ACTION BEQUIA Inc. with the submission of a project to assist businesses engaged in reducing plastic and marine pollution has been selected to receive funding from The Caribbean Biodiversity Fund (CBF), through the Caribbean Blue Economy Financing (BluEFin) project. The financiers selected five innovative Blue Economy initiatives to receive seed funding following a competitive call for proposals that attracted 74 submissions across the region, Action Bequia explained in a release.
The BluEFin project supports innovative initiatives that create sustainable economic opportunities while delivering measurable benefits for biodiversity and climate resilience.
One initiative was selected from each of the five eligible BluEFin countries: The Bahamas, the Dominican Republic, Grenada, Saint Lucia, and St Vincent and the Grenadines. The selected projects which span a range of Blue Economy solutions across the region will receive grant financing of up to US$ 250,000.
“The selection of these five initiatives marks an important milestone for the support the CBF provides to viable, blue economy initiatives and demonstrates the strength and diversity of Blue Economy innovation across the region,” said Conservation Finance Manager Tanja Lieuw.
“ We look forward to supporting the selected projects as they move from ideas to practical solutions that can generate lasting benefits for Caribbean communities and ecosystems.”
In St Vincent and the Grenadines, Action Bequia Inc. will lead the SVG Circular Blue Economy Initiative, establishing a Waste-to-Product Incubator to support eco-entrepreneurs and small businesses working in plastic upcycling and repurposing, while reducing marine pollution and plastic leakage.
Action Bequia’s Executive Board Chair, Lucille Cozier expressed gratitude to the CBF stating: “We are grateful to the Caribbean Biodiversity Fund and the Caribbean BluEFin project for recognizing the potential of our Circular Blue Economy Initiative and investing in this vision”. “This support will allow us to strengthen the capacity of local entrepreneurs, turn plastic waste into valuable products and create new economic opportunities. We hope the project will demonstrate that reducing plastic pollution can go hand in hand with building stronger, more sustainable local businesses and livelihoods.”
Together, the five initiatives demonstrate the potential of Blue Economy financing to transform environmental challenges into economic opportunities while strengthening the resilience of Caribbean ecosystems and communities. The Caribbean BLUEFIN Project creates and strengthens nature-based blue economy opportunities and approaches in the region through innovative financing mechanisms. The Caribbean BluEFin Project is financed by the Global Environment Facility (GEF), implemented through the United Nations Environment Programme (UNEP), and executed by the Caribbean Biodiversity Fund (CBF).The project is co-financed from the German Development Bank (KfW) on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ), the French Development Agency (AFD), the French Facility for Global Environment (FFEM), and the German Corporation for International Cooperation (GIZ).
