Blue Co is a proposed blended finance co-investment platform aimed at helping SIDS meet the Paris Agreement and SDG14 targets. In August 2022, Caribbean Heads of Government convened in the Bahamas requested GCF to help the region build a blue economy strategy. Building on this request, GCF is proposing Blue Co, an umbrella project which will lay the foundation for crowding in investments from all sources and at scale on the blue economy.
Using a coordinated programmatic approach, Blue Co will act as an investment platform blending public and private finance by attracting funding from development partners, philanthropies and the private sector. It will offer different levels of de-risking to attract private investments through innovative financial instruments and targeted interventions at fund and project levels.
The Blue Co Caribbean project will have three components:
- Designing or updating blue economy frameworks at national and regional levels;
- Establishing a regional coordination mechanism to ensure coherence of projects under the umbrella; and
- Co-finance and implement one or more pilot projects on the blue economy.
The main objective of this write shop is to complete a zero draft of the Blue Co umbrella project concept note and a Project Preparation Fund (PPF) request which (i) reflect the latest scientific data, (ii) build on existing plans and initiatives at national and multi-country levels, and (iii) include the needs and interests of potential participating countries. The format will be centered on informal discussions aimed at completing the GCF concept note template. Participants will be invited to provide input to ensure scientific accuracy, complementarity with existing initiatives, and alignment with country needs and interests.
Attendance by invitation.