The Development Bank of Latin America and the Caribbean (CAF) has announced it will double its investment in ocean-related initiatives to $2.5 billion by 2030, significantly expanding its commitment to marine conservation and sustainable development. The decision follows the successful rollout of its previous $1.25 billion pledge made in 2022, which has already been surpassed, with $1.3 billion disbursed over the past three years. The new funding will support a broad range of projects, including low-emission maritime transport, coastal restoration, sustainable tourism, marine sanitation systems, and clean energy transitions—such as more eco-friendly shrimp farming in Ecuador.
This announcement comes in advance of the UN Ocean Conference in Nice, where nations are expected to advance negotiations on a new ocean biodiversity treaty. CAF emphasized the ocean’s vital role in supporting regional economies, from fishing and tourism to climate regulation. Despite this, global ocean health remains underfunded, with only $10 billion invested annually worldwide between 2015–2019—far below the $175 billion per year the UN says is necessary. CAF’s increased investment aims to close that gap by also targeting illegal fishing, wastewater treatment, and climate resilience for vulnerable coastal areas across Latin America and the Caribbean. More