Grenada is taking steps to preserve its marine space and to implement strategies for the sustainable use of its waters. In so doing, it is establishing itself as a frontrunner in the development of the ‘blue economy’ – a core component for world policy on climate change.
Governmental cooperation to promote the blue economy was highlighted by the United Nations Sustainable Development Agenda 2030, particularly with respect to small island development states, and is a part of Sustainable Development Goal No. 14: ‘Life Below Water.’
Grenada’s model for blue economy involvement is the world’s first ‘masterplan for blue growth.’ Its wide focus includes fisheries and aquaculture, biotechnology, research and innovation, and renewable energy. It also aims to establish a ‘Blue Innovation Institute’ – a think-tank tasked with developing practical solutions for blue financing including blue bonds, debt-for-nature swaps, blue insurance, and blue impact investment schemes.
Grenada’s capacity for a viable blue economy is reinforced by its 26,000 square kilometres of ocean space and growing tourism industry ever more interested in eco-friendliness. Despite these advantages, financial and technical assistance is also being provided by international organisations such as the United Nations Development Programme (UNDP), the Food and Agriculture Organisation (FAO), and the World Bank. Grenada, already home to the Blue Week 2016 and Investment Conference, will lend its experience in developing a sustainable method for ‘blue growth’ to world leaders at the UN Ocean Conference in New York scheduled for June 2017.