THE BAHAMAS
The Bahamas boasts some of the most extensive and diverse coral reef systems in the Atlantic, supporting rich marine biodiversity and a thriving tourism industry.
Priority Locations
- Grand Bahama
- Abaco
- Andros
- Exuma
Partners
Convening Agent: The Nature Conservancy (TNC)
Key Implementing Partners: Coral Vita, Access Accelerator Small Business Development Centre (AASBDC), Bahamas Protected Areas Fund (BPAF), Bahamas National Trust (BNT), Elizabeth Harbour Conservation Partnership (EHCP), Perry Institute for Marine Science (PIMS), Nature Vest, UNCDF
2030 Targets
1.7K HA
Coral reefs under conservation and sustainable management target
$23M
Private investment, returns & co-financing leverage target
83K
Community members benefiting from improved resilience, sustainable livelihoods, and increased income target
Overview
The UN Fund Programme Impact Funding for BahamaReefs programme seeks to operationalise innovative financial mechanisms that can leverage private finance to complement public and philanthropic funding. This approach provides local actors and partners with the resources necessary to develop initiatives for reef protection, restoration, and the establishment of reef-positive businesses. Through a pipeline of investable opportunities within the Blue Economy, the programme promotes long-term coral reef conservation and restoration success. It aims to support innovative solutions and expects to achieve the following outcomes: enhancing the management of climate refugia and MPAs, bolstering the livelihoods of reef-dependent communities, and restoring coral reefs and associated ecosystems while benefiting local communities.
The GFCR Equity Fund has also invested in Six Senses Grand Bahama, an ecotourism resort that aims to boost local tourism, development, and environmental restoration activities. With social and environmental responsibility at its heart, the new resort and residences will create employment opportunities for Grand Bahamians, encourage terrestrial and marine sustainability and regenerative activity on the island, and engage the surrounding community while protecting the land and adjacent oceans for future generations of locals and visitors to Grand Bahama. Ultimately, the goal of the resort is to serve as an exemplar for future sustainable tourism models on Grand Bahama and across the Bahamas and the Caribbean. This project will create ~ 200 permanent local jobs, stimulating the economy by supporting nearby businesses. The resort will allocate over $2.5 million from its sustainability fund toward marine conservation efforts including enhancing sustainable fishing initiatives, marine tourism opportunities, community projects, and coral restoration to preserve the marine ecosystem.
