Colm Imbert, an experienced hand at budget presentations given his long tenure in the Finance Ministry, should have settled on the main areas of focus for the fiscal package weeks ago.
Given the many social and infrastructural challenges facing this country, it would be unrealistic to expect a package of goodies, even in this pre-election period.
It is safe to forecast that the biggest allocations will once again go to national security and education. That has been the trend of recent budgets.
However, there is a pressing issue that is likely to have far-reaching impacts across several ministries but which has not featured prominently in Mr Imbert’s budget presentations to date.
That issue is climate change which, whether or not it is budgeted for, is beginning to inflict an immense financial burden on T&T’s fragile economy.
The hot spell affecting T&T throughout this weekend is an indicator of how global warming is becoming more pronounced.
It is also a reminder that climate change is a reality and there is no time to waste in meeting the various associated costs, whether economic, environmental, or social.
The economic costs alone could be staggering if any of the predicted super-charged natural disasters should come our way.
Damage to infrastructure, property, agriculture, and human health from such scenarios will easily run into billions of dollars. Even without an extreme weather event, there is a high cost when rising temperatures increase the demand for electricity.
The impact on the environment also has economic implications for communities that depend on tourism and fishing. Tobago is particularly vulnerable.
In real-time, this population is experiencing the health impacts during the current outbreak of dengue fever. However, there will be additional strain on the health system from other climate-related causes.
These are not matters to be overlooked or given only passing attention.
It is imperative, therefore, that Mr Imbert factor in these costs—many of which are continually rising—in the package he presents on September 30.
Hopefully, the budget will also cover investments in renewable energy, significant allocations for disaster preparedness and other measures aimed at reducing the overall cost of global warming.
To date, budget presentations have barely scratched the surface of this complex and costly issue, which is much more important than delivering an election budget.
As a small island developing state (SIDS), T&T needs to adopt a multifaceted approach to climate change from now, not only to mitigate the effects, but to cover the unavoidable costs to recover, rebuild and adapt should the island be hit by a major climate change-related event.
Urgent co-ordinated action is needed now and Mr Imbert should ensure that funding is available in the key sectors to do that.
While it is difficult to predict the economic, environmental and social dimensions of this crisis, the budget needs to cover the burdens likely to be placed on this economy and society.
It is important to be prepared.
