It's Time for The Caribbean’s Sovereign Rail

For fifty years, the global financial system ran on a single dominant rail.  That era is over

THE WORLD AS IT IS — PART XVIII

Tuesday, 3 March 2026

7:35 AM Eastern Standard Time

By CRAIG F. BUTLER, ESQ.

There are moments when commentary is no longer sufficient.

Part XVIII is not commentary.   It is construction.

For weeks we have examined fractures — war, sanctions, mineral leverage, security realignment, the Great Repricing.

Now we move to rails.

The question is no longer who strikes, who sanctions, or who aligns.  The question is: who settles?

Because in a multipolar world, settlement systems are power.

For fifty years, the global financial system ran on a single dominant rail.  That era is over.

Sanctions have been weaponized.

SWIFT has been politicized.

CIPS has matured.

BRICS Pay is forming.

CBDCs are operational.

The world is fragmenting into monetary corridors.  And in that fragmentation lies opportunity.

Part XVIII makes a disciplined argument:

The Caribbean is no longer a peripheral financial basin.  It is positioned to become a sovereign settlement corridor.

The region now sits on a tri-layer architecture:

• Middle-power stability (British regulatory credibility, Canadian banking continuity)

• Sovereign currencies (Bahamian, Jamaican, Eastern Caribbean, Trinidadian, Barbadian)

• Operational digital rails (Sand Dollar, Jam-Dex, DCash)

No other small-state region in the world has this configuration.

What is missing is not currency.  It is clearing.  It is interoperability.

It is a sovereign settlement system that reduces dependence on external rails and anchors the Caribbean in the Age of Consequences.

Part XVIII identifies the gap — and the build.

It argues that:

• Settlement defines sovereignty.

• Clearing defines leverage.

• Digital rails define independence.

• Small states with stability become strategic.

The Bahamas is uniquely positioned to anchor this rail.  Not as rhetoric.  As architecture.

This chapter is not about nostalgia.  It is about infrastructure.

The Caribbean’s sovereign rail is no longer theoretical.

It is the next structural move in a world no longer ruled from one capital.

Part XVIII begins now.

PART XVIII — THE CARIBBEAN’S SOVEREIGN RAIL

Digital money, regional clearing, and the emergence of an independent settlement system

I. The World Is Moving Away From Single‑Rail Finance

For fifty years, the global financial system ran on one dominant rail: SWIFT.  That world is gone.

The U.S.–Israel–Iran rupture, the weaponization of sanctions, the rise of BRICS, and the emergence of digital currencies have fractured the monetary landscape.  Today, the world runs on multiple rails:

• SWIFT (U.S.–EU)

• CIPS (China)

• BRICS Pay (emerging)

• CBDCs (state digital currencies)

• private rails (Visa, Mastercard, fintech networks)

In this environment, small states cannot rely on a single system.  They need sovereign rails — systems they control, not systems they borrow.

The Caribbean is now positioned to build one.

II. The Caribbean’s Monetary Architecture Has Three Layers

Part XVII established the middle‑power scaffolding: Britain and Canada.

Part XVIII builds the sovereign layer above it.

The Caribbean’s monetary architecture now has three distinct layers:

1. Middle‑Power Stability (External)

• British regulatory credibility

• Canadian banking infrastructure

2. Sovereign Currencies (Internal)

• Bahamian dollar

• Jamaican dollar

• Eastern Caribbean dollar

• Trinidad & Tobago dollar

• Barbadian dollar

3. Digital Sovereign Rails (Emerging)

• Sand Dollar (Bahamas)

• Jam‑Dex (Jamaica)

• DCash (ECCB)

This is the foundation for a Caribbean settlement system — a rail that is:

• sovereign

• digital

• regional

• interoperable

• independent of great‑power politics

No other small‑state region has this combination.

III. The Sand Dollar as the Prototype Rail

The Bahamas did not simply launch a digital currency.  It launched the first operational CBDC in the world — and in doing so, it created the prototype for a Caribbean monetary rail.

