Group explores climate change investment opportunities

by Marlon Madden

Barbados has attracted the global environmental conservation and economic empowerment group – Athletes, Conservationists, Technologists, Artists and innovators (ACTAI) Global, as the country continues to explore opportunities for addressing issues relating to climate change and other developmental challenges. Prime Minister Mia Mottley, who was awarded the UN’s 2021 Champion of the Earth Award in December, welcomed the group to Barbados recently as it held a May 3-6 inaugural conference, even as she called on the group to help propel the island’s efforts.

The group, which is made up of a network of individuals and entrepreneurs from a range of industries, sought to connect with Government and local tech entrepreneurs to explore ways of helping the island restore its coral reefs, prevent soil degradation and restore the ocean sustainability.

Founder of the ACTAI Group Bill Tai said they have been successful in helping several countries to use technology as a catalyst to aid in their marine conservation efforts and he was prepared to do the same in Barbados.

“We have supported a lot of other ocean conservation groups with technology-based solutions and funding to solve problems that are important to all of us in this world, and now we are here finally in Barbados to try to see what we can do together,” he said, as he lauded Government for its efforts in the area of technology including the establishment of a digital embassy.

Declaring that Barbados is “open for business”, Mottley said she hoped ACTAI will take part in the “significant opportunities” available on the island.

“Barbados is that place from which global business can be conducted while enjoying one of the best quality of lives that you can have anywhere in the world,” she told the gathering recently at the O2 Beach Club and Spa Resort.

ß“Pointing to the devastation from the COVID-19 pandemic, which stalled the island’s bread and butter tourism industry in 2020 and resulted in economic decline of 14 per cent that year, Mottley said her government was trying to ensure economic diversity.

“We are literally trying to ensure that we diversify our economy, that we don’t only rely on international business and international financial services, but that we also become a global domicile for research and development, for life science, for more research within the tech sector, for the fintech zone, and a whole range of other things we believe can be fully integrated,” said Mottley.

She said this was especially critical “given our concerns with climate, given our concerns with financial markets, given our concerns with wanting to make a different space especially for small island developing states and for emerging markets and developing countries”.

“So your presence here is important to us because we believe that you can help us conduct global business form this small country and do so with a smile, and do so with your health intact. If you can do that then we can all ensure there is a win-win combination for all of us,” said Mottley.

Stating that Barbados and other small island states were on the frontline of the climate crisis, Mottley argued that the threat of climate change went beyond the hurricanes and storms, and included issues relating to sargassum weed and beach and coastal erosion.

“So it is not only the hurricanes or the storms that are the consequences of the crisis, it is the other insidious things like the droughts and the water shortages, ground water crisis, the coral reef destruction – all of these are things we are facing now on a daily basis,” she said.

Further encouraging the group to establish a presence in Barbados, Mottley pointed to the bilateral relationship between Bridgetown and other countries that allowed for tax benefits.

“We have over 33 tax agreements for the avoidance of double taxation, we have just about 47 bilateral investment treaties, so that we have gone into this network of treaties in order to be able to protect those who want to work here, from double taxation as far as possible, and to give you the assurance with respect to the bilateral investment treaties.

“The rule of law does matter here and that we will be able to take care of you,” Mottley explained. Calling for voices from around the world to “stand up for what matters today”, Mottley said she was hoping ACTAI would help Barbados and other small countries call on global leaders to move with alacrity to protect vulnerable countries from climate change impact.

“If we can have your advocacy and your participation and your partnership, even just from choosing Barbados as that domicile from which you would like to engage the world, then I think we can have a win-win partnership for all of us,” she said.

marlonmadden@barbadostoday.bb