Globally, aquaculture has been growing at a fast, exponential rate. However, the Caribbean region has failed to experience a similar level of growth over the past several decades despite the region's astounding potential. Compared to global averages, the development of aquaculture in the Caribbean has experienced slower growth, often plagued with more barriers to entry than other regions - including inadequate logistics and infrastructure, absence of enabling policy and legal framework, lack of funding, inappropriate farm management, global market shifts, and the presence of inexpensive fish imports, among numerous others. As of 2014, the Caribbean only constituted ~0.05 percent of the world's total aquaculture production. While these matters may seem discouraging, this region has immense aquaculture potential and it only further demonstrates the necessity for the development and implementation of a strategic approach for the successful expansion of this sector in the Caribbean region. As in many areas of the world, wild capture fisheries have reached and, in some cases, exceeded their maximum sustainable yield. Additionally, Caribbean Small Island Developing States (SIDS) boast some of the highest fish consumption rates globally, ranging from 10 to 35 kg/capita - with many nations exhibiting consumption rates greater than the global average. Aquaculture development is vital to fulfill the seafood demand and will not only improve food security, but will drive economic development, provide local, regional and international trade opportunities, and support alternative livelihoods.
The development and implementation of a Caribbean Aquaculture Development Fund presented is needed in order to ensure the successful and sustainable growth of the industry in this region. The Fund will be the first of its kind, with the aim of providing aquaculture development funding as incentives to organizations that wish to drive aquaculture projects and development in the Caribbean region. The objectives of the fund address four main areas; financing, capacity building, market development, policy development and improvement and technical support access. The establishment of the Caribbean Aquaculture Development Fund will provide opportunities for the region to access the necessary capital to provide improved access to imports (feed, seed, etc.), delivery of technical support, improvement of managerial and workforce capacity, development of markets, development of certification schemes and improved access to fundamental training opportunities. To this effect, the Caribbean Aquaculture Development Fund will be a necessary tool to mobilize the financial resources required to enable sustainable aquaculture to reach its potential while supporting the achievement of the Sustainable Development Goals (SDGs). The development and implementation of the Caribbean Aquaculture Development Fund will be vital for the successful growth of the aquaculture industry; contributing to many country priorities along with the achievement of multiple Sustainable Development Goals.