Financial Mechanisms

Blue Carbon Project

Development of blue carbon projects to restore and protect coastal and marine ecosystems, and to provide additional resources to local communities

Drivers of Degradation Addressed

Coastal Development

Land-Based Pollution

Unsustainable Tourism

Marine-based pollution

The Fi Wi Riif programme will support the development of blue carbon projects in the Seaflower Biosphere Reserve, in order to restore and protect coastal and marine ecosystems, and to provide additional resources to local communities in the Archipelago. The potential for blue carbon has already been studied in the region and Colombia has the legal framework and an established domestic compliance carbon market to support this. Revenues generated through the selling of blue carbon credits could also feed the Seaflower Fund and the Fi Wi Riif Investment Account, for supporting MPA conservation and reef-positive businesses.

In Phase I, the programme supported initial stakeholder consultations, activities to leverage co-finance for the prefeasibility study and support policy work. In the next phases of the programme, the required studies for blue carbon projects will be developed.

Author Fondo Acción

Region Latin America and the Caribbean

Country Colombia

GFCR Programme Fi Wi Riif (Our Reef)

GFCR Convening Agent Fondo Acción

Priority Coral Reef Sites San Andrés Island

Sector Financial Mechanisms

Stage Concept/Design

UNESCO Site Seaflower Biosphere Reserve

Key Contact Magda Manuela Masquita Mc Keller

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