00:00This year's conference builds on the success of its 2022 debut, emphasizing actionable
00:06ways to fund sustainable projects through mechanisms like green bonds and carbon credits.
00:11IAM Movement Managing Director Kevin Kalpanath Maharaj highlighted the urgency of these tools.
00:17According to the World Bank, the average losses within the Latin America and Caribbean region
00:23due to climate change and climate-related events are over US$1.5 billion per year.
00:31To fund climate resilience and green or sustainable development, projects in the Caribbean must
00:37address this financial challenge, making this year's theme of green bonds and carbon credits
00:43so important.
00:45While international financing faces obstacles, the central bank says they remain fully committed
00:50to its net-zero pledge.
00:51Dr. Dorian Noel, Deputy Governor of Monetary Operations and Policy at the CBTT, spoke about
00:57the region's efforts to green the financial system, noting that banks are actively working
01:02to improve regional climate data, develop a consistent climate taxonomy for green instruments,
01:07and assess the financial system's exposure to climate risks.
01:10Dr. Noel also highlighted how local financial institutions, despite setbacks on the global
01:16stage, have been investing in green bonds, with CBTT allocating about 3% of the country's
01:22reserves towards financing projects that have a positive environmental impact.
01:27In celebration of IAM Movement's 10th anniversary, the organization also launched a revamped
01:32website during the conference.
01:34The intention was made to develop a website which truly represents us and features strongly
01:40as well as to showcase the past decade of our work and development as an organization
01:46committed to driving positive social and environmental change in Trinidad and Tobago and across the Caribbean.
01:52With climate change looming, the Caribbean's focus on green finance through initiatives
01:56like the CGIC and CBTT's efforts is crucial.
02:00Josette Dernanan, TV6 News.
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