Small Island and Large Coastal States in Latin America and the Caribbean are heavily dependent on their marine and coastal assets to sustain livelihoods, through fisheries, tourism and shipping. The integration of marine and coastal components through blue economy, blue carbon ecosystems and nature-based solutions (NbS) within National Determined Contributions (NDCs) is a good opportunity to increase climate ambition. So, a publication on this is presented providing practical tips on how to better incorporate blue economy and NbS for the protection and restoration of blue carbon ecosystems in their NDCs and climate policy documents, by using several existing resources, presenting them in a summarized and user-friendly way, while directing the reader to further tools and methodologies that they may wish to review in-depth based on their needs.

While the application of blue economy, blue carbon and NBS provide opportunities for the LAC region, there are current barriers that have limited the inclusion of blue economy strategies within NDC implementation. These include the legal arrangements and financial architectures to mobilize finance for these actions.

To help face one of these gaps, UNDP wants to start a discussion about blue carbon initiatives to mobilize finance for coastal ecosystem management in LAC.

Objectives:

- To present the publication ‘Blue Economies and Nature Based Solutions for Enhanced Climate Action in LAC SIDS’.

- To understand and map financial opportunities for blue carbon initiatives in LAC.

The event will have simultaneous Spanish-English interpretation and will be of hybrid format, with both in-person and virtual participation. 

Find more information about LAC Climate Week events here.

Panellists:

• Ana María Núñez, Waters, Oceans, Biodiversity and Ecosystems Specialist, UNDP
• Valeria Correa, Regional Specialist, UNDP LAC
• Ms. Beverly Wade, Director of Blue Bonds and Finance Permanence Unit, Belize
• Ms. Sonia Gautreau, PROCARIBE+
• Mr. Thomas Hickey, Project Director, Coastal Wetlands and Coral Reefs, The Pew Trusts
• Dr. E. Angus Friday, Strategic Partnership Director, Waitt Institute

Agenda:

Increasing the ambition and channeling funds for blue NDCs

Intro & overview Ana María Núñez – RTA for Waters, Oceans, Biodiversity and Ecosystems – UNDP

Presenting the Publication ‘Blue Economies and Nature Based Solutions for Enhanced Climate Action in LAC SIDS’ Valeria Correa, Regional Specialist, UNDP LAC - Guidance to integrate blue economy, blue carbon and NBS in NDCs. - Areas of opportunities for LAC SIDS and other resources

Case 1: Blue bonds in Belize Ms. Beverly Wade - Director - Blue Bonds and Finance Permanence Unit, Belize - What are the main results?  How does the financial mechanism work? How feasible is the project replication in LAC? 

Case 2: The new regional PROCARIBE+ Project, upscaling ambitions under the NDCs - Ms. Sonia Gautreau, PROCARIBE+ - What is proposed in the project? Financial mechanism included How feasible is the project replication in LAC?

Case 3: Pew Charity Trust interventions by on Blue carbon and its financing. Mr. Thomas Hickey – Project Director, Coastal Wetlands and Coral Reefs - The Pew Trusts - What are the main results of your blue carbon interventions? - Financial mechanism applied - How feasible is the replication in LAC?

Case 4: The work of Waitt Institute in blue economy financing and partnership - Dr. E. Angus Friday - Strategic Partnership Director - Waitt Institute - What are the main results of your programmatic approach?  - Financial mechanism applied - How feasible is the replication in LAC?  

Roundtable discussion - How can LAC become a pioneer in ‘blue NDCs’? - What is needed in LAC to unlock blue carbon finance?

End of session (main takeaways) Ana María Núñez – RTA for Waters, Biodiversity and Ecosystems – UNDP