Sustainable development is not just a buzzword in the Caribbean but a critical path toward securing the region’s future. As climate change intensifies, the need for sustainable practices has never been more urgent. From rising sea levels to increased hurricane activity, the Caribbean faces unique environmental and economic challenges that necessitate significant investments in sustainable industries and infrastructure. 

This week I attended the Caribbean Infrastructure Forum (CARIF) 2024 in Miami hosted by New Energy Events, CIBC and KPMG. One of the most anticipated discussions was the panel titled ‘Sustainable Development: How Does Investment in Sustainability Translate into Economic Wins for the Private Sector?’. The panel featured distinguished leaders, including our Executive Director, Dr. Damie Sinanan, alongside representatives from the United Nations as well as private sector business such as Sandals Resorts.  The session was moderated by CIBC’s Executive Director for Investment Banking, Gillian Charles-Gollop.  The discussion highlighted how sustainability investments can yield substantial economic benefits for businesses and the region at large. 

The Case for Sustainable Development 

The Caribbean region is highly vulnerable to climate change, making sustainable development essential for both survival and growth. Climate-induced threats such as rising temperatures, sea level rise, and extreme weather events like hurricanes are already causing damage to infrastructure and the economy. As highlighted in the panel, Gillian Charles-Gollop of CIBC noted that sectors such as water, sanitation, and energy infrastructure will require significant investment—up to $2.2 trillion by 2030—to meet the United Nations Sustainable Development Goals (SDGs).  

Beyond environmental resilience, sustainable practices offer a critical opportunity for economic diversification. The Caribbean’s heavy reliance on tourism (which contributes as much as 32% of GDP in some islands) makes its economy particularly vulnerable to global shocks. Investing in sectors such as renewable energy, sustainable agriculture, and circular industries can help mitigate these risks and promote economic stability. 

Economic Wins for the Private Sector 

During the discussion Dr. Sinanan emphasized that investments in green technologies and climate resilience are not only vital for environmental protection but also for boosting economic performance. According to a study he cited, investment in green technologies could create over 400,000 jobs in the Caribbean by 2030. For the private sector, sustainable investments offer direct benefits, including cost savings through improved efficiency, reduced carbon footprints, and enhanced competitiveness. 

For example, Sandals Resorts International, represented by Kirstin McCarthy, has integrated sustainability into its core operations. McCarthy shared how the company has managed to achieve long-term savings by making their resorts more energy-efficient and reducing their water usage. She emphasized that their approach – “building better with less” – not only reduces environmental impact but also increases profitability. Sandals’ holistic strategy, where sustainability is embedded in all aspects of their operations, is a model other businesses can follow. 

Public-Private Partnerships: A Key Driver of Progress 

The panelists agreed that the path to sustainable development in the Caribbean requires collaboration between the public and private sectors. Giuseppe Mancinelli from the United Nations Office for Project Services (UNOPS) underlined the importance of infrastructure investment in achieving SDGs. He emphasized that resilient infrastructure, which accounts for 80% of greenhouse gas emissions and 90% of adaptation costs, plays a central role in reducing climate vulnerability while fostering economic growth. 

Moreover, Jeremy Superfine, a developer responsible for Cricket Square in the Cayman Islands, pointed out that the public sector must create a regulatory environment conducive to private sector investment in sustainability. He suggested that clear rules and policies, coupled with financial incentives, are critical to motivating businesses to invest in green technologies and resilient infrastructure. 

Conclusion: Building a Sustainable Future Together 

In conclusion, the panel at CARIF2024 highlighted that investing in sustainability is not only a moral imperative but also an economic necessity for the Caribbean. As Dr. Sinanan aptly summarized, these investments offer practical, tangible benefits, from job creation to cost savings and long-term economic resilience. For the region to fully capitalize on the economic opportunities of sustainable development, collaboration between the public and private sectors is essential, as is the need for clear regulatory frameworks and forward-thinking policies. By taking bold steps today, the Caribbean can build a more resilient, diversified, and prosperous future that benefits both people and the planet. 

The Caribbean and the world have lost a remarkable leader, diplomat, and advocate for small nations with the passing of Sir Shridath Surendranath Ramphal. Born on October 3, 1928, in New Amsterdam, British Guiana (now Guyana), he rose to become one of the Caribbean’s most distinguished global statesmen. His career, marked by service to the Caribbean, the Commonwealth, and the international community, spanned more than five decades, leaving an indelible impact on global diplomacy and development.

As the Caribbean Export Development Agency reflects on its Memorandum of Understanding with the Shridath Ramphal Centre at the University of the West Indies (UWI), this moment offers an opportunity to honor the man behind the name—a figure whose life’s work focused on justice, equality, and advancing the interests of small and developing nations on the world stage.

Regional Leadership: Champion of Caribbean Integration

In the Caribbean, he is revered for his role in fostering regional integration. His early involvement in the creation of the Caribbean Free Trade Area (CARIFTA) laid the groundwork for what would later become the Caribbean Community (CARICOM). As Guyana’s Foreign Minister from 1972 to 1975, he was instrumental in promoting economic cooperation within the region, encouraging the development of shared institutions that would support Caribbean self-reliance.

His visionary leadership also extended to his advocacy for Caribbean unity on the global stage. He believed that the Caribbean’s collective voice could carry weight in international forums, giving small island nations a seat at the table on issues such as trade, development, and climate change.

Global Statesman: Commonwealth Leadership and Beyond

It was in the international arena, however, where Shridath Ramphal became a household name. As the second Secretary-General of the Commonwealth of Nations, serving from 1975 to 1990, he was a tireless advocate for the interests of the developing world. Under his stewardship, the Commonwealth became a vital platform for promoting social justice, environmental sustainability, and the economic rights of small nations.

Shridath’s leadership of the Commonwealth came at a critical time. The 1970s and 1980s were marked by intense geopolitical tensions, apartheid in South Africa, and growing global economic inequality. He played a pivotal role in the Commonwealth’s opposition to apartheid, standing firm against racial injustice and advocating for economic sanctions against the South African regime. His moral clarity and diplomatic skill helped to strengthen the global movement for human rights and justice.

The Shridath Ramphal Centre: A Lasting Legacy

In recognition of his contributions to Caribbean integration and global diplomacy, the University of the West Indies established the Shridath Ramphal Centre for International Trade Law, Policy, and Services. The Centre, based at the Cave Hill Campus in Barbados, is a tribute to his lifelong commitment to promoting the interests of the Caribbean in global trade negotiations.

The Centre’s work, which includes research, policy analysis, and capacity building, reflects Sir Shridath’s belief that the Caribbean must be proactive and united in asserting its rights in the international system. Through its partnership with organizations like the Caribbean Export Development Agency, the Centre continues to champion the cause of economic empowerment and sustainable development for the region.

A Life of Service

Sir Shridath Ramphal’s passing marks the end of an era for the Caribbean and the international community. He leaves behind a legacy of principled diplomacy, unyielding advocacy for justice, and a vision of a fairer, more equitable world. As we honor his life and contributions, we are reminded of the power of leadership that is guided by integrity, intellect, and a commitment to the common good.
For the Caribbean, Shridath Ramphal will always be remembered as a statesman who understood the unique challenges facing small nations and dedicated his life to ensuring that these voices were heard. His influence will continue to shape Caribbean diplomacy and international relations for generations to come.