‘NOT ENOUGH!’

WHILST there has been a lot of interest generated in the Blue Economy, this interest has not translated to direct investment in the sector.

Minister of Maritime Affairs and the Blue Economy, Kirk Humphrey, acknowledged the above yesterday, whilst speaking during a Barbados Blue Fest webinar entitled “The Science We Need for the Ocean We Want”.
“Most of us in the Caribbean and certainly in Barbados, we have outlined our pillars very clearly, in relation to what areas of interest we think we can maximise in the Blue Economy space. We’ve done so in Barbados. We’ve focused on the traditional areas and some of us are looking at new areas, whether it be in aquaculture, whether it be in biotechnology, there is a debate as to whether it should be in deep sea mining. There is a whole conversation being had and so all of us are having that conversation, which I think is very important,” Minister Humphrey remarked.
He however stated, “I think at this time there’s a lot of interest in the Blue Economy, but I think we can all agree that this interest has not manifested itself, in terms of investment. So there are some questions that I feel need to be asked and answered, as we go forward in this Blue Economy space. “We’ve seen for sure that in terms of official development assistance, I keep making the point that only two per cent goes to the ocean and that in some ways, is a drop in the bucket. I jokingly say it is a sprinkle in the ocean. It is certainly not enough,” he further commented.

In terms of climate financing, Humphrey noted that the same challenge obtains. “You’re not seeing the funds that are necessary for adaptation. In some ways, we’re definitely not seeing the funds in the Caribbean that would help us to be able to protect our reefs and our communities and the people who occupy them,” the Minister asserted. He also spoke of the fact that private sector players are not stepping up to the plate to assist with the Blue Economy, as they have become more risk averse.
“Finally, in terms of financing, we also have the issue with the private sector. Now there is a belief that the private sector is much more risk taking and the public sector is a lot more risk averse, but I believe what we’re seeing in the Blue Economy is the reverse, that the private sector has become extremely risk averse and the public sector now must be the one taking the risk. The private sector wants more certainty and they certainly want more guarantees in this Blue Economy space. That is why I think this conversation here is so important and these kinds of conversations, so that perhaps we can begin to offer some clarity, if not certainty, to the private sector and to the insurers and to the bankers and to all those who have an interest in this Blue Economy space,” he further commented.
The Minister meanwhile noted that one area of focus for greater levels of sustainability, must be getting clarity in terms of what the balance is going to look like, between production from the ocean space and preservation of that space.
“There is going to be a need for that conversation. Some people have to understand that the way we did things before can no longer obtain. Some things that we held on to, we must now release and let go, if we are to make the most of this Blue Economy space and to maximise it for people going into the future,” Humphrey said. (RSM)