The private sector can look forward to more governmental oversight in the local Environmental, Social and Governance (ESG) sector.
This, from the Minister of Planning, Economic Affairs and Development, Kennedy Swaratsingh, at the third annual ESG Conference hosted by the American Chamber of Commerce of Trinidad and Tobago (AMCHAM T&T).
“Development of a robust, broad ESG reporting framework that is both fit for purpose and responsive to our local realities is a key factor. However, we recognise this cannot be done in a vacuum. It must be co-created with input from the business community, financial institutions, civil society, and academia.”
The Minister added that despite the global pledge of $100 billion annually to address the impacts of climate change, developing states have faced many obstacles in accessing these funds.
“Despite these constraints, we cannot afford to sit on the sidelines. The business community must become an active partner in accessing and deploying climate finance. Not only through investment but also through innovation. Climate financing in the form of loans is not viable. This worsens debt burden.”
Minister Swaratsingh did not just outline the problem; he also offered a solution: “What we must do is collectively advocate for more concessional financing, grants, and innovative instruments like green bonds, sustainability-linked financing with blended finance mechanisms. All of which are increasingly being unlocked through private capital markets. And in the not-too-distant future, hopefully we will have a team visiting from the World Bank and the IDB to have some of these conversations with some of you.”
The Asa Wright Nature Centre was the location for the launch of AMCHAM T&T’s 3rd Annual ESG Conference.