Is Sustainable Development Achievable in the Caribbean?

This year has brought home the reality that while the Caribbean is made up of distinct nations, each unique in its own way, there will always be issues that impact us all, as a region. The ongoing pandemic is one such issue, but it is not the first and it may not be the last.

These experiences serve to highlight the importance of working together as a region, not only to address our current circumstances but also to maintain our focus on achieving our Sustainable Development Goals (SDGs) which will only make us stronger and more resilient in the long run. We were making measured progress towards these goals up until early 2020. But rather than dwell on our setbacks, we can and should take this opportunity to redouble our efforts, to combat our limitations, achieve the SDGs and build a more resilient society in the process.

Sounds like a tall order? Well that’s because it won’t be easy. Still, I believe it’s doable. Let’s start by taking a look at the challenge ahead of us. The predominantly small, island nations that populate the Caribbean experience unique vulnerabilities that have the potential to compound any crisis, including the one we currently face.

• Many of our economies are tourism-dependent and are expected to contract significantly after the dramatic reduction in travel.

• Small island states are among the most vulnerable to climate change and extreme weather events which are increasingly common. Mobilising the resources needed to fight these and other crises will always be a challenge.

• A far-reaching and extended crisis is likely to widen existing social inequalities including uneven access to employment, health insurance, child care and education.

Now let’s talk solutions. Our vulnerabilities highlight the importance of advancing our SDG agenda, even as we work to manage an ongoing crisis. The private sector, including financial institutions like Republic, have a critical role to play in this dual fight. Here’s how:

• Partnerships: Our development goals require cooperation now, more than ever. Republic has been seeking out partnerships with other like-minded organisations in the interest of building connections across the Caribbean to further the region’s development. One example is our partnership with the OECS as co-host of the upcoming Sustainable Development Movement (SDM) Summit which aims to help business leaders and entrepreneurs get connected with the right people – peers, development partners, power brokers, investors, academia etc. – to achieve our shared goals.

• Innovate for growth: Many innovations also promote increased digitisation and provide ways for traditionally under-represented groups to participate in the economy. Banks and other private sector organisations can directly contribute to economic growth when we make it a priority to invest in innovation.

• Mind the gap: Each and every one of us has a critical role to play in supporting government and civil society in closing the growing inequality gap. This starts by being a good neighbour and looking out for others in your community and continues with corporate social investment programmes, and taking special care to support the marginalised and disadvantaged.

• Share the Knowledge: The Caribbean has an abundance of world-renowned leaders, industry experts and thought leaders in critical industries who can help the region and its businesses grow, innovate and create booming economies. We’ve made it a priority to amplify these voices through a variety of platforms from webinars, to training programmes to our support of events like the upcoming SDM Summit.

• Support MSMEs: As the engines of our economies, Micro, Small & Medium Enterprises (MSMEs) are critical to achieving many of the SDGs. We’ve been doing our best to let them know they have our support not just through financing but also through resources like our SME toolkit and opportunities like the SDM’s Business Model Competition, which are designed to build their capacity and help them grow.

• Protect the Planet: As we work together to fight this pandemic, we cannot afford to lose our focus on the initiatives meant to address climate change and environmental degradation. Environmental initiatives ought to have a permanent and prominent place in our development strategies, our social investment programmes and our daily actions to ensure that our region remains a safe and hospitable home for all.

The Caribbean continues to be a diverse and vibrant region with the potential for significant economic growth and social development. We may face challenges but, through our response, we can put ourselves back on the path to achieve the SDG targets by 2030. This is not a fight for our governments alone – our people and our institutions also have a role to play in helping us to emerge stronger.