Sustainable Business Magazine talks with Sara Low and Leah Ragbir of Ernst & Young Caribbean about the Caribbean Blue Economy Hub, which is transforming how investors and conservationists in the region work with each other. Written by Eddie James
For more than two decades, Ernst & Young (EY) has been at the forefront of sustainability services, helping organisations navigate the complex and evolving challenges of building a resilient economy. The company’s global sustainability practice has over 20 years of experience, and its Caribbean arm has run its own dedicated sustainability practice for the last five years. That local expertise is now being channelled into one of the region’s most exciting sustainability initiatives: the Caribbean Biodiversity Fund’s (CBF) Caribbean Blue Economy Hub as part of their regional Blue Economy Financing (BluEFin) Project.
The Hub is a regional initiative designed to strengthen the blue economy ecosystem by connecting stakeholders, building capacity and supporting sustainable ocean-based economic development. Sara Low, Manager of Sustainability and ESG Services, has worked on the project for the past 18 months alongside Senior Sustainability and ESG Consultant, Leah Ragbir. Together, they explained to Sustainable Business Magazine how EY Caribbean became involved in the initiative:
“The Caribbean Biodiversity Fund issued a call for proposals, and we were immediately interested,” Ms. Low says. “Much of the work EY does, both globally and across the Caribbean, focuses on sustainability and sustainable development. The opportunity aligned strongly with the work we were already doing across the region.”
A natural fit
The CBF call for proposals immediately resonated with the EY team. The blue economy is concerned with sustainable economics around marine resources and is a natural focus for a region made up of small islands with vast ocean territories vulnerable to climate change.
“What really interested us about the project was that it brought together a number of the issues that are critical to sustainable development in the Caribbean,” Ms. Low explains. “The blue economy has become a buzzword in recent times but for countries like ours it’s a very real opportunity. Our economies, communities and livelihoods are closely tied to the ocean so creating sustainable opportunities within the blue economy is incredibly important.”
EY’s regional presence and private sector relationships made the firm an ideal partner for the CBF’s vision.
At EY, we also have strong private sector networks and a deep understanding of the financial and business side of sustainability. When CBF started looking at ways to increase private sector engagement in the blue economy, it felt like a really good fit.”
Caribbean Blue Economy Hub
“The Caribbean Blue Economy Hub is an online platform led by the Caribbean Biodiversity Fund and currently being piloted in five Caribbean islands, The Bahamas, Dominican Republic, Grenada, Saint Lucia and Saint Vincent and the Grenadines,” Ms. Ragbir explains. “The objective of the Hub is to act as a clearing-house mechanism. It brings together what the Hub terms ‘opportunity owners’ alongside investors and other stakeholders across the blue economy ecosystem, creating opportunities for connection and collaboration. We often refer to that initial connection as the ‘handshake’, where an investor or stakeholder can express interest in an opportunity and begin exploring opportunities for partnership and support.”
The Hub’s role extends beyond facilitating connections. It was also designed to support knowledge sharing, capacity development and collaboration across the region.
“Creating connections is an important part of the Hub, but it was never the only objective,” continues Ms. Ragbir.” We also wanted it to be a space for knowledge sharing, training and capacity building, helping people access the resources, expertise and support needed to strengthen projects and organisations across the region. A big part of the vision was connecting the different organisations already supporting blue economy development, including incubators, accelerators and other knowledge Hubs across the region. The Hub brings together several parts of the ecosystem as a lot of expertise, support and opportunities already exist across the region. Part of the Hub’s role is making it easier for people to find those resources and connect with one another.”
Longer term, EY intends the Hub to become an essential tool.
“The long-term vision is for the Hub to become a central point of connection for the blue economy in the Caribbean. Whether it’s access to financing mechanisms, investment opportunities, expertise or potential partnerships, the goal is to make it easier to identify and access the resources needed to advance projects and initiatives.”
Early days, promising projects
While the Hub is still in its early stages, the team has already completed two rounds of stakeholder engagement including in-person investment readiness capacity-building training in each project island. Over 20 sub missions have been gathered from the pilot countries so far and are now being reviewed by the CBF. As part of this process, the CBF is providing vetting support to help ensure that submissions are suitable and sufficiently developed for investor engagement.
Ms. Low acknowledges that it’s still too early to report major success stories.
“We’re seeing some really innovative ideas across the region. The challenge isn’t usually the idea itself. It’s helping projects think through how they sustain themselves over the long term, attract investment and ultimately grow their impact.”
Many projects have strong environmental and social objectives but often need additional support to strengthen their business models and position themselves for long-term success.
“A lot of organisations are doing excellent work, but long-term success depends on having a model that can sustain itself. That’s where we see a real opportunity. If we can encourage more innovation and stronger business thinking alongside environmental impact, we’ll be in a much better position to scale these solutions across the region.”
Future for the Hub
Looking ahead, Ms. Ragbir says the immediate priority is to continue strengthening capacity, supporting project development and increasing private sector engagement.
“We’re continuing to expand training and capacity-building efforts while strengthening the project pipeline,” she says. “The goal is for the Hub to become one of the first places investors think of when they are looking at opportunities in the blue economy. We want it to be a place where they can find projects that have already started doing the groundwork around business planning, financial sustainability and market positioning.”
“To support that, we’ll continue engaging the private sector while also building capacity across communities,” Ms. Ragbir continues. “Many of the most innovative ideas and businesses originate within local communities, but they don’t always have the support needed to reach the next stage. By strengthening connections between accelerators, incubators, the private sector and project owners, we can help connect those ideas with the expertise, resources and investment needed to grow.”
Currently, the Hub is focused on pilot countries for the project, but the plan is to eventually scale it across all Caribbean nations. The CBF has long-term funding in place to keep driving business development, Ms. Low explains:
“At the moment, we’re focused on the five pilot countries, but the vision has always been regional,” she says. “The CBF has long-term funding in place to continue growing the Hub, along with dedicated resources to drive its development. The goal is for it to become a conduit that connects different stakeholders across the Caribbean, whether they are experts, project developers, investors or organisations looking to share knowledge and resources.”
Benefits for all
Perhaps most importantly, the Hub is designed to make a compelling case for why investing in the sustainable blue economy is not just an environmental imperative but a sound financial decision. In a world where unsustainable practices like deep-sea mining and destructive fishing are on the rise, the Hub aims to show that there is a better way.
“The Caribbean Blue Economy Hub is really about making the case for why investing in the sustainable blue economy makes sense. It demonstrates that we can create economic value while also delivering positive environmental outcomes. In many cases, these opportunities can provide strong returns while supporting healthier marine ecosystems, offering an alternative to unsustainable practices such as deep-sea mining and overfishing. Ultimately, it’s about showing that a sustainable blue economy can make sense environmentally, socially and economically.”
For EY Caribbean, the Caribbean Blue Economy Hub represents a powerful example of how sustainability and business can work hand in hand. By connecting investors with community-led projects, building capacity, and championing innovative business models, the Hub is helping to build a future where the Caribbean’s oceans are not just protected, but are a source of sustainable prosperity for generations to come.
Ms. Low expands on this, linking Hub’s work to broader geopolitical and environmental challenges facing the Caribbean: “The push for deep-sea mining and underwater resource extraction is growing right now. But if we can cultivate better policies and stronger regulatory environments for the Caribbean blue economy, we can also protect ourselves against developments that could significantly damage our ecosystems. The Hub is meant to play a role in advancing that conversation and reinforcing the idea that we can use our ocean resources sustainably in ways that benefit all of us.”
