PLANNING Minister Kennedy Swaratsingh says climate change is a daily reality for Trinidad and Tobago.
While climate change poses many challenges, Swaratsingh said it also offers opportunities through public-private partnerships to reshape the economy.
He made these comments when he addressed the American Chamber of Commerce (Amcham) TT Environmental Social Governance (ESG) Event 2025 at Asa Wright Nature Centre, Arima on May 20.
Swaratsingh said, "Climate change is no longer a distant threat. It is a daily reality for many of our citizens, threatening livelihoods, disrupting ecosystems, and testing our economic resilience."
Yet within this challenge, he continued, lies a powerful opportunity to reshape our economy, redefine competitiveness and reimagine growth through the lens of sustainability.
Swaratsingh said, "It will require bold leadership from government but it will also require bold partnership from you (private sector)."
He told his audience government views ESG not as a trend or a box to be ticked but as a framework for shaping national resilience, economic transformation and sustainable prosperity.
"Fundamental to this transformation is the principle of partnership. No one sector can address these challenges alone. That is why public-private collaboration is not only desirable, it is indispensable."
He said TT and the wider Caribbean are "facing the existential threat of climate change, mounting development pressures, as well as the persistent challenge of limited fiscal space."
Swaratsingh repeated this is why strategic public-private partnerships (PPP) are necessary to integrate ESG principles into national and corporate strategies.
He disclosed he has already started meetings with Amcham and other private sector entities on this matter.
"While many businesses today have embraced ESG, we must guard against the risks of virtue signalling."
Swaratsingh said, "Lofty goals without accountability or sustainability branding that masks unsustainable operations, undermine investor confidence and public trust. "
He added this underscores the need for a robust national ESG reporting framework that is both fit-for-purpose and responsive to our local realities is a key factor.
"We recognise this cannot be done in a vacuum. It must be co-created with input from the business community, financial institutions, civil society, and academia."
Swaratsingh suggested green financing, skills and innovation and governance as three areas for PPPs.
On climate finance, he said, "The global commitment of $100 billion annually remains unfulfilled, access, particularly for small island developing states like ours has been riddled with bureaucracy, inconsistent definitions, and uncertain timelines."
Swaratsingh added TT could not sit on the sidelines in this scenario.
"The business community must become an active partner in accessing and deploying climate finance, not only through investment but also through innovation."
He claimed climate financing in the form of loans is not viable.
"This
