2 days Ago By [email protected] (Vishanna Phagoo)
REPUBLIC Bank Ltd has pledged US$200 million towards various sustainability projects, highlighting its commitment to environmental, social, and governance (ESG) goals, according to its vice president Richard Sammy. Speaking at the launch of RBL’s first sustainability exhibition, Sammy said, “We’ve taken steps to be the leader in sustainable financing, pledging US$200 million in funding towards sustainable business ventures and projects. I’m pleased to share that 75% (US$150 million) has already been disbursed to projects in clean energy, energy efficiency, environmental protection, water management and waste management, among several other areas.
” RBL hosted its inaugural two-day sustainability expo at the Centre of Excellence, Macoya, themed “Transforming Talk into Action” on September 13. Additionally, recognising the critical role of the agricultural sector in food sustainability and security, RBL has pledged US$100 million by 2025 to reduce the Caribbean’s food import bill and strengthen the agri-business value chain, Sammy said. “In T&T specifically, we believe economic growth is propelled by the efforts of thousands of MSMEs (Micro, small and medium-sized enterprises).
Recognising the vital role they play, and as part of our commitment to financial health and inclusion, we’ve pledged $200 million by 2025 to also support our local MSMEs. Today, we can report that approximately 50% of this amount has been disbursed to over 1,300 of these businesses,” he said. Sammy added that RBL aims to reduce its group-wide fossil fuel emissions within its real estate portfolio by 26.
4% and its power generation sector emission intensity by 25.1% by 2030 to lead by example. He stressed the importance of implementing sustainability projects and said climate change is becoming increasingly evident given the Caribbean is facing coral reef bleaching, lifeform threats, rising sea levels and increased hurricane activity.
“We just witnessed Hurricane Beryl’s destructive impact on infrastructure and livelihood, with some insurance companies still assessing what could be as much as US$500 million in losses. Environmental and economic issues are not the only challenges associated with climate change. Experts believe one of the biggest threats to the planet due to a changing climate is the impact on human health,” he said.
Sammy added that climate change, food security and non-communicable diseases (NCDs) are “intricately connected” since temperature variations, extreme weather events, shifting ecosystems, disrupted food chains, pollution and viruses released from melting permafrost are contributing to unhealthy consumption patterns and the prevalence of NCDs and other illnesses. “The World Bank estimates that approximately 60% of the Caribbean population lives below the poverty line, which makes us more susceptible to these risks. These interconnected environmental and social challenges call for urgent and innovative solutions,” said Sammy.
According to Sammy the two-day expo gave the public an insight into what companies are doing to protect the environment and support social development while completing their goals successfully. This year’s theme, he said, focused on RBL ensuring a shift away from traditional talk-shops, aiming to showcase a diverse array of sustainable products and services offered by businesses in Trinidad and Tobago, across the Caribbean, and internationally. 80 local MSMEs represented The expo had over 100 companies, including 80 local MSMEs housed in an SME Village where they were able to showcase their sustainability-related products and services across industries such as energy, industry, manufacturing, automotive, architecture, and construction.
Sammy said, “This is a journey that the Republic Group is familiar with after over two decades of using our Power to Make a Difference corporate social responsibility programme. Through our NGO partnerships here in Trinidad & Tobago, we expect to invest $125 million over a five-year period ending in 2028 to further create equity, reduce marginalisation and protect the vulnerable. It is a journey that took on even greater significance in 2020 when we signed on to the UNEP’s Principles for Responsible Banking and became a co-signatory to the Net Zero Banking Alliance.
” Sammy said he is confident that RBL will be successful in reducing the effects of unsustainable practices, especially with the right allies. One notable ally is Visa, which, according to Sammy, has achieved and maintained carbon neutrality across its entire operations and has been using 100% renewable energy since 2020. “Visa’s Country Manager for Trinidad and Tobago, Jorge Salum, added that Visa aims to be an industry leader in addressing the ESG issues most pertinent to its role as a payments technology company.
“Our sustainable operations approach aims to reduce the environmental footprint from our business activities, which primarily include data centres and offices, employee commuting, business travel, corporate events and purchased goods and services. We aim to drive sustainable and inclusive development together with partners – like Republic Bank – businesses, government, NGOs (non-governmental organisations) and other organisations, and this represents a critical dimension of our business growth,” Salum said. Salum added that the Visa team recognised collectively that it has the infrastructure, products, services, channels, brands and a host of capabilities that not only provide the foundation for our business success but can also be utilised to do good for society.
Speaking MSMEs, Hanamji said they are the backbone of our local and global economy. “According to the World Bank, SMBs account for over 90% of companies and 50% of jobs worldwide, so we need to continue supporting and enabling them. Visa supports SMBs around the globe, through educational tools and resources, marketing, partnerships and charitable donations, helping SMB owners to improve their lives and the lives of their communities.
” Speaking to Express Business at the EY T&T exhibit, Rudolph Hanamji, Senior Manager with EY Caribbean, claimed that EY was the first to establish an ESG service line, a commitment reflected in their booth at the expo. “We have deliberately designed our booth to reuse materials and to have a raw, natural sustainability element, so the use of actual plants, burlap, wood and no printed materials. That shows that companies can really be intentional about how they bring sustainability to life,” he said.
Hanamji added that the EY has hosted a number of pro-bono workshops and community activities as part of its ESG goals. “We really want to make a call, not just for corporates, but corporates, especially because the private sector drives a lot of this, but also to the public agencies and the average citizen to do their part to ensure T&T meet its sustainability goals.” Also displayed at the expo were the Chinese-based BYD fully electric vehicles which sales representative Whitney Seelochan said there are a lot of people who have already gone green with the brand.
Asked about sales, she said the brand has been getting fantastic responses from the local market and people are coming to them with high expectations given the 20-year experience BYD had. “The demographic has been a wide spectrum which has been great, we’ve had a fantastic response in terms of sales and when we launched our showroom officially in May,” Seelochan said..