The Sand Dollar provides:

• instant settlement

• offline capability for outer islands

• regulatory clarity

• financial inclusion

• resilience during shocks

• a sovereign payment channel

In a world where:

• correspondent banking is shrinking

• sanctions are expanding

• SWIFT is politicized

• global rails are fragmenting

…the Sand Dollar becomes a sovereign shield.

It is the first Caribbean rail that is not dependent on external powers.

IV. The Region Is Quietly Becoming a Digital Currency Cluster

Three CBDCs in one region is not coincidence.  It is architecture.

The Bahamas — Sand Dollar

The world’s first fully deployed CBDC.

Jamaica — Jam‑Dex

A retail CBDC designed for inclusion and micro‑commerce.

ECCB — DCash

A multi‑state digital currency across eight countries.

This cluster gives the Caribbean:

• a shared technological base

• a shared regulatory framework

• a shared digital identity

• the ability to build interoperability

Interoperability is the key.  It is how a region becomes a monetary bloc.

V. The Missing Piece: A Regional Clearinghouse

The Caribbean has:

• currencies

• digital currencies

• banks

• offshore centers

• middle‑power scaffolding

What it does not yet have is:

• a regional clearinghouse

• a sovereign settlement system

• a cross‑border CBDC corridor

• a non‑SWIFT payment rail

This is the gap.  This is the opportunity.  This is the sovereign project.

A Caribbean clearinghouse would:

• settle trade within the region

• settle Africa–Caribbean flows

• reduce reliance on U.S. correspondent banks

• insulate the region from sanctions spillover

• create a Caribbean “alternate rate”

• anchor the region in the Great Repricing

This is the rail that must be built.

VI. The Bahamas as the Anchor of the Sovereign Rail

The Bahamas is uniquely positioned to anchor the Caribbean rail because it has:

• a sovereign currency

• a sovereign digital currency

• a mature offshore financial sector

• regulatory credibility

• geographic centrality

• AU–CARICOM alignment

• British and Canadian stabilizers

• a reputation for compliance

• a history of financial innovation

This combination does not exist anywhere else in the region.

The Bahamas is the only jurisdiction that can:

• host the clearinghouse

• host the settlement system

• host the Africa–Caribbean commodities exchange

• host the digital corridor

• anchor the regional rail

This is the sovereign role.

VII. The Strategic Meaning in the Age of Consequences

In a fractured world:

• chokepoints matter

• settlement systems define leverage

• digital rails define sovereignty

• middle powers define stability

• small states with stability become valuable

The Caribbean’s tri‑rail system — British stability, Canadian banking, Caribbean sovereignty — becomes a zone of resilience.

And The Bahamas becomes the sovereign anchor of that zone.

This is not a regional story.

This is an Atlantic story.

This is a multipolar story.

This is a sovereignty story.

VIII. What Must Now Be Built

The architecture is ready.  The moment is here.

The Caribbean must now build:

• a regional clearinghouse

• CBDC interoperability

• a sovereign settlement rail

• a non‑SWIFT corridor

• an Africa–Caribbean payment bridge

• a commodities exchange in The Bahamas

• a Caribbean alternate rate

This is the Caribbean’s sovereign rail.  This is Part XVIII.

Source / Comment

The Caribbean Climate Reality

Against the backdrop of a devastating hurricane season that once again underscored the region’s extreme vulnerability, the Caribbean Development Bank (CDB) will take the Caribbean’s climate agenda to the global stage at the 30th Conference of the Parties (COP30) to the United Nations Framework Convention on Climate Change, scheduled for November 10–21 in Belém, Brazil.

The Bank will lead and participate in a series of events, high-level discussions and bilateral engagements aimed at securing greater access to concessional climate finance and strengthening partnerships for sustainable development.  CDB President, Mr. Daniel M. Best said this intensified engagement reflects both the urgency and opportunity of the moment.

