Ocean-based economies face a series of challenges that limit their chances of sustainable development and make them highly vulnerable to climate change. Despite these challenges, the vast natural capital in these territories opens up potentially large development approaches from which a new economy can emerge–including those that incorporate aspects of the Blue and Circular Economies. The Inter-American Development Bank is committed to translating these relatively new and complex concepts into practical actions that help improve lives in Latin America and the Caribbean. The Sustainable Islands Platform aims to be a space for exchange and learning about the potential of ocean resources to contribute to sustainable development.