Sir Arthur Lewis Memorial Lecture

[dropcap]W[/dropcap]hen he began showing early signs of academic excellence—graduating from Secondary School at the age of fifteen—it was evident William Arthur Lewis would be destined for greatness. Now, twenty-six years since his passing, Sir Arthur’s forward thinking continues to inspire scholars and the average man the world over to curb current, socia-economic problems with creative ideas. This notion was at the center of Thursday January 25’s memorial lecture, headed by former Saint Lucian Minister Dr. James Fletcher, who has now become a major contributer in international climate change negotiations.  Also on the panel was Barbadian, Climate Finance Specialist of the Caribbean Development Bank, Derek Gibbs and parametic insurance pioneer, Isaac Anthony. The programme’s theme, “Climate Change, The Economic Response to Disaster in Saint Lucia and the Wider Caribbean” sort to give professional insight on the climate related dangers looming in the region’s future, while offering sensible, practical solutions.

Dr Fletcher – The Economic Impact of Climate Change in the Caribbean

Climate Change is not a new concept, infact, scientists were privy to the earth’s climatic transformation as a result of human emmision of greenhouse gases as early as the 19th century. The proven result ¬,evident in the accelerated warmth of the planet, is a concern now more than ever, as we witness the intensification of natural disasters each year. News headlines in 2014 for instance,  declared that year the “hottest to date”. Unsurprisingly, temperatures in 2015 broke the record of its preceding year, so did 2016 and 2017. But, how does the earth’s warming truly affect us?

In the path of a monster storm, those who have survived would likely be left to deal with an obliterated GDP and a period of living conditions reminiscient of earlier centuries. A warmer ocean also means a rising sea level. So, whilest in Saint Lucia for instance, Tourism is the main industry and beaches a major resource, Dr. Fletcher indicated; sea levels are expected “to rise to the hieght of the Choc roundabout.” For those of us who, due to age, relish that we may not be alive to witness it ourselves, Fletcher mused that while one would expect to rest in peace, chances are he or she won’t, since their bones will eventually end up floating somewhere in the ocean!

The Caribbean is notoriously placed in the path of storms formed in the Atlantic basin. After witnessing Irma and Maria’s devastating effects and with an impending hurricane season five months away, “disaster preparedness”  has become a top priority. Amongst possible plans to decrease vulnerability and
boost resilience, Dr Fletcher offered a long list of suggestions — a few have been listed below:

• The installation of early warning systems

• Transformation of public buildings to become more climate resilient

• Prohibiting the building of hotels and other infrastructure near beaches and coasts

• Protection of water supplies through the use of dual plumbing and rain water integration

• Engage in Climate Smart agriculture

• Adopt a research and evidence-based culture (developing a body of evidence to prove the impacts of Climate Change on the region)

Mr. Derek Gibbs – Financing Climate Resilience

Derek Gibbs, who honed in on the financing of climate resilience, also stressed the importance of constant assessment of our economic sectors in the Caribbean—Tourism, Agriculture, and Infrastructure—in order to discover vulnerabilities. The finance specialist highlighed UNEP ‘s 2016 expectation; the cost of adapting to climate change in developing countries is expected to rise from US$140b to US$300b by 2030. Hence, accessing funds via grants for instance, is an invaluable asset.

When it comes to Caribbean preparedness and resilience before and after natural disasters, Mr. Gibbs opined, “it’s not that we don’t know what to do, it’s just that we lack the resources to do it.” With the presence of the Caribbean Development Bank, which does significant work through initiatives like the solicitating of funds from the European Union and the management of risks using smart tools, the aim is to bridge all gaps between ideas and action.

Mr. Isaac Anthony – Parametic Insurance (CCRIF)

In an attempt to channel the wisdom of the late Sir Arthur who, according to Mr Anthony, “had a thirst for finding solutions for tropical countries,” the conception of efficient, economic formulas is key.

Hurricane Ivan in 2004 served as a wake up call for many when it left islands desolate and without the resources to bounce back. This is when the Caribbean Catastrophe Risk Insurance Facility (CCRIF) was founded. The aim of the organization is to provide risk insurance through a sophisticated parametic insurance model which helps hasten government response after disasters. Anthony boasted the insurance design as it takes into account results drawn after a complete risk profile of the country and government and country assets in order to make a determination about the potential losses.

Following the lecture presentation at Thursday’s event comments and questions were posed to panelists by an audience of finance, economic and cultural activists including former Governor General Dame Pearlette Louisy. When the event ended, no doubt all left pondering Dr. Fletcher’s closing remarks on the calamitous effects of climate change, “The Caribbean that we take for granted, we won’t have it 20-30 years from now.”