Thursday, Jul 11, 2024

Governor Antoine on Climate Risk and Responding to Hurricane Beryl

Governor Timothy N.J. Antoine of the Eastern Caribbean Central Bank, and Toronto Centre board member, authored an op-ed article on the financial stability implications of Hurricane Beryl. It was published by leading Canadian news and business publication The Globe and Mail.

Please read an excerpt from it below:

"When Hurricane Beryl, the earliest Category 5 Atlantic storm on record, smashed through the Caribbean last week, it wrought more than death, destruction and disruption to thousands of lives and livelihoods in Grenada, St. Vincent and the Grenadines and Jamaica. It once again confirmed our worst fears that warming seas would breed more ferocious storms. At the time of writing, this storm is now bringing significant flood damage to Texas after pummeling resort cities on the Mexican coast.

Unfortunately, it was also a reminder that, for central banks and financial regulators, climate change is not a matter of cultural conversation or debate; it is a real and present risk for which we must plan and respond, daily. Because climate risk is financial risk."

You can read the full article in The Globe and Mail. (subscription required)

Our thoughts are with those who have been severely impacted by Hurricane Beryl. If you wish to contribute to those whose homes and livelihoods were torn apart in a few hours, please visit the Caribbean Community (CARICOM) website: https://caricom.org