Racquel Moses | Building the Caribbean on sustainable, collaborative growth

The Caribbean was a major global innovator in 2022. From our politicians and diplomats steering international policy in New York during the UN General Assembly and UN climate conference (COP27) in Sharm el-Sheikh, to the development of key programmes like Barbados’ Blue Bonds and planning for a Caribbean Single Energy Export Market – the region’s leadership has been on full display. These actions have created a platform to build on in 2023 and will provide the opportunity for the region to step up its development initiatives.

NEW YEAR, NEW GOALS

Bermuda’s Blue Prosperity Plan is gathering steam as the nation works to fulfil its own needs as well as those outlined in the global 30 by 30 target signed at the UN’s Convention on Biodiversity in December 2022. By maximising the conservation and protection of our lands and oceans, we can develop opportunities for sustainable economic growth focused primarily on the environment. Bermuda’s Blue Prosperity Plan will build a strong blue economy that can serve as a blueprint for countries within the Caribbean.

Green hydrogen continues to be a close yet elusive target for lawmakers in the Caribbean and the world at large. Investments have been made in Latin America’s hydrogen infrastructure, highlighting the increasing demand for this renewable fuel. Being able to master the production of green hydrogen could be a boon for operators – and the Caribbean Single Energy Export Market continues to gain traction as a viable opportunity for the region to develop a strong low-carbon economy. Keep an eye on further developments at the Caribbean Renewable Energy Forum and throughout the year.

The impact of COVID-19 on tourism had lasting consequences on our collective economies, but 2022 saw the Caribbean gain back 90 per cent of its total pre-pandemic arrival numbers – one of the fastest recoveries in the world. As the Caribbean Tourism Organization notes, tourism in this new year will shift back to previous levels, but these areas are increasingly vulnerable to climate change and will require funding to future-proof further. Investments into innovation and resilience-building efforts will be a key theme in 2023 across the Caribbean, and the return of tourism will play a major role in it.

KEY MILESTONES THIS YEAR

Cofounded by Bahamian former NBA Champion Rick Fox, a new carbon-negative housing project that uses uprecycled and natural materials will be making waves in the Caribbean. With a preliminary thirty homes sent to be built in the Bahamas, Fox’s company Partanna is seeking to have an impact on housing efforts and creating climate-proof communities across the Caribbean. Partanna will be working in partnership with the Caribbean Climate-Smart Accelerator to integrate low-carbon housing developments into regional development plans.

This year will bring forth new iterations of important events that will have significant impacts on the region. The first one is the Caribbean Renewable Energy Forum in April that will provide an opportunity to advance renewable energy initiatives in the Caribbean. Decarbonisation is dominating international policy as countries seek to reduce their carbon emissions to keep the 1.5°C target alive. The Caribbean has a wide range of renewable energy sources it can tap into at a local, regional, and global scale.

Climate Week and the UN General Assembly happen in tandem in New York between September 12-30, and always serves as a taster of what the UN climate conference will look like just weeks later. In 2022, the Assembly featured Caribbean leaders and diplomats from climate vulnerable nations pushing for more action on Loss & Damage, which started the ball rolling on wider collective international pressure. The momentum behind this led to the landmark decision taken at COP27 – what can we expect from this year’s Assembly?

To be held in Dubai from November 30 to December 12, this year’s UN climate conference, COP28, will see the unveiling of the loss and damage framework that was agreed upon in 2022. In addition to this long-awaited announcement, the next set of climate policy will be negotiated, while civil society and international stakeholders meet to develop the private sector’s own action plans. With every year critical in our fight against climate change, COP28 carries with it the hopes of future generations.

A POSITIVE OUTLOOK

“Working alone, none of us will be able to overcome the existential threat posed by climate change. Working alone, none of us will be able to fully seize the opportunities of the new world order, where old certainties are fast disappearing, and new technologies favour the agile and the clever,” incoming Caribbean Community Chairman and Bahamas Prime Minister Philip Davis expressed in his new year’s address. We must continue to collaborate towards reaching common goals in the region and stand unified on the global stage. We can achieve far more together than apart. 2023 can be the year of continued sustainable collaborative growth and we are already well positioned to reach that target.

Racquel Moses is the CEO of Caribbean Climate-Smart Accelerator. Send feedback to columns@gleanerjm.com.