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EU joins forces with the Dominican Republic to make sargassum an economic opportunity
By Guzmán Ariza, Attorneys at Law
At COP28, the European Union and the Government of the Dominican Republic co-organised the “COP 28 Sargassum Panel – Urgency and Opportunities for Action and Investment” at the Dominican Republic Pavilion.
The Panel brought together the governments of the Barbados, Dominican Republic, Mexico, regional actors such as the Caribbean Community (CARICOM), the Central American Commission on Environment and Development (CCAD) and representatives from the private sector.
This forum follows both regions’ joint commitments at the EU-CELAC summit in July 2023, where, leaders pledged to work together to combat sargassum in the Caribbean. Under the EU-LAC Global Gateway Investment Agenda – the EU roadmap for potential investment projects to help address the region's infrastructure needs – the EU launched an initiative that aims to reduce the damage caused by these algae and integrate them into the circular economy, where, for example, sargassum would be transformed into cosmetics, fertilizers, electricity and biomass. It also includes aspects related to monitoring, research and the mobilisation of resources to maximise impact for tackling and optimising both region’s joint approach.
The forum at COP28 contributed to consolidating understanding, review ongoing experiences and identify opportunities for future joint actions.
More than a decade has passed since the first mass strandings of sargassum in the Latin America and Caribbean region, countries are faced with exponentially increasing accumulations on their shores. The trend continues to impact key coastal ecosystems contributing to major negative economic, environmental and health impacts.
The European Union - Latin America and the Caribbean Global Gateway Investment Agenda has identified more than 130 potential investment opportunities to help address the region's infrastructure needs, while creating local benefit and promoting growth, jobs and social cohesion. The EU-LAC Global Gateway Investment Agenda is a political commitment to work together, identifying fair green and digital investment opportunities in Latin America and the Caribbean, which will benefit from the open environment generated by trade and investment agreements and will help achieve the Sustainable Development Goals.
Guzmán Ariza, Attorneys at Law
Guzmán Ariza is a leading full-service law firm in the Dominican Republic, consistently ranked among the country’s top-tier firms by the most prominent global legal directories such as Chambers and Partners and The Legal 500.
With ten strategically located offices across the nation's principal business and tourism hubs, we are uniquely positioned to support clients in seizing opportunities within the largest and fastest-growing economy in Central America and the Caribbean.
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