Republic Bank’s role in sustainable development

As a nation, we are all aware of the consistent challenges that we have been facing year-on-year with our over-reliance on fossil fuels in the energy sector. According to the World Bank, in 2018, Trinidad and Tobago produced 12.778 metric tons per capita of CO2. It’s ironic that the contribution of fossil fuels is so significant to our growth and development that it is likely the cause of delayed action on decarbonization and diversification.

With its adverse effects on climate change, the fall in energy prices and the global health crisis of COVID-19, it is necessary to reduce the economy’s dependence on oil and gas and look into alternative approaches for serious reform.

Goal #7 of the Sustainable Development Goals (SDGs) seeks to ensure access to affordable, reliable, and sustainable energy for all. It is seen as vital to achieving many of the other SDGs like poverty eradication through improvements in health, education, and water supply.

As a bank, we believe that the most direct, impactful and measurable contribution we can make is in the form of a financing commitment or lending goal across the Republic Group. We intend to lend, invest and arrange up to US $200 million by 2025 towards activities that reduce the impact of climate change and create environmental solutions in collaboration with our clients. Our commitment will aim to:

1. Increase the proportion of the population with primary reliance on clean fuels and technology.
2. Increase the proportion of hybrid car loans.
3. Increase the proportion of loans linked to promotion of renewable energy use.
4. Increase the proportion of loans contribution to the rate of improvement in energy efficiency.

Banks such as ours, play a significant role in sustainable development because we are the ones who can channel the funds that finance sustainable activities. For example, fostering youth empowerment, the promotion of gender and racial equality, supporting women-led businesses and contributing to sustainable communities are just some ways in which we all play our part as pioneers of socially responsible banking.

As we continue to look forward, we will be reviewing our products and services and positioning these to support efforts like renewable energy, sustainable manufacturing, and other environment friendly business activities.

Our hope is to inspire and encourage others to embark on this sustainable journey with us so that we create a better world for generations to come. Please join us on this journey.