Inter-American Development Bank opens blue tech challenge

Illustration (Photo: Pixabay/Creative Commons CC0)

The Inter-American Development Bank (IDB) has launched a call for proposals for cutting-edge technology projects and associated business models that support the long-term sustainability of the ocean economy in the Caribbean region.

The Blue Tech Challenge focuses on identifying organizations that can contribute to the sustainable management of coastal resources, oceans, and marine ecosystems pertaining to one of 14 Caribbean countries.

As discussed during the US Department of Energy WPTO’s maritime markets forum back in December 2017, marine energy has potential to provide power for a number of distributed markets including island communities.

Therefore, applicants to the call will need to demonstrate how their technology can enhance the livelihoods, food security, and economic development of the Caribbean region’s population, as well as commercial viability.

The US deadline to submit proposals for grants ranging from $150,000 to $500,000, or loans from $500,000 to $2 million with 50% cost share, has been set for November 30, 2018.

According to IDB, the announcement of selected proposals is expected to be made in February 2019.

Founded in 1959, the IDB is one of the main sources of long-term financing for the economic, social and institutional development of Latin America and the Caribbean. The IDB also conducts state-of-the-art research projects and provides policy advice, technical assistance and training to public and private clients throughout the region.

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