Private sector urged to embrace sustainability

The Caribbean is witnessing a rapidly evolving sustainability landscape, with companies increasingly adopting innovative and resilient approaches to meet sustainability goals, the head of the General Insurance Association of Barbados has said.

“Climate change has brought intensifying hurricanes that we’ve had to deal with,” Randy Graham noted, emphasising the urgent need for sustainable practices. “The issue of COVID has spotlighted poverty, which unfortunately is still prevalent in the Caribbean. Rare events of war and other crises have shown that the Caribbean remains acutely vulnerable to issues of food shortage and supply chain disruptions. We must find ways to address these challenges.”

Speaking at the launch of the United Nations Global Compact Network Caribbean and the Sustainable SME and Supply Chain Programme, Graham, who is the executive officer of CG Insurance, said global leadership, policymakers and communities have rallied behind the sustainable development goals because of their potential to make a positive impact. “The private sector must not be left behind,” he asserted. “Sustainability means different things to different people, but at its core, it involves continuing economic activity, providing opportunities for communities, and achieving growth and development even in the face of adversity.”

In practical terms, the GIAB president pointed to the significant control the private sector has over capital and urged companies to incorporate sustainability into their decision-making processes. “When setting up requests for proposals, our criteria for selecting winners should not only be based on price and quality but also on sustainable development initiatives. If companies know that sustainability is a criterion for winning contracts, they will adjust their business practices accordingly.”

Graham also emphasised the importance of leveraging marketing resources to raise public awareness about sustainability. “We need to use our advertising dollars to promote sustainable development goals. Instead of solely pushing products, let’s put public awareness messages on buses and other platforms to educate people about the SDGs.”

Addressing SME financing, he called on finance companies to prioritise sustainability from the top down. “Your shareholders, board of directors, and senior leadership must set the tone that sustainable development issues are important. If employees take these concepts back to their homes, they will trickle down into households and society at large.”

He also advocated budgeting specific funds to support SMEs’ sustainability efforts. “We need to set aside funding within our budgets each year to help SMEs grow sustainably. This approach will ensure that sustainability becomes an integral part of our economic framework.”

Graham noted that by encouraging companies to join the UN Global Compact, an initiative that provides a platform for businesses to align operations with universal principles on human rights, labour, environment and anti-corruption, it can provide guidance to operationalise sustainability without compromising profit. “It is essential for building a sustainable framework for the globe.”

“These are practical ways for the private sector to make sustainability a priority within our communities,” he said. “By working together and embracing these changes, we can achieve a more resilient and sustainable future for the Caribbean.”