species as an indicator of ecosystem health. The project is also advancing with the valuation of ecosystem services such as coastal protection, carbon sequestration and fisheries that will contribute to informing authorities and sectors for better planning, management and development.

On June 8 at 10:00 am ET, we will hold the panel “Ocean Policy Development: Promises and Challenges”, where experts from the region will discuss how ocean policy and innovation have generated innovative financial instruments to increase resources for ocean protection and enhance climate action. Register here


Filed Under: Ecosystems and Biodiversity

Alejandra Paris Gallego

Alejandra currently works as communications consultant at the Climate Change Division of the IDB, where she oversees the strategic communication of the bank's Climate Change Division, giving visibility to the different actions that the IDB carries out to motivate climate action in Latin America and the Caribbean. Over 10 years, she has worked in institutional communication, from the Colombian Embassy in Madrid, to designing and implementing several communication campaigns for the public sector, including clients such as different Directorates-General of the European Commission and ministries in Latin America.

Catalina Aguiar Parera

Catalina is a seasoned communications professional with 12 years of experience in international development. She holds an MBA in energy and sustainability. Catalina has extensive experience working in Multilateral Development Banks, including the Inter-American Development Bank (IDB) and the World Bank Group (WBG), where she has led communication strategies focused on climate change, biodiversity, and sustainability, as well as knowledge management initiatives. Follow her on X at @CatiAguiar and on @LinkedIn.

Jennifer Doherty-Bigara

Jennifer Doherty-Bigara is a policy advisor and climate change specialist at the Inter-American Development Bank, based in the country office of Barbados. With over ten years of experience in the sustainability agenda, she has mainly focused on climate governance and national and local climate change policies (NDCs, LTS, SDGs), fiscal policy and green budgeting, climate finance and long-term planning exercises with an adaptation approach. Jennifer has gained analytical and operational knowledge advising governments through the coordination of the NDC Invest Platform and afterwards mainstreaming climate change considerations in the IDB portfolio of Argentina, Chile, Paraguay and Uruguay, ensuring the design and implementation of sustainable development projects. She also gained key insights as an external appointee in the Agence Française de Developpement (AFD), coordination the efforts of the Adapt ‘Action Platform in the Gulf of Guinea and the Indian Ocean. She has also worked on climate finance and coordinated fundraising efforts as part of the SECCI Funds, ACL, PROADAPT, and bilateral donations. Jennifer holds a master´s in International Development Policy from the McCourt School of Public Policy (MSPP), University of Georgetown and a Master’s in International Affairs from Sciences Po Toulouse. Follow Jennifer on Twitter: @jdohertybigara @jdohertybigara

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Sustainability

This blog is a space to reflect about the challenges, opportunities and the progress made by Latin American and Caribbean countries on the path towards the region’s sustainable development.

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