Lead Editor Investigations
asha.javeed@guardian.co.tt
After two years of serving as the executive director of the Inter-American Development Bank (IDB), Robert Le Hunte is looking for his next opportunity to be of service.
Le Hunte, a career banker who served as Minister of Public Utilities in the current administration from September 2017 until his resignation in May 2020, ended his term at the IDB on June 30.
The executive director role is rotated among the member countries of the IDB.
Asked whether he would resume active politics, he revealed that he is still a member of the PNM and has maintained good relationships with several of his former colleagues.
“I am not averse to serving. My goal is about serving the people as long as an opportunity presents itself,” he told the Sunday Guardian in a telephone call yesterday.
“I am a lifetime member of the PNM party. Rest assured, as my past decisions and choices have shown, it has never and will never be about money or position. In my future endeavours, I continue to be committed to serving my country and the region.
“I have always aimed to execute my tasks with integrity, passion, and commitment, ensuring that I aim to leave each position a little better than I found it.”
While reflecting on his time at the IDB and the challenges the country and the region face, Le Hunte pointed out that the number one issue is climate change.
He noted that in the Caribbean, natural disasters occur more frequently and cost more on average than anywhere else in the world.
“Since 1950, roughly two-thirds of the disasters to hit small countries have occurred in the Caribbean. Entire economies have faced losses larger than their entire GDP. Dominica lost 226 per cent of its GDP to Hurricane Maria in 2017, and Grenada lost 200 per cent of its GDP to Hurricane Ivan in 2004. Hurricane Dorian caused damages equivalent to one-quarter of the Bahamas’ GDP,” he said.
The region’s survival depends on the strength and efficacy of adaptation and mitigation measures which means investing in resilient infrastructure. Whatever we now build, whatever initiatives or projects we move forward with, needs to withstand the impacts of current and future climate change impacts. Access to long-term, affordable financing to meet these needs continues to be a challenge in the region, that demands collective resolution,” he said.
Despite the challenges, there are opportunities in the Caribbean, particularly in green hydrogen.
“The Caribbean could aim to become a green hydrogen-independent region. Realising this potential depends on our ability to come together, think big, and pursue transformational initiatives. Significant investments in infrastructure are required, but there are investors willing to invest. To capitalise on these opportunities, we must address challenges related to ease of doing business, regulatory frameworks, and more.
“Prioritising economic diversification is essential for long-term resilience and sustainability. The global shift towards green hydrogen presents a significant opportunity. Hydrogen demand by 2050 could vary from 150 to 500 million metric tonnes per year. The Caribbean is well-positioned to harness this potential and be a key player in the global green hydrogen market,” he said.
“I want to emphasise that this is not a zero-sum game. Natural gas will continue to be a critical element in the world’s energy mix. However, we have the potential to envision a Caribbean that is independent in green hydrogen.”
Le Hunte said the Caribbean Development Bank (CDB) needs to be strengthened to better serve the region’s needs.
He said the CDB’s triple-A rating is a valuable asset that can be better utilised to secure cheaper financing for development projects.
“By issuing bonds on the international market, the CDB can raise funds at lower interest rates, which can then be channelled into critical infrastructure and resilience-building projects across the Caribbean,” he said.
In his view, the Caribbean has not been receiving its fair share of private-sector investment.
“The Government cannot do it alone. The escalating debt levels and limited fiscal space leave little room for additional borrowing to address our myriad development challenges.
“It is evident that these burdens cannot be borne by government spending and borrowing alone. We need the active participation of the private sector, financial institutions, and investors,” he said.