“The Caribbean’s climate reality has never been clearer or more urgent,” he emphasised.  “The recent passage of Hurricane Melissa has underscored what we’ve been warning for years: without predictable, concessional finance, small island states cannot keep pace with escalating climate impacts.  COP30 is one of the most consequential arenas for advancing our case for climate justice and fair financing, and the Caribbean Development Bank will ensure our region’s voice is heard.”

At COP30, the Bank strategically engage governments, international partners, and private investors to deepen partnerships and advocate for increased concessional financing and innovative mechanisms to mobilise resources for the region.  On Monday, November 17, 2025, CDB will co-host three side events that reflect key priorities for climate action and resilience in the Caribbean.

The first session, “Leveraging Private Sector Financing for Transport and Energy Sector Transformation in the Caribbean,” will be held from 10:30 - 11:30 am (BRT) at the CARICOM Pavilion.  The event will explore strategies to unlock private capital through blended finance models, risk-sharing instruments, and innovative partnerships to accelerate investment in renewable energy and sustainable transport systems.

A discussion on “Agriculture and Food Security in the Caribbean: Scaling Innovative Solutions for Climate-Resilient Agriculture” is slated for 12:00 - 1:00 pm (BRT) at the Food and Agriculture Pavilion.  The livestreamed event will spotlight climate-smart agricultural practices and investment opportunities that can strengthen food security and reduce the region’s dependence on imports.

CDB will also join forces with CAF – Development Bank of Latin America and the Caribbean,  the Central American Bank for Economic Integration (CABEI) and the CREWS Secretariat to turn attention to disaster preparedness with a panel on “Climate Information and Early Warning Systems for Latin America and the Caribbean”  Scheduled for 3:45–4:45 pm (BRT) at the CARICOM Pavilion, the discussion will explore initiatives by the three institutions to finance and implement early warning systems for the region.

“CDB’s agenda at COP30 underscores our approach to climate action, which is practical, innovative, and built on partnerships,” President Best noted.  “The Caribbean is helping itself by developing our own solutions to protect lives, preserve livelihoods and transform our energy, transport and agriculture systems to secure our future, but we need the global community to stand with us.”

CDB targets 30-35% of its resources to climate finance demonstrating its commitment to helping Borrowing Member Countries adapt to the accelerating climate crisis.  The Bank is also better positioned to deliver transformative regional interventions through a recent increase in its GCF financing threshold to USD 250 million and its new Climate Change Project Preparation Fund, both of which will help countries design and finance concrete, high-impact projects faster and more effectively.

Source

Artificial Intelligence - AI Adoption in Latin America and the Caribbean

While AI adoption is moving fast in other parts of the world, Latin America and the Caribbean face a more basic challenge: access

By Liliana Serrano Pájaro

What comes to mind when you hear the words “artificial intelligence”? When we posed this question to students at two public schools in Colombia, their answers ranged from giggles to thoughtful silence—and one unforgettable response: 
 
“AI is like a unicorn-duck. It doesn’t exist.  It’s just something made up on computers or phones.” 

Her words captured something that many students across Latin America and the Caribbean are feeling: AI may be a hot topic, but it still feels distant – mythical, even.  Yes, it’s making its way into classrooms, but it hasn’t yet taken root in education systems across the region.

Without Access, There’s No Transformation 

While AI adoption is moving fast in other parts of the world, Latin America and the Caribbean face a more basic challenge: access.  In the U.S., nearly 40% of young people were already using generative AI tools by late 2022 – a much faster uptake than for the internet or computers.

In the region, 1 in 10 students still doesn’t have a computer at school, and 2 in 10 lack internet access.  This digital divide makes it hard to integrate AI into classrooms meaningfully.  Compared to OECD countries, where more than 90% of schools have internet for learning, the gap is clear.  The truth is, reliable internet, electricity, and devices remain out of reach for many schools in our region, making it impossible to unlock AI’s full potential.  That’s why our new publication urges a realistic approach: drawing on decades of experience, it provides a roadmap to help countries harness AI responsibly and equitably. 

Turning AI into Real Opportunity

Even as AI unlocks new possibilities, we must ask: Who truly benefits?  Can rural students without internet benefit as much as their urban peers?  Are we training teachers well enough, not just buying tech?  Are we protecting students’ data as carefully as we protect their safety?

These questions brought global experts and regional leaders together for the event “AI & Education: Challenge Accepted!” hosted by the IDB.  This was more than a conference – it was a call to rethink how AI can build inclusive, future-ready education systems in Latin America and the Caribbean.

The Carvajalino Sisters, three young entrepreneurs and co-founders of The Biz Nation, opened the event with an inspiring talk about empowering thousands of young people across Latin America and the Caribbean through skills and innovation.  Throughout the event, speakers highlighted that AI could help personalize learning, make education systems more efficient, and support decision-making, but it should complement teachers, not replace them.  Some of the key takeaways from the event included: 

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• Equity comes first.  Without equity, there is no true digital transformation.  The lack of reliable internet, devices, and even electricity in many public schools across the region threatens to leave millions of students behind. Building up basic infrastructure is the first step. 

• Teachers must be at the heart of the strategy.  AI should enhance, not replace, educators.  Innovative models like Alpha School, 2-Hour Learning, and Minerva University show how AI can help optimize learning time, while tools created by organizations like Eedi and Stanford University’s National Student Support Accelerator emphasize the importance of keeping teachers at the center – guiding, supporting, and connecting with students. 

• Clear policies are critical.  Countries need strong regulatory frameworks, robust student data protection, and public policies that align with their education goals.  System-level strategies like Uruguay’s EduIA Lab and Brazil’s Gestão Presente program with Letrus provide practical roadmaps. These examples show that meaningful AI integration doesn’t start with the newest tools, but with thoughtful public investment and comprehensive data policies. 

A Long-Term Vision Is Essential.

With the rapid pace of AI development, education systems need to do more than react – they must anticipate. This means aligning education with labor market trends and fostering digital literacy, critical thinking, and adaptability.  Programs like PowerSchool in the United States and Stemi in Croatia are leading examples of how AI solutions and public-private partnerships can better connect schools with the skills that industries need. 

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• AI should be a catalyst for deeper learning, not just a shortcut for routine tasks. 
  
  
• Adopting AI must be guided by principles of inclusion, ethics, and responsibility, helping develop digital citizens who can strengthen their communities, engage in respectful dialogue, and shape public policy.  In this spirit, ISTE is redefining digital citizenship, showing that we must move beyond traditional fear-based approaches and focus on empowering responsible, proactive use.

The Road Ahead One student described AI as a unicorn-duck – something imaginary.  But AI is already here.  How we make it real, fair, and useful for everyone is what matters.  At the IDB, we’re committed to helping countries across Latin America and the Caribbean use AI to expand access, improve outcomes, and close gaps.  This event was just the beginning of a vital conversation. The real challenge isn’t whether we embrace AI, but how we do it and who we bring along. 

Source

Renewable Energy curtailment is an issue that cannot be ignored in Latin America and the Caribbean

Countries like Chile and Brazil are already showing significant figures, reflecting that the accelerated growth of renewable energies has not been matched by proportional transmission expansion or adequate regulatory adjustments

The Challenge of Renewable Energy Curtailment

By Arturo D. Alarcón - Martha Carvalho

Indeed, everyone has seen the image of a hydroelectric power plant releasing millions of cubic meters of water through its spillway.  But why does this happen?  Usually, it’s due to an excess flow not anticipated in operational planning or electrical system constraints.

The term “curtailment” has recently been used to describe what happens in solar and wind power plants when they must limit their energy generation due to a lack of transmission capacity or operational restrictions.  The metaphor suggests that we are ‘wasting’ sun and wind by restricting generation and being unable to harness all the energy, letting it continue its course in nature without being utilized.

How Much Energy Is Not Being Used?

Curtailment of energy in wind and solar power plants is not a new issue.  This process occurs in several countries where the growth of these energy sources has not been matched by a proportional increase in transmission capacity and/or when demand does not keep up with electricity generation.

For example, in the United Kingdom, limitations on energy generation began about 15 years ago.  Currently, nearly 20% of the wind energy generated in the north is not utilized due to transmission restrictions to the south, where the main demand centers are concentrated.  The California Interconnected System (CAISO) has experienced increased energy generation constraints since 2019, mainly from solar sources.  In 2022 alone, 2.4 TWh of solar and wind power generation was curtailed, representing a 63% increase compared to 2021 due to transmission system limitations.

This issue is gaining relevance in Latin America and the Caribbean, particularly in countries that have implemented successful policies to promote solar and wind development but have not developed the transmission system at the same pace.  In Chile, curtailment represented 9.72% of net renewable generation in 2023; in the first quarter of 2024, it had already reached 18.7%.  In Brazil, generation curtailment reached about 10% for wind energy and 17% for solar energy in December 2024, with an upward trend.

Who Bears the Cost of Unused Energy?

Generation curtailment costs the system because the energy not generated by renewable plants—by definition, zero marginal cost energy—must be supplied to the system by other sources (usually thermal or reservoir hydropower, which has a cost above zero) to meet demand needs.

Beyond the additional generation cost, the question arises: Who should bear the cost of the unutilized energy?  This depends on regulatory arrangements.  It could be the power plant owner or the system losing revenue directly.  In some countries, the market compensates plants for the energy that could not be generated if the curtailment was due to system limitations, a cost ultimately passed on to users.

For instance, generator compensation is granted in Brazil only when curtailment occurs due to transmission system unavailability exceeding a certain number of hours defined annually.  The Brazilian market does not compensate generators if generation is limited for system reliability needs or because generation exceeds demand.  Financial compensation for Latin America’s wind and solar energy curtailment is still under development.  Except for Brazil, where a defined regulation already exists, other countries in the region have not yet established precise mechanisms for this compensation.

This issue needs detailed analysis, as regulatory decisions related to curtailment compensation can influence the viability of renewable energy investments, impacting financial flows and developers’ risk perception.

How to Solve Curtailment, and to What Extent?

Energy generation constraints can be technically mitigated through various strategies that involve infrastructure expansion and regulatory adjustments to achieve a better balance between supply and demand. Key strategies include:

• Increasing transmission capacity from generation to demand centers.  Although this would be the “ideal” technical solution, it may not be immediate due to the time required for permits and construction.  Capacity can also be increased by changing conductors (reconductoring) or using technologies that allow increased flows in existing networks (Grid Enhancing Technologies), which generally take less time to implement than a new line.
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• Energy storage also offers a solution during periods of high generation, making energy available during peak demand hours.  Hybrid projects (generation and storage as a single investment) or stand-alone storage projects operating in a market can be viable.  For the latter, regulations must allow for arbitrage or provide incentives for flexibility.
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• Demand-side management encourages demand to use the energy that would otherwise be curtailed, for example, in energy-intensive industries, data centers, and thermal storage that can respond to price signals.  It is crucial to implement demand response mechanisms not only for large consumers but also for low-voltage users.  This requires developing adequate market designs and investing in smart meters that facilitate real-time consumption integration and optimization.
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• Trading surplus energy in neighboring markets: When generation exceeds demand, energy trading with neighboring countries could accommodate surpluses, reducing curtailment.  For example, in CAISO, the real-time market allows participants outside the system to buy and sell energy to balance supply and demand.  In 2022, these transactions avoided over 10% of curtailment.  Implementing this solution requires regulatory arrangements and interconnection infrastructure.

From a planning perspective, it is possible to identify an optimal level of curtailment, considering the total system cost.  In some cases, it may be more efficient from a global optimal perspective to allow a certain degree of generation curtailment rather than excessively oversizing the transmission infrastructure, which would result in a higher system cost.  Determining this level requires detailed studies and adjustments in market design that do not jeopardize renewable energy investments, as previously mentioned.

This Is Just the Beginning

Energy curtailment is an issue that cannot be ignored in Latin America and the Caribbean.  Countries like Chile and Brazil are already showing significant figures, reflecting that the accelerated growth of renewable energies has not been matched by proportional transmission expansion or adequate regulatory adjustments.  Countries adopting wind and solar development strategies will face similar challenges in the coming years.

Addressing this challenge will require building more transmission infrastructure and exploring solutions like storage, flexibility in supply and demand, and Grid-Enhancing Technologies.  Each of these strategies requires improved long-term planning to anticipate the expansion of transmission and/or storage and regulatory and market model adjustments to provide the right incentives.

The final challenge will be balancing the cost of expanding the grid and the acceptable level of curtailment for the system.  This will force us to reflect on how we plan our networks and regulate markets, ensuring that investments are viable and that we can fully harness the region’s enormous renewable potential.

Source / Comment

Partners in Climate Financing Solution

The fight against climate change is only just beginning, and soon enough we will need to rely on a new generation of environmental leaders...

The Bahamas Prime Minister, Philip Davis’ Remarks at the United Nations Framework Convention on Climate Change

SEPTEMBER 28, 2023

Fellow Heads of State and Ministers, 

Distinguished guests,

Ladies and Gentlemen,

Good morning:

I’ll begin by thanking the people and the government of Grenada for hosting us so graciously; it is wonderful to be here together.

I know we’re all looking forward to building on the progress we made last year in The Bahamas.

It is a source of great encouragement that our region, home to such a beautiful and vast diversity of peoples and languages and societies, can unite on key issues as we confront a new era of climate crisis.

The urgency of our work could not be clearer.

Even in the best-case scenarios – even if the world can make significant progress in reducing fossil fuel emissions (progress that in reality is far from assured) – for the foreseeable future, our region will continue to experience warming oceans, rising waters, and more intense hurricanes.

Since the start of the Industrial Revolution, more than a trillion tons of carbon dioxide have been released into our earth’s atmosphere.

Try as they might to skirt around the issue, the industrialized North will need to make the most sizable adjustments.  It is, after all, their development which has brought us to this point.

We must call on our partners in the North to deliver on the commitment they made at COP15 in Copenhagen, to mobilise US$100 billion per year by 2021.  This is the very same goal, which was reiterated at COP21 in Paris, and extended to 2025.

To date, they have yet to reach this target.

My friends, it makes no sense shooting arrows at new targets, when the bullseye of two decades before has yet to be hit.

As COP28 approaches, it is crucial that we, the developing countries on the frontlines of the climate crisis, hold the developed world to account.  Whether they honour their commitments could mean the difference between a mere disturbance and another Dorian – that devastating Category 5 super storm, the likes of which my country had never seen and is still recovering from.

To further the interests of the Caribbean, which are much the same as small island developing states (SIDS) in the Pacific and Indian Oceans, we must speak as one region, united by clear ideas and a common purpose.  We may operate in different geopolitical contexts, but we all lie in the same hurricane alley, we all rely, to a certain extent, on the tourist economy, and we all share common strands of a beautiful island culture under threat.

Let us use this occasion to marry our voices, to make ourselves heard.

I pushed for this regular meeting on the UN calendar because I strongly believe that the Caribbean can accomplish anything it sets its mind to.

I grew up on a small island in The Bahamas that is big on community.  It was the kind of tight knit place where even your neighbours felt like family, and that is exactly how I feel about all of you.

My brothers and sisters, ours is a common heritage, and a shared future.  Let us use this forum to identify our priorities, focus our efforts, and fight for a sustainable future.   A future in which the months from June to November do not spell certain doom for the countries of the Caribbean.

Key to a future in which our region flourishes will be our sustained commitment to seeing a loss and damage fund come to full fruition.  The adoption of this fund at COP27 was a remarkable achievement of Caribbean solidarity, one which we cannot afford to let fall by the wayside.

The time has come to double down on our efforts.  To tell these developed nations to “write the cheque”, as they have kicked the can down the road for far too long.  We cannot leave COP28 without the first pledge for funding identified.  This is no minor undertaking.  But if they are the big tree, we are the small axe!

And just as we hold the developed world to account, so too must we take active strides to enhance our own climate resilience.

Last week, I travelled to New York to take part in the Clinton Global Initiative, a community of doers committed to addressing the most pressing issues of our time.  At that forum, I was pleased to announce a new initiative, The Bahamas Sustainable Investment Programme or “BSIP” – a three-year economic and investment programme that is aligned with our Paris Agreement pledges and the UN Sustainable Development Goals.

If The Bahamas, or indeed the Caribbean, is to succeed, we cannot be passive actors.  We must find our own solutions.  With this programme, we are spearheading our own climate financing solution, and we invite the region, and the world, to partner with us.

Much like the Bridgetown Initiative, this is about more than just expanding access to funding, it’s about developing a practical pathway to climate justice and global equity.

It goes without saying that the present international financial process is unsustainable.  I would go as far as to call it egregious.  As SIDS, we are grappling with colossal impacts of a climate crisis we did not precipitate.  We are shouldering disproportionate debt burdens.  In some cases, such as in The Bahamas, climate change-related debt amounts to over half of total GDP.  This is not only an enormous figure, it is an unjust figure.

International financial institutions need to be overhauled to deliver on a fit-for-purpose approach to lending due to loss and damage from climate impacts.  These institutions, in tandem with International Multilateral Development Banks, must re-evaluate their purpose, approach, and objectives when dealing with SIDS.  An appropriately weighted, multidimensional vulnerability index must be adopted, if access to concessional development finance is to be made available to the states which need it most.

Despite the daunting task ahead of us, I do believe we can get it done.  I do believe our region is on the cusp of an exodus – a journey out of vulnerability, and into resilience.

Fundamental to this quest will be our ability to engage and empower our youth.  For the Caribbean to go from strength to strength, we must edify, uplift, and enlist the assistance of our youth.  The fight against climate change is only just beginning, and soon enough we will need to rely on a new generation of environmental leaders.

If the youth of our region are to blaze trails, we must first light a fire inside them.  So let us welcome the next generation into the fold.  Let us harness their fresh perspectives and critical agility, as we embark on a path toward greater Caribbean resilience.

Brothers and sisters, I look forward to witnessing the outcomes of this important meeting, and I applaud the incoming Chair, Grenadian Prime Minister Dickon Mitchell, for taking up the mantle.  The resolutions we establish today will surely be critical in safeguarding our shared tomorrow. 

Thank you, and may God bless you all.

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Migration in the Caribbean

A closer look at the Caribbean’s migratory systems

Similar to patterns of migration worldwide, migrants within the Caribbean tend to originate in countries with lower standards of living and fewer opportunities, moving to more advanced economies with more employment opportunities

Challenges and opportunities of migration in the Caribbean

By Valerie Lacarte - Ana María Saiz - Jordi Amaral - Diego Chaves-González - Jeremy Harris

Migration has long been part of the fabric of Caribbean nations’ experience.  But while Caribbean migration is often discussed in the context of out-migration to the United States, Canada, and European countries, movement to and within the Caribbean is an equally important part of this story.  In recent decades, due in great part to climate change, natural disasters, and shifts in global mobility patterns, the migration landscape in the Caribbean has also changed significantly.

To provide governments, stakeholders, and external partners interested in strengthening the region’s capacity to accommodate changing migration patterns, the Inter-American Development Bank and the Migration Policy Institute have partnered to provide a policy review on migration in the Caribbean.

The report Migration, Integration, and Diaspora Engagement in the Caribbean: A Policy Review provides those interested in human mobility across Latin America and the Caribbean with a general overview of the Caribbean region’s extra- and intraregional migration trends, institutional frameworks, and the challenges and opportunities that new migration flows present for its development and regional integration.

Recent changes in the migratory flows in the Caribbean

In 2020, there were an estimated 859,400 intraregional and 745,700 extraregional immigrants living in Caribbean countries.  The intraregional share of migrants grew from 46% in 2000 to 56% in 2020.

The intraregional share and origins of immigrants vary across countries.  In the nine primary countries studied in the report—The Bahamas, Barbados, Belize, the Dominican Republic, Guyana, Haiti, Jamaica, Suriname, and Trinidad and Tobago—immigrants from other Caribbean nations made up 63 percent of all immigrants in 2020.  Intraregional migration was most common in countries such as the Dominican Republic, Barbados, and The Bahamas, and Haitians were by far the largest group of immigrants across these countries, followed by Guyanese.

Extraregional migration in the Caribbean

In some countries, there are notable populations of immigrants from outside the region.  Venezuelans represent the second largest immigrant population (after Haitians) across the nine countries analyzed and are present in particularly large numbers in the Dominican Republic, Trinidad and Tobago, and Guyana.  Immigrants from the United States, the United Kingdom, China, and Canada were also present in many of these nine countries.

Intraregional migration in the Caribbean

Similar to patterns of migration worldwide, migrants within the Caribbean tend to originate in countries with lower standards of living and fewer opportunities, moving to more advanced economies with more employment opportunities.  As such, countries and territories with thriving tourism industries and higher incomes, such as The Bahamas, the British and U.S. Virgin Islands, the Turks and Caicos Islands, and Saint Kitts and Nevis, tend to attract nationals from Haiti, the Dominican Republic, Guyana, and Jamaica.  Moreover, a smaller number of high-skilled workers from countries such as Jamaica, Cuba, and Trinidad and Tobago tend to migrate to countries where they will have greater employment opportunities and receive higher incomes.

The impact of climate change and natural disasters on migration in the Caribbean

Climate change and natural disasters have been important drivers of internal, intraregional, and extraregional displacement in the Caribbean, and experts have expressed concerns that the frequency and impact of climate-related events are only likely to grow in the years to come.  In recent decades, the region has experienced several devastating hurricanes, which are likely the most impactful type of natural disaster in the region, in addition to earthquakes, tropical storms, floods, and drought, all of which have forced people to leave their homes.  These disasters are among the contributing factors to the increased migration of Caribbean nationals, particularly Haitians, to both South and North America.

Regional frameworks and institutions that facilitate mobility

Regional agreements and other forms of cooperation have also emerged as prominent features of mobility in the region.  As an example, under CARICOM’s Caribbean Single Market and Economy (CSME), nationals of CSME Member States benefit from six-month stays without a visa in other Community countries.  While these six-month stays do not come with work authorization, the CSME also includes a Skills Certificates regime that provides free mobility and works authorization for specific categories of workers.

Additionally, the region’s public university system, the University of the West Indies, has facilitated migration for educational purposes, mainly within the anglophone Caribbean.

Challenges for a stronger regional integration

The region’s unique free mobility regimes have, to some extent, helped facilitate the movement of displaced people and response workers during times of environmental crisis.  Yet a closer look at the Caribbean’s migratory systems indicates that, in most of the countries included in the study, these regimes are out of date, and this limits societies’ capacity to manage migration and successfully integrate new immigrants.

Diaspora engagement: An opportunity for the development of the Caribbean

A final, crucial dimension of migration policy in the Caribbean is diaspora engagement in efforts to further the region’s economic development.  Emigrants and their descendants are well-recognized for their role in channeling much-needed financial support to their families in the Caribbean through remittances, but their engagement with their countries of origin or ancestry can also take the form of business development and job creation, direct investment, and the strengthening of social and professional networks.  Moreover, the Caribbean diaspora has contributed to the region via the transfer of knowledge and skills, including through targeted initiatives that seek to counter the decades-old problem of brain drain.

Conclusion

As Caribbean nations continue to face important migration and development challenges, dialogue through the region’s established institutions provides a path towards adapting Caribbean migratory systems, while ensuring that migration policies account for the concerns of sending and receiving countries.

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