The Government of Belize, through the Ministry of Blue Economy and Marine Conservation, in collaboration with the Inter-American Development Bank (IDB), convened the first regional knowledge exchange under the IDB-funded technical cooperation, “Supporting the Development of Blue Carbon Markets in the Caribbean,” bringing together representatives from Belize, Jamaica, and Trinidad and Tobago on May 27–28, 2026.
The meeting marked a key implementation milestone for the IDB-financed technical cooperation, which supports Caribbean countries in strengthening the policy, institutional, and technical conditions needed to participate in emerging blue carbon markets. The initiative, valued at US$600,000, is designed to help participating countries develop high-integrity blue carbon credits that can contribute to climate finance, ecosystem conservation, and sustainable economic development. Expected outcomes include enhancing the region’s global visibility and influence through a common policy voice, as well as advancing regional coordination mechanisms with support from the Caribbean Community Climate Change Centre (CCCCC).
Over the course of the two-day workshop, participants engaged in in-depth technical discussions facilitated by Silvestrum Climate Associates, a globally recognized advisory firm specializing in climate finance mechanisms and nature-based solutions. These sessions led to the identification of key gaps, barriers, and opportunities for blue carbon market development across the Caribbean. Key areas highlighted included governance and institutional coordination challenges; gaps in policy, regulatory, and legal frameworks; and capacity needs related to technical tools, data systems, and implementation mechanisms.
Participants drew on national experiences to highlight practical challenges and lessons learned, including complexities associated with land tenure systems, project scale and development readiness, and access to upfront financing for project initiation. Discussions also underscored the importance of strengthening inter-agency coordination to support effective governance and implementation of blue carbon initiatives.
Country exchanges, particularly insights shared by Jamaica, emphasized the increasing impact of climate-related risks such as hurricanes, which pose significant threats to the viability and sustainability of carbon projects in coastal and marine ecosystems. Participants highlighted the need to strengthen data collection systems and advance Monitoring, Reporting, and Verification (MRV) frameworks to ensure transparency, credibility, and accuracy in tracking emission reductions and carbon sequestration outcomes. Representatives from Trinidad and Tobago also emphasized the importance of building human capital and technical capacity to support data collection, management, and long-term implementation of carbon market initiatives.
Advances were also made toward the development of regional guidelines for blue carbon market development, including toolkits outlining best practices for benefit-sharing arrangements, structuring public-private partnerships, and integrating blue carbon initiatives within Article 6 of the UNFCCC framework.
This initial convening represents a pivotal milestone in positioning the Caribbean as a proactive and coordinated participant in global blue carbon markets. Through this technical cooperation, countries will continue to build institutional capacity, strengthen enabling environments, and develop scalable solutions to support long-term participation in climate finance mechanisms.
The Government of Belize and the IDB reaffirm their shared commitment to supporting regional efforts that align environmental sustainability with economic growth, ensuring that Caribbean nations are equipped to harness the full potential of their coastal and marine resources.
The post Caribbean Countries Participate in Regional Knowledge Exchange to Advance Blue Carbon Markets appeared first on Belize News and Opinion on www.breakingbelizenews.com.
The Government of Belize, through the Ministry of Blue Economy and Marine Conservation, in collaboration with the Inter-American Development Bank (IDB), convened the first regional knowledge exchange under the IDB-funded technical cooperation, “Supporting the Development of Blue Carbon Markets in the Caribbean,” bringing together representatives from Belize, Jamaica, and Trinidad and Tobago on May 27–28,
The post Caribbean Countries Participate in Regional Knowledge Exchange to Advance Blue Carbon Markets appeared first on Belize News and Opinion on www.breakingbelizenews.com.