Caribbean private sector backs careful rollout of IMO net-zero shipping rules

The CARICOM Private Sector Organisation (CPSO) has again underlined that climate action, decarbonisation and lower greenhouse gas (GHG) emissions are vital to sustainable growth across CARICOM Member States.

That stance was restated at a senior gathering earlier this week that brought together the CPSO, CARICOM Heads of Government and the OECS Business Council. The talks were held on the sidelines of the 51st Regular Meeting of the Conference of Heads of Government of CARICOM in St. Lucia.

Those present gave wide backing to a measured regional path toward putting the IMO Net-Zero Framework into effect. They pointed to the uneven harm the measures could inflict on Small Island Developing States, on consumers and on tourism, especially the cruise industry. Under the framework, shipping lines that do not shift their vessels to net-zero carbon fuels face penalties.

Delegates also supported expanding the CPSO’s import-diversification programme so that the import savings and broader economic gains from moving to renewable energy can be measured. Findings are to be tabled at the next Meeting of the Council for Finance and Planning (COFAP).

To keep the agenda moving, the meeting resolved to form Working Groups with set deadlines and clear deliverables, so that undertakings from the session are carried out and tracked. The CPSO will work closely with the Caribbean Single Market and Economy (CSME) on this, and a Prime Ministerial Sub-Committee has been created to oversee the follow-up.

Participants closed by affirming that the region’s cost-of-living pressures must be tackled through practical steps with defined timelines and measurable results. They also stressed that lasting cooperation among governments, the private sector and organised labour will remain key to securing real gains for people across the Community.

Wrapping up, CPSO Chairman Gervase Warner thanked the Heads of Government and private-sector delegates for frank discussion and joint input. He said the exchange had prepared the ground for ongoing work among the private sector, Heads of Government and organised labour, and pledged that the CPSO would chase delivery of the work programme agreed at the session.