Jamaica currently generates an estimated 7 per cent of annual gross domestic product (GDP) from economic activities associated with the Caribbean Sea, but a new study carried out by the Caribbean Policy Research Institute (CaPRI) finds that number can be easily doubled with greater inclusiveness, lots of funding, and stricter coastal regulations.

The findings of the study titled “Sea of Opportunities” were released on Wednesday by CaPRI, with key takeaways being economic growth can align seamlessly with environmental stewardship and that Jamaica should push harder to capitalise on ocean assets, which was last said to hold a global value of US$24 trillion.

Moreover, value-added products or services in the blue assets were also estimated to have a global value of US$3 trillion by 2030.

CaPRI wants more operators in the tourism industry to test the waters with the incorporation of value-added experiences such as eco-tourism and marine tourism. It also wants water activities to be better promoted by the hoteliers and linked with marine parks to provide financial support for conservation efforts.

“A significant portion of visitors to the island are already involved in marine tourism activities and the potential for charging a fee is quite plausible,” co-research Raeann McKenzie said in presenting the findings.

Jamaica’s current tourism model directly makes up one-tenth of the blue economy’s contribution to total GDP; however, research shows that there’s a decline in value when compared to other economic sectors. CaPRI also thinks that’s a drop in the bucket when matched against the fact that Jamaica has a marine space almost 24 times larger than the island.

“Jamaica’s blue economy currently constitutes 7 per cent of the country’s GDP; however, with the implementation of appropriate policies we hold the potential to double this figure or even surpass that amount,” she added.

The study, which was funded by the European Union, also encourages a comprehensive review of the current tourism model with hopes for the incorporation of more community-based and ecotourism initiatives to offset coastal development issues often associated with the sector.

There are also unsustainable fishing practices, pollution, and climate change issues that CaPRI wants to tackle.

“An assessment of the coastal impact from tourism is needed as well as offsetting mechanisms should be identified and environmentally friendly mechanism within tourism offerings such as mangrove and coral restoration, education and awareness programmes,” she said.

The fisheries sector is also another major contributor to Jamaica’s blue economy, and CaPRI’s report highlights consideration for a sustainable fisheries sector in which factors such as import dependency, coastal management, declining fish stock, and marine sanctuaries must be addressed.

There is also an emphasis on the need for comprehensive stakeholder engagement with fisherfolk to ensure that solutions towards sustainable fisheries align with their preferences to avoid conflict.

CaPRI stressed that the fisheries sector is also in need of investments in modern fishing infrastructure as well as the increased production of value-added products to reduce post-harvest losses.

“Support fisherfolk with alternative livelihood opportunities, capacity building, and training, which will allow for diversification within the sector and reduce overexploitation of local resources. Also, provide financial incentives to encourage sustainable fishing practices and foster the development of the aquaculture sectors,” McKenzie said.

As it relates to funding, CaPRI talks new finance mechanisms, such as the development of a blue finance hub for the Caribbean.

“We can utilise Jamaica’s strategic geographic location in the Caribbean to establish a regional sustainable finance hub focus on blue, green, and climate financing opportunities align with sustainable development goals,” she said.

CaPRI also recommended that a greater portion of the income generated by the Tourism Enhancement Fund (TEF) be allocated to environmental projects that prioritise climate resilience, arguing that the stability of the tourism sector is in part dependent on a resilient environment.

Other approaches for funding include the development of a payment for ecosystem services (PES) to include a blue carbon framework which has embedded in it strategies to quantify and assess the carbon stocks. Additional sources of finance include environmental levies, arrival fees, environmental fines, blue and green bonds, and diaspora incentives.

“How can the Government, NGOs [non-governmental organisations], and private entities access blue finance? There is a range of global, regional, and local opportunities that exist for blue and green finance such as the World Bank, Inter-American Development Bank, and the Caribbean Development Bank which Jamaica can explore,” McKenzie said.