By: Staff Writer
April 26, 2024
The Inter-American Development Bank said that climate resilient infrastructure needed as the costs for energy consumption for Trinidad and Tobago, Barbados and Jamaica are in the millions.
According to the CEAC Solutions, IDB, and IDB Invest study “Interventions to Increase Climate Resilient Investments in Barbados, Jamaica, and Trinidad and Tobago”, they said: “Caribbean Islands are highly susceptible to impacts of climaterelated hazards due to their size and location. These intensifying hazards include droughts, hurricanes, floods, higher temperatures, and sea-level rise, which can cause significant damage to the environment and, consequently, economic sectors. This predicament has led to the need for climate adaptation in the form of climate-resilient infrastructure to withstand the impacts of climate change.”
The study added: “Due to location and intensifying hazards, Caribbean residential and SME developments are susceptible to climate-related impacts
“The size of the SME landscape is estimated to be 11,275 for Barbados, 35,287 for Jamaica and 17,044 SMEs for Trinidad and Tobago. The SME sector employs 23% to 56% of the workforce, with the wholesale and retail trade sectors dominating all three countries.
“Barbados, Jamaica and Trinidad and Tobago are estimated to have 78,936, 711,331 and 398,571 dwelling units, respectively. The residential landscape consists of demands mostly met by detached units across the three countries. As a result, current demands outstrip market supply in all three countries with deficits of unmet annual demands of 500, 15,000 and 10,000 for Barbados, Jamaica and Trinidad and Tobago, respectively.”
Also according to the study, hurricane wind annualized losses have been the most expensive, averaging US$215 million, followed by flooding with up to $20 million in annualized losses. Droughts were estimated to cost about US$500,000 per year.
In addition, energy consumption from increased cooling costs was estimated to cost US$1.4 million, US$8.7 million, and US$1.9 million per year for Barbados, Jamaica, and Trinidad, respectively.
The study also said: “Business continuity impact varies across the SME landscape based on tenure and vulnerability due to extreme climate-related events. For instance, 25% of SMEs in the USA do not reopen after extreme events. In addition, informal SMEs with less control over improvements and implementing resilience measures may be more vulnerable than those with tenure. Previous studies show that while the re-establishment of SMEs may occur after a disaster, complete recovery is a challenge.
“Barbados, Jamaica and Trinidad and Tobago are estimated to have 78,936, 711,331 and 398,571 dwelling units, respectively. Separate (detached) houses were the most popular dwelling unit for all three nations. They account for 86%, 90% and 77% of all dwellings in Barbados, Jamaica and Trinidad and Tobago, respectively. Attached units were the second most dominant dwelling type noted in Barbados, Jamaica and Trinidad and Tobago. These include apartments, flats, townhouses, and condominiums. Dwelling units identified as part of a commercial building and “other” accounted for less than 4% of the dwelling units in all three countries. Demand for detached units is highest in the residential landscape, followed by townhouses. Current demands outstrip market supply in all three countries, with deficits of unmet annual demands of 500, 15,000 and 10,000 for Barbados, Jamaica and Trinidad and Tobago, respectively.”