Bahamas’ huge Blue Economy potential takes center stage in Monaco

NASSAU, BAHAMAS — The Bahamas took center stage during this year’s Monaco Oceans Week, where stakeholders and international experts gathered to share analysis of major threats to the world’s marine environments, discuss methods of preserving oceans, and brainstorm exciting new opportunities for building profitable Blue economies in climate threatened jurisdictions. 

The annual week of meetings, debates and actions dedicated to the ocean, held March 20-26, saw top scientists, leading entrepreneurs, celebrities, and public authorities convene from around the world. The guests were hosted by Prince Albert II of Monaco, a dedicated ocean advocate who in 2006, founded the Prince Albert of Monaco II Foundation, a global non-profit committed to progressing planetary health for present and future generations.

Prince Albert hosted a panel on Coastal Resilience for The Bahamas, where Grand Bahama native and Grand Bahama Port Authority director Rupert Hayward discussed cutting-edge solutions to the urgent climate threats facing local communities. Blue Action Ventures, of which Hayward is the founder and president, co-organized the event with Prince Albert II.

Hayward said: “As a low-lying island nation, The Bahamas is at the forefront of the battle to preserve oceans and coastal communities from climate driven threats. We have a great deal to share with the world about what the future will look like if climate-driven threats are not addressed.

“At the same time, we are grateful for this opportunity to brainstorm with some of the world’s leading experts on strategies that can be employed at home to build resilience in the face of stronger storms, while also generating millions of dollars of investment and thousands of high-skilled jobs.” 

Blue Action Ventures is currently undertaking a number of resilience and capacity building efforts in The Bahamas, centered around mangroves, sustainable aquaculture, reef restoration, and support for entrepreneurs. Among these is the Blue Action Lab (BAL), a cutting-edge Bahamian non-profit focused on delvering solutions for a climate resilient future for the Bahamas, including education and capacity-building.

BAL is working with partners including the University of The Bahamas to equip Bahamians with the skills needed to thrive in the emerging Blue and Green economies while building resilience to protect The Bahamas from the worst ravages of the climate crisis.

Meanwhile, the recently-launched Blue Action Accelerator, a Grand Bahama-based sustainability investment platform, is working with international partners to raise $10 million to fund and support up to 35 cutting-edge science and technology startups working to mitigate climate change, increase ocean health, and build coastal resilience in vulnerable countries like The Bahamas.