The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Stronger climate resilient infrastructure is critical to the region's future economic prospects, according to presenters at the 2023 Caribbean Infrastructure Forum (CARIF).

Executives in multiple industries, including finance, tourism, ports, transport and agriculture, discussed both the opportunities and need for investment in sustainable infrastructure throughout the Caribbean to counter increasingly frequent and severe hurricanes plus other climate-related disasters.

William Duguid, senior minister in the Barbadian prime minister's office, said he wants the Caribbean to develop to the point where hurricanes are "just events" and not a disaster for regional infrastructure.

“What we have to do is build for an expected rate of speed of wind, as well as an expected volume of rainfall in a certain amount of time,” Mr Duguid explained during the forum held at the Ritz-Carlton resort in Miami, Florida.

“So, volume and time-related culverts, wells, roads, outfalls.... to be able to recognise that we are at risk of getting sometimes one in a 100-year climate events every ten years. We have to understand that our previous infrastructure was built for a climate that no longer exists.”

He added: “So, we have to build our new infrastructure for the new climate, recognising greater volumes in shorter times, higher levels of wind speeds at greater intensities and for longer periods. The engineering is possible.

"We were able to land a man on the moon. So, we know that we can engineer to these new climates. Once we start that and inculcate that into our standards, then hurricanes will become events like a storm which will not cause the devastation that we’re seeing now.”

The renewal of port infrastructure; building and road resilience; financing and more sustainable agricultural practices were among the main topics discussed during CARIF. CIBC First Caribbean's chief commercial officer, Pim van der Burg, said such forums are critical in developing climate-resilient infrastructure.

“It is a very important topic for all of our clients, and so it is an important topic for us at CIBC FirstCaribbean as we are supporting them in achieving their financial goals,” he said. “Action is required. There is no better day to start than now. CIBC has been sponsoring this forum for seven years now, and people are starting to realise that this is topic of climate resilient infrastructure is really important to us, our clients and our communities. “

Bahamas-based BRON Ltd's founder and chief executive, Carlos Palacious, told CARIF: “Now, more so than ever, technology is the great equaliser for small island developing states. Technology now allows us to level the playing field for agriculture in a way we could not have before.

"Using technology and leveling AI (artificial intelligence), the things that used to restrict us, in terms of challenges, are limited. But the challenges still come in energy security. So, the ability to create microgrids and technology now opens unprecedented opportunities to feed ourselves.”

Mr Palacious said the ability for the Caribbean to feed itself and keep foreign currency earnings within the region, through leveraging technology within agriculture, will open opportunities for all countries within the region.

The conference was hosted by New Energy Events. Matthew Perks, its chief executive, said: “From increased flows of capital to resilient infrastructural projects in the region across multiple sectors, national development plans which transcend political terms, regional collaboration wherever it is possible, we want this conference to play a role in all of the above, whether big or small.

“Climate resilient infrastructure is the number one priority here. We’ve heard a lot of conversations about people planning projects which have a duration of 20-30 years and, more than I’ve heard before, I’ve heard people saying the world is changing very rapidly and the parameters of a project that works today will not work for that same project 15-20 years down the line.

"So, I’m hearing a very real grasp to projects that are resilient, that are flexible and adaptable to the change that’s happening right now.” CIBC FirstCaribbean and KPMG served as the official sponsors of CARIF 2023.