The Caribbean Biodiversity Fund (CBF) is a regional environmental shadow fund that uses a flexible structure to implement innovative solutions and consolidate resource mobilization in the Caribbean through a variety of financial instruments. Created in 2012 to provide reliable long-term financing for conservation and sustainable development in the Caribbean region, the CBF currently has 3 programs: Conservation Finance Program, based on an endowment fund through which CBF provides financial resources through partner National Conservation Funds (NCFs) to manage and protect biodiversity in 11 countries currently: Antigua and Barbuda, the Bahamas, Dominica, Dominican Republic, Grenada, Guyana, Jamaica, Haiti, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. Other countries also benefit from the Conservation Finance program through projects implemented at the institutional level, such as the Caribbean Regional Biodiversity Architecture Project (CRAB), the Caribbean Organization for a Resilient Environment (CORE) and the Effective Marine Protected Area Activities for the Caribbean (EMPAC) project. 2. Climate Change Program that awards grants directly to local, national and regional projects through competitive solicitations that support effective climate change adaptation measures in the insular Caribbean through its Ecosystem-Based Adaptation (EbA) Facility. To date, three Calls for Proposals (CfP) have been completed resulting in the award of USD 35.6 million to finance the implementation of 27 projects. Eleven projects were selected in the first call, 8 in the second call and another 8 projects in the third call. These projects focus on coastal and marine ecosystems, such as mangroves, wetlands, coral reefs and coastal watersheds, and will directly and indirectly benefit 40 marine protected areas. The EbA Facility provides support through the distribution of grant funds to 11 countries: Antigua and Barbuda, Barbados, Cuba, Dominica, Dominican Republic, Grenada, Haiti, Jamaica, St. Lucia, St. Vincent and the Grenadines, and Trinidad and Tobago. 3. The Nature-Based Economies Program works with Caribbean stakeholders to fund projects that promote and apply practical circular economy principles to minimize, prevent or eliminate waste entering the marine environment through the Advancing the Circular Economy (ACE) Facility. The ACE Facility will provide support to 9 Caribbean countries: Cuba, Dominica, Dominican Republic, Grenada, Haiti, Jamaica, Montserrat, St. Lucia, and St. Vincent and the Grenadines.