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THE POTENTIAL FOR GREEN GROWTH IN THE CARIBBEAN

THE POTENTIAL FOR GREEN GROWTH IN THE CARIBBEAN. CTA Regional Policy Briefing – Building resilience in small island economies : from vulnerabilities to opportunities 23-24 April 2012, Mauritius. BACKGROUND. BACKGROUND.

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THE POTENTIAL FOR GREEN GROWTH IN THE CARIBBEAN

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  1. THE POTENTIAL FOR GREEN GROWTH IN THE CARIBBEAN CTA Regional Policy Briefing – Building resilience in small island economies : from vulnerabilities to opportunities 23-24 April 2012, Mauritius

  2. BACKGROUND

  3. BACKGROUND • The Caribbean Region: Small Island Developing States and Low-Lying Coastal States • Caribbean: 12 times more vulnerable than other regions (OECS SIDS more so) • Physical: Natural disasters, environmental degradation, loss of bio-diversity etc • Economic: lack of natural resources, small economies, limited markets, high transportation costs, external shocks, highly indebted, competitiveness • Social: poverty, social inequality, limited human resource base, crime etc How then do we build resilience given the interplay of a multiplicity of inherent handicaps?

  4. WHAT IS GREEN GROWTH/ECONOMY? • UNEP: • “…results in improved human well-being and social equity, while significantly reducing environmental risks and ecological scarcities. In its simplest expression, a green economy can be thought of as one which is low carbon, resource efficient and socially inclusive.” • XVII Meeting of the Forum of Ministers of the Environment of Latin America and the Caribbean: • “A system of economic activities related to the production, distribution, and consumption of goods and services that results in improved human well being over the long-term, whilst not exposing future generations to significant environmental risks and ecological scarcities. It is environmentally friendly and socially just.”

  5. FROM BROWN ECONOMY TO GREEN ECONOMY • TENETS OF GREEN GROWTH in the CARIBBEAN CONTEXT: • Natural Capital – Biodiversity: preservation, protection, promotion • Sectoral greening – tourism, agriculture, fisheries, infrastructure, transportation, manufacturing etc • Renewable Energy/Energy efficiency/low carbon technologies • Eco-innovation/technology/technology transfer/training/capacity • Enabling environment: legislative/legal frameworks, institutions, public policy • Investments – Private/Public/Partnerships • Citizen/consumer awareness and behavior • ACCESS TO FINANCE

  6. GLOBAL PARADIGM SHIFT? • Action at the global level: • United Nations - leading role – discursive shift • OECD – Green Growth Strategy • G20/G8 - Political impetus • Global Green Growth Institute – Technical assistance • Private Sector – Business strategies (CSR), investments • Civil Society Actors – Media, NGOs, Youth

  7. THE CARIBBEAN’S PERSPECTIVE • The Caribbean Region wedded to the Green Growth/Economy Agenda • Active participants in AOSIS and other regional and international fora • The BPOA, JPOI, MSI simpatico with green growth agenda • Regional Trade Agreements (EPA, CARICOM-Canada etc) – provisions for innovation, environment etc

  8. THE CARIBBEAN’S PERSPECTIVE • Most if not all CARICOM Member States making transition to a green economy • Political level: • Barbados Green Economy Strategy • Dominica Organic Isle Initiative • Guyana Low Carbon Development Strategy • OECS St. Georges Declaration (21 Principles) • Developing OECS Green Growth Strategy • Caribbean National Dialogues on Green Economy (CANARI/UWI/GEC) • Caribbean Investment Facility – emphasis on infrastructure, transportation, energy

  9. THE CARIBBEAN’S PERSPECTIVE • Making Headlines:

  10. THE CARIBBEAN’S PERSPECTIVE • Making Headlines:

  11. THE CARIBBEAN’S PERSPECTIVE Action on the Ground: “Barbados to build first waste to energy plant at major landfill” Caribbean360 12.12.2012 “Caribbean’s largest solar plant for Jamaica” Stabroek News, 28.01.2012 “Awards of up to US$200,000 are offered for projects and enterprises to promote energy efficiency and access to renewable energy in the Caribbean region.” Caribbean360 10.12.2012 “EIB backs Caribbean Geothermal Scheme” EIB 2.02.2012 “Caribbean Sustainable Tourism Conference to include Green Investment Forum” Caribbean Environment and Energy Business Information Platform 7.03.2012 “Eastern Caribbean seeks funds for green growth agenda” Green Antilles 02.03.2012 “Taiwan committed to providing new technology to St. Kitts and Nevis” Caribbean Journal 28.12.2012

  12. WHY GREEN INVESTMENTS IN THE CARIBBEAN? • Viable tool for promoting resilience and sustainable development • Manageable testing ground for pilot projects in green tech • The Caribbean, specifically OECS, harbingers of regional integration/cooperation • Stable financial and capital market (OECS Economic Union, Common Currency etc) • Enable the Caribbean to capitalize on its assets - strategically located - business- and nature-friendly region. • Small size, highly educated and motivated populations and political stability

  13. CHALLENGES FOR GREEN INVESTMENTS • High Public indebtedness – erodes state capacity to invest • Middle Income Status – limits access to concessionary loans (island paradox) • Political disincentives? • Weak national bottom-up demand • Region wide approach/cohesion • Training and capacity in green sectors • Legal and regulatory frameworks are outdated/nonexistent • Tax code – need to promote shift to green investment Once addressed: Unlimited Potential

  14. Charting a Greener Future in the Caribbean • This involves: • Nationally/Regionally • Best practices and centers/networks of excellence/smart partnerships • Integrated and cross sectoral policy development planning • Green Growth agenda at core of OECS Economic Union/CSME • Promotion of a Green Award for Enterprises (SMEs) (OECS initiative) • “Green collar jobs” across key sectors • SIDS-SIDS cooperation (research, academia, industry clusters) • Effective implementation/monitoring

  15. Charting a Greener Future in the Caribbean • Internationally: • SIDS Unit in UNDESA strengthened • Formal recognition of SIDS category – specialized treatment • Must address ecosystem services – REDD+, marine ecosystem services, emerging blue carbon frameworks • Closer partnership with advanced countries/institutions (tech transfer) • Easier access to climate/green financing for SIDS • Bolder involvement/action from MNCs operating in Caribbean • Maintenance of existing development finance/access to concessionary loans

  16. VISIT THE ISLANDS OF THE EASTERN CARIBBEAN

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