CASTRIES, St. Lucia, CMC – The St. Lucia government has defended its decision to establish a sovereign wealth fund (SWF) to address the impact of climate change, even as Caribbean small island developing states (SIDS) continue to urge the global community to provide funding to help them address the situation.
“Climate financing, it’s almost reached a point of frustration because you go to these meetings, you go to COP (Conference of the Parties) and they make all these lofty promises of billions of dollars, and it doesn’t happen,” Prime Minister Phillip J Pierre told the weekly post-Cabinet news conference.
He said that while some people here are “very, very, very skeptical …about climate change and climate financing and things, (the fact is we have climate issues that we have to deal with.
He told reporters that St. Lucia adopted “its own position in that, whereas we are part of that body that wants to deal with global financial finance, climate financing from a global point of view, we have taken our own position.
“We have formed our own sovereign wealth fund to deal with climate adaptation and climate mitigation, and these are the steps that St. Lucia has taken,” Pierre said, adding that the first contribution to the SWF will be made soon from the Citizenship by Investment (CBI) program. Watch video
Under the CBI, foreign investors are granted citizenship of the island in return for making a substantial investment in the country’s socio-economic development.
“That first contribution is going to be done shortly when we’re going to start our sovereign wealth fund to show the world that, whereas we wish and we hope that there is global acceptance and global delivery, there’s always acceptance, but it’s global delivery on climate financing, global delivery on mitigation and adaptation methods, global delivery on having climate clauses in our loan arrangements.”
Pierre said that St. Lucia negotiated a climate clause in the loan it signed with Saudi Arabia for St. Jude Hospital, north of here, “and so we want these climate clauses in the loans so if there’s a disaster, at least suspension of that loan.
“So we are working for it, we’re working towards it, but we’re not going to be raising a flag and saying global financing for climate change, particularly for small islands like ours, will never be at the level that it ought to be.”
Pierre said that some countries help bilaterally,” but in terms of the billions of dollars promised for climate change, we are very skeptical that that ever will happen.”
Pierre, who will assume the chairmanship of the Caribbean Community (CARICOM) in July, defended the 15-member regional integration grouping even as he acknowledged some issues would cause people in the Caribbean to have a dim view of the more than 50-year-old grouping.
He said one of his priorities in assuming the chairmanship is to advance further the CARICOM Single Market and Economy (CSME), which allows for the free movement of goods, services, skills, and labor across the region.
“I want a few simple things to happen. You know, you see, we’ve been dealing with a lot. I’ll tell you something, people have been dealing with a lot of big, big things, which are necessary, huge issues, global issues, but there are a few little issues, simple issues, that we have to deal with in the region.
“Things like a uniform arrest warrant, things like witness protection. There are little things that could make life a lot better for us, right? Little things, little things that exist in the Treaty of Chaguaramas that we have to get going.
“The law is there, but we have to make it practical. We have to make it workable. We have to make the processes work. I would be happy if, in my tenure, I could get these things done.
“And put in some processes and procedures that are very simple to follow, and decisions can be taken and followed up. I want to follow up on the decisions. Like, decisions taken this year, what’s the follow-up next year, or next two, you understand?
“These are the simple things, and I said, I’d like to see us talk more to each other. That, you know, which is very simple, but very telling,” Pierre said, adding that he believes that CARICOM is necessary.
“CARICOM is necessary for us as a country, as a people. But CARICOM must ensure that people feel the benefits of CARICOM more directly, because some of us take them for granted. CXC (Caribbean Examinations Council), that’s CARICOM, we take it for granted.
“This is a functional corporation that’s working very well, but we take it for granted. And so, in my tenure, I’d like to see little things happen. So my tenure is not going to be a tenure built on candidness, statements, and these kinds of things,” Pierre said, adding, “I want to be very focused on making the legacy in CARICOM work properly…”
Pierre said he does not believe that “CARICOM is fragmented.
“I don’t think so. I think CARICOM is alive. I think CARICOM is a work in progress. It’s not a situation, you know, as you think that CARICOM is in disarray. I don’t think that position.
“I don’t think that position. CARICOM matters can be resolved if we talk to each other. Just put up all the mics and get in the room,” he said, telling reporters laughingly, “in fact, let me tell you what I would like. No, I wouldn’t say that. If I say what I like, you would quote me incorrectly”.
Pierre said he genuinely believes that the “young people” of the Caribbean will help change the current course.
“They’re the ones who can cause that to happen. They’re the ones who can. But it’s a reality. It’s an ideal. I want to say, because collectively, look at the wealth of that region. very wealthy, you know. We’re small, but we’re wealthy.
“But we’ve got to bring it together. I mean, Guyana. Guyana has enough resources to feed the entire region. In fact, Guyana can take on the whole region and still have plenty of space.
“Guyana is larger than England. It has more land space,” he said, noting that together with another CARICOM country, Suriname could ensure the survival of CARICOM.
“So, CARICOM can work. Won’t happen in my lifetime, but I’m sure that the time will come when young people will take over, and young people will ensure that CARICOM works,” said Pierre, adding, “I have faith, and I believe it can work”.
Download video – Prime Minister Phillip J Pierre
and then 