Envisioned by ERSF to serve as a catalyst to realize the value of natural (blue) infrastructure through sustainable economic growth and resilience, the Blue Tide Initiative is an engine for coastal and near-ocean research and development and industry innovation in the ocean economy arena.
The primary vehicle for implementation of the Blue Tide initiative, Bluetide Puerto Rico, Inc., was established in 2018 as a 501c3 nonprofit corporation with a representative board of directors. With an $8.9 million grant from EDA, the organization purchased two research vessels to attract global leaders in marine science.
Memorandums of Understanding have been signed with Roosevelt Roads’ Local Redevelopment Authority and with the University of the Virgin Islands and the University of Puerto Rico to initiate regional collaboration. A U.S. Caribbean workgroup was formed to pursue innovations in coral production. Initial strategies are focused on workforce development in ocean ecosystem and coastal restoration with transferable skills to nautical tourism, mariculture, leveraging opportunity zones, and empowering local stakeholders to optimize the National Oceanic and Atmospheric Administration’s (NOAA’s) resources.
Looking forward, the Blue Tide Initiative will work with insurers to establish a base value for blue infrastructure via parametric bonds and use that value to securitize and finance sustainable development.
