CAF Doubles Down on Ocean Investment with $2.5 Billion Boost

The Development Bank of Latin America and the Caribbean (CAF) is amplifying its commitment to ocean conservation by announcing a $2.5 billion investment, set to roll out between 2025 and 2030. This initiative aims to protect marine ecosystems and bolster sustainable economic activities, significantly enhancing their previous commitments.

CAF's additional funding will target key areas such as low-carbon maritime transport and the restoration of damaged ocean ecosystems, alongside promoting sustainable tourism. This comes after already surpassing its prior funding target of $1.25 billion from 2022-2026, including efforts in marine protection and supporting small-scale fisheries.

The announcement precedes a U.N. Oceans conference in Nice, France, set to encourage stronger protection commitments and financial support for ocean biodiversity. Despite the crucial role oceans play in trade, food security, and climate regulation, current investments are falling short. CAF's initiatives aim to bridge this gap and strengthen ocean health for a sustainable future.

(With inputs from agencies.)