Black Immigrant Daily News

The Trinidad and Tobago government on Monday said it has no intention of devaluing the local currency arguing that it would lead to increased inflation and “an immediate increase in imported goods.

In addition, Finance Minister Colm Imbert said that the seven-year-old Keith Rowley administration has no intention of going to the International Monetary Fund (IMF) for assistance to further boost the economy.

Speaking at a news conference on issues arising from the IMF’s 2023 Article 1V review related last week, Imbert told reporters that any devaluation of the local currency would present hardship for the population.

From 1972 to 1976, the Trinidad and Tobago dollar was floated against the British pound sterling, however after 1976,it was pegged to the United States dollar. The first major depreciation of the Trinidad and Tobago dollar since June 1976 occurred in December 1985, when the country’s currency was devalued 50 per cent against the United States dollar.

In its latest report, the Washington-based financial institution said that it was encouraging the authorities here to continue “maintaining sound and consistent policies to support the current exchange rate arrangement.

“The Central Bank of Trinidad and Tobago (CBTT) has maintained its repo rate at 3.5 per cent since March 2020 to support the recovery of the economy. Increasing the policy rate should be seriously considered to contain inflationary pressures and narrow the negative interest rate differentials with the U.S. monetary policy rate,” the IMF said, adding “this would also help mitigate potential risks of capital outflows and reduce incentives for excessive risk taking that could threaten financial stability”.

Imbert told reporters that if for example the local currency had to be devalued at a rate of 10 to One “which would be a 50 per cent devaluation or a 40 per cent devaluation, you would have an immediate increase in the cost of imported goods and you would have immediate demands from the labour unions, which would be very difficult to challenge, for increased wages.

“This in itself would have…a domino effect on inflation,” he said, adding ” I think any serious person would know that if we devalue the dollar there would be significant inflation and it would send our people into poverty.

“I don’t think you need to do the maths for that, but if you would like me to do a mathematical calculation as to what the estimated inflation would be if we did a devaluation of the dollar by 40 or 50 per cent, I will ask the Central bank (of Trinidad and Tobago) to do that for me….”

Imbert maintained that “you don’t have to be a rocket scientist to figure out if you devalue the dollar significantly because we have a high import bill, because so many manufactured goods come from abroad, so much of our food comes from abroad and also you would have demands from the labour unions that there will be an inflationary increase that will be unsustainable. I don’t think we need to debate this point”.

The Finance Minister said that the government does not want to get into an IMF programme, given especially that the IMF is the lender of last resort.

“Countries go to the IMF when they can’t borrow from anybody else…so when they have nowhere else to turn, nobody will lend them money to balance their budgets and it is also a country in distress whenever a country goes to the IMF.”

He said countries with a “currency crisis” also go to the IMF, but in the case of Trinidad with an import cover of eight months Port of Spain does not have the problem of countries with at least one month or even a week cover.

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Black Immigrant Daily News

A boat from Antigua capsized off the coast of St. Kitts, leaving one person dead, while 15 others were rescued from the choppy waters. Fourteen of these 16 persons are Africans.

Reports say the St. Kitts Coast Guard is now engaged in a desperate search for the other 16 persons who had been onboard.

It is said that the 30-foot vessel encountered difficulty some 12 miles east of St. Kitts, and a mayday alert went out sometime on Monday night, March 27.

Reports say it was a passing luxury sailboat that initially spotted the distressed vessel and lent immediate help to those persons holding onto the hull to keep afloat and battling the rough waves.

Other vessels have since joined the St. Kitts Coast Guard in the search for survivors, reports add. Coast Guard officials here have confirmed the development and say they are monitoring the unfortunate situation.

While some reports say the capsized vessel set out from Urlings, other sources tell REAL News that the boat – alleged to be The Osprey – is usually docked at the West Bus Station Fisheries Wharf and is owned by a national of the Dominican Republic.

There is speculation that the vessel – which carries two outboard engines – was on its way to St. Thomas in the United States Virgin Islands and was precariously overcrowded.

Late last year, hundreds of West Africans were brought to Antigua on chartered flights. Most were expecting to move on to other destinations and, ultimately, get to the United States.

However, this did not work out according to plan, and many residents were forced to conclude that Antigua had been used as a transshipment point in a migrant-trafficking ring.

Some of the West Africans left the country and actually made it to other Caribbean islands – only to be returned here.

Meanwhile, Sean Bird, the United Progressive Party (UPP) caretaker for St. John’s Rural East, has expressed grief about the development and is hoping that no more lives will be lost.

But Bird says he is not surprised that the West Africans would have made such a dangerous attempt to leave Antigua, since they desperately want to get to the United States for better opportunities.

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Black Immigrant Daily News

Trinidad Cement Limited (TCL), a subsidiary of Cemex, S.A.B. de C.V. (“Cemex”) and the Caribbean Climate-Smart Accelerator (CCSA) announced in 2022 that they are working together in three key areas moving the Caribbean closer to resiliency and carbon neutrality.

The objective is to spur additional development in these areas including greening Caribbean cement products, exploring alternative fuels and promoting more resilient housing. The importance of this action cannot be understated as the region becomes increasingly vulnerable to the effects of climate change. Supporting the Caribbean in building resilience and identifying new solutions is an important step in canvassing wider industry support to reach climate commitments.

The CCSA was conceptualized after the 2017 hurricane season where hurricanes Maria and Irma decimated parts of the Caribbean. Since its 2020 incorporation the CCSA has unlocked opportunities to transform the region’s economy through sustainable development by identifying local innovations capable of building resilience, and matching them with adequate funding sources and support.

The CCSA has been involved in several regional initiatives to green construction including ongoing collaborations with CRDC Global and Partanna. This collaboration between CCSA and Cemex TCL will play an important role in helping the Caribbean region to become more climate resilient.

UNFCCC Global Ambassador in the Race to Resilience and Race to Zero and CCSA CEO Racquel Moses, stated “we are excited to collaborate with Cemex, they’re a regional and global leader who are actively demonstrating through “Future in Action” their commitment to climate action and our transition. Building our resilience and adapting to climate change is paramount. This collaboration with them, along with others addressing this most critical issue showcases our model of collaboration. The only way to pursue climate action is with all hands-on deck”.

Under its “Future in Action program”, Cemex announced a climate action target of a reduction of 47% of its CO2 emissions in cement by 2030. Additionally, the company set a goal for clean electricity consumption of 65% by 2030. These goals are the most ambitious in the cement industry and are verified by the Science-Based Targets Initiative (SBTi) according to the well-below 1.5?C scenario. Cemex expects these intermediate goals to assist the company in fulfilling its 2050 goal of being net-zero carbon in concrete.

“We continue to accelerate our commitment to become a net-zero CO2 company by 2050,” says Francisco Aguilera, Managing Director at Trinidad Cement Limited. “Exploring this collaboration reinforces our commitment and supports the region in building resilience and taking climate action for a greener, more sustainable Caribbean.”

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Black Immigrant Daily News

The global energy transition is off-track, aggravated by the effects of global crises. Introduced by IRENA’s Director-General Francesco La Camera at the Berlin Energy Transition Dialogue (BETD) today, the World Energy Transitions Outlook 2023 Preview calls for a fundamental course correction in the energy transition.

A successful energy transition demands bold, transformative measures reflecting the urgency of the present situation. Investment and comprehensive policies across the globe and all sectors must grow renewables and instigate the structural changes required for the predominantly renewables-based energy transition.

The Preview shows that the scale and extent of change falls far short of the 1.5?C pathway. Progress has been made, notably in the power sector where renewables account for 40 percent of installed power generation globally, contributing to an unprecedented 83 per cent of global power additions in 2022.

But to keep 1.5?C alive, deployment levels must grow from some 3,000 gigawatt (GW) today to over 10,000 GW in 2030, an average of 1,000 GW annually. Deployment is also limited to certain parts of the world. China, the European Union and the United States accounted for two-thirds of all additions last year, leaving developing nations further behind.

IRENA’s Director-General Francesco La Camera said, “The stakes could not be higher. A profound and systemic transformation of the global energy system must occur in under 30 years, underscoring the need for a new approach to accelerate the energy transition. Pursuing fossil fuel and sectoral mitigation measures is necessary but insufficient to shift to an energy system fit for the dominance of renewables.”

“The emphasis must shift from supply to demand, towards overcoming the structural obstacles impeding progress. IRENA’s Preview outlines three priority pillars of the energy transition; the physical infrastructure, policy and regulatory enablers and well-skilled workforce, requiring significant investment and new ways of co-operation in which all actors can engage in the transition and play an optimal role.”

The Preview warns that a lack of progress further increases investment needs and calls for a systematic change in the volume and type of investments to prioritise the energy transition.

Although global investment in energy transition technologies reached a new record of USD 1.3 trillion in 2022, yearly investments must more than quadruple to over USD 5 trillion to stay on the 1.5?C pathway. By 2030, cumulative investments must amount to USD 44 trillion, with transition technologies representing 80 per cent of the total, or USD 35 trillion, prioritising efficiency, electrification, grid expansion and flexibility.

Any new investment decisions should be carefully assessed to simultaneously drive the transition and reduce the risk of stranded assets. Some 41 per cent of planned investment by 2050 remains targeted at fossil fuels. Around USD 1 trillion of planned annual fossil fuel investment by 2030 must be redirected towards transition technologies and infrastructure to keep the 1.5?C target within reach.

Furthermore, public sector intervention is required to channel investments towards countries in a more equitable way. In 2022, 85 per cent of global renewable energy investment benefitted less than 50 per cent of the world’s population. Africa accounted for only one percent of additional capacity in 2022. IRENA’s Global Landscape of Renewable Energy Finance 2023 confirms that regions home to about 120 developing and emerging markets continue to receive comparatively little investment.

La Camera said, “We must rewrite the way international co-operation works. Achieving the energy transition requires stronger international collaboration, including collective efforts to channel more funds to developing countries. A fundamental shift in the support to developing nations must put more focus on energy access and climate adaptation. Moving forward, multilateral financial institutions need to direct more funds, at better terms, towards energy transition projects and build the physical infrastructure that is needed to sustain the development of a new energy system.”

IRENA’s World Energy Transitions Outlook (WETO) provides an energy transition pathway in line with Paris Agreement goals, limiting global temperature rise to 1.5?C. The forthcoming 2023 edition will contribute to the first Global Stocktake concluding at COP28 in the United Arab Emirates and will propose effective ways to accelerate progress over the next five years towards 2030.

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Black Immigrant Daily News

The Barbados Stock Exchange has joined the regional chapter of the United Nations Global Compact, the world’s largest corporate sustainability initiative.

To date, 20 regional companies have joined over 17,000 global counterparts in signing on to initiative spearheaded by the Office of the UN Secretary General. Global Compact supports companies to align their operations with sustainable business practices, with respect for the principles of human rights, labour rights, environmental responsibility, and anti-corruption.

Speaking shortly after becoming signatory to the regional body, Managing Director of the BSE, Marlon Yarde said joining the Global Compact was an incremental step that followed organically from their association with the United Nations’ Sustainable Stock Exchange Initiative (SSEI).

“This was a strategic move for the Barbados Stock Exchange, that only further reinforces our commitment to sustainability best practices. Now that we’re vertically affiliated with the UN’s sustainability arm, the BSE stands to benefit from broad and specific technical assistance and research that will allow us to champion sustainable and responsible business practices within our listed companies,” he underlined.

UN Resident Coordinator for Barbados and the Eastern Caribbean, Didier Trebucq, lauded the steps taken by the Barbados Stock Exchange in recognizing the value of the UN initiative and urged other regional businesses to follow suit.

“Just over one year since recruitment commenced in the region, the Global Compact Caribbean Network is growing steadily, and I remain very optimistic about its success. I am confident the Barbados Stock Exchange will gain significantly from its membership, and I encourage other Caribbean businesses to come on board as we collectively work towards building more resilient businesses in the region, in alignment with the Sustainable Development Goals,” he added.

Responsible for leading the ongoing engagement with the private sector, Global Compact Multi-Country Manager, Leslie Gittens, said having recognized that many businesses in Barbados had not yet heard of the Global Compact, they were “ramping up efforts to increase awareness within the business community of this important resource.”

“Participants in the Global Compact Caribbean Network benefit from opportunities to network with peers and experts in various industries internationally, regionally, and locally, through online and in-person events. The resources and guidance tools on sustainable business practices available to members are vast, and studies have shown conclusively how participating in the Global Compact has improved customer relations as well as profitability,” he concluded.

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