Adverse Fiscal Effects of Climate Change on the Caribbean

The increasing build-up of greenhouse gases (GHG) in the atmosphere results from anthropogenic actions which exceeds the threshold that keeps the Earth habitable. The vulnerability of the Caribbean and its population is because of its flat island characteristics and inadequate economic resources to construct buffers against climate change. Several Caribbean locals live in poverty by world standards and for developing nations worldwide, paying the price for safeguarding measures is simply unthinkable (Bueno et al. 2008). If climate change remains uncurbed, funds which could be used for poverty alleviation or social and economic development will now have to go towards efforts to prevent and recover from the impacts of climate change (IPCC 2007). With higher temperatures, it will have a negative impact on infrastructure in coastal regions, hurricane damages, health impacts, pressing concerns for energy and food security and negative consequences on agriculture and ecosystems. The Caribbean islands depend on tourism since it contributes to 15 percent of the region's national revenue and gross domestic product (GDP). In a survey done, it was found that 80 percent of tourists will be reluctant to revisit the islands if the environmental beauty was negatively affected by climate change (Bueno et al. 2008). Despite the Caribbean nations' emissions are very small, greenhouse gases such as carbon dioxide affects everyