Thursday, September 24, 2009

Sustainable Finance in the Caribbean

Sustainable finance can help investors and companies reap social as well as economical benefits. I recently came across an article that talked about sustainable finance being the key source of growth in the wider Caribbean and Barbados. According to the acting Environment Minister, several trading partners in these areas are facing economic slowdown due to reduction in direct foreign investments, tourism and remittance levels. However, he also felt strongly about the growth opportunities posed by responsible investment strategies. According to him, sustainable finance in the Caribbean will help companies set new goals and grasp feasible solutions for development.

It is essential for governments of developing countries to set sustainability goals on a national level. Apart from spreading awareness and encouraging dialogue on this issue, effective collaboration is required for better performance within any industry. The Caribbean government is willing to establish a group that will support and promote the integration of sustainable finance across the region. Caribbean leaders and The Nature Conservancy have also launched a Caribbean Challenge in order to generate support and funding for protection of 20% of participating countries’ coastal habitats and marine by 2020. This initiative was taken to protect the coastal and marine resources of Grenada and Caribbean nations. Through sustainable financing provided by this challenge, the conservation of bio-diversity is being facilitated. The primary concern is to spread awareness about the issues of sustainable finance among the stakeholders. A modern approach is required by all developing countries to establish sustainable finance mechanisms for an enhanced growth rate.

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