CAF’s Vision on the Ocean and Blue Economy of Latin America and the Caribbean

You are kindly invited to participate in this COP27 side event in Sharm El Sheikh, whose main objective is to present, share and receive feedback from key actors, on the participatory process for the development of CAF’s Ocean and Blue Economy Vision for Latin America and the Caribbean.

CAF -Development Bank of Latin America- considers that the main contribution of the environmental dimension of sustainable development points to the recognition of the conservation and sustainable use of biological resources in the region. This sustainability in development proposed by CAF is evident in the main components of its Green Agenda and in its path towards becoming the green and blue bank in Latin America, based on the conservation of biodiversity and climate resilience, making a transition towards a greener and more inclusive economy in Latin America and the Caribbean.

Likewise, CAF recognizes that the environmental component is crucial in the productive transformation of the region. First, being aware of the importance of the region's insertion in the global context, CAF promotes and supports the international environmental agreements that have been signed by its member countries, including the Lisbon Declaration on the Ocean, the Sustainable Development Goals (SDG), the Convention on Biological Diversity, the Paris Agreement, and its annexed protocols.

At the same time, CAF promotes and supports the generation and increase of the productive value of natural capital, as well as the development of emerging environmental markets and the improvement of the environmental management of businesses and productive sectors, so that, together, these strengths promote the sustainable integration of countries in international markets under sustainability parameters. The role of the ocean in Latin America has been secondary in sustainability strategies; however, the demonstrated deterioration of environmental quality and the increase in the need to expand, among other sectors, the food, tourism, transportation, and energy production matrixes, make urgent and urgent attention to the ocean with a strategic approach.

As the understanding of biodiversity and the ocean evolves, it is widely recognized that biodiversity generates significant socioeconomic value through the provision of goods and services that underpin or influence nearly every product or service on earth. Ocean biodiversity plays a key role in the food supply, climate regulation, fresh air supply, carbon sequestration, and natural protection against environmental degradation.

The evolution in the understanding of the ocean and the services it provides is changing the perspectives and reasons why ocean biodiversity is called to be considered an asset, and the explanation of why to promote the conservation and sustainable use of biodiversity. of the ocean is relevant for reasons that go far beyond biology.

CAF evolves towards becoming the Green Bank of Latin America and the Caribbean, and to this end, among other goals, it will allocate USD 25,000 million of direct financing for green operations in the next 5 years. At the same time, CAF is aware that to be green is also unavoidable to be blue, and for this reason, it announced at the United Nations Ocean Conference last July 2022 that for the period 2022-2026 it will allocate at least USD 1,250 million in financing directly for projects in the seas and coastal and oceanic areas of Latin America and the Caribbean.

Taking into account current trends that are leading to increased awareness and willingness to pursue multilateral collaborative agreements geared towards supporting biodiversity conservation around the world, and the significant push to rethink policies and practices based on widely shared concerns for the conservation of ocean biodiversity, it is in CAF's interest to propose a strategic vision for the Ocean in Latin America and the Caribbean, so that it is aligned with CAF Banco Verde's Vision, with the 2030 Agenda for Sustainable Development and the Goals of Sustainable Development, as well as with the emerging Post-2020 Global Biodiversity Framework, the Paris Agreement, and other regional and international trends that are of great concern to CAF and its member countries.

With this interest in building CAF's strategic vision for the ocean in Latin America and the Caribbean, it is considered that the COP27 space in Sharm El Sheikh presents an ideal context and is a key part of the participatory process that is cementing this strategic vision through conversations with interested parties and relevant actors about the ocean and blue economy

Date: November 14, 2022

Time: 15:00 - 16:00 (Egypt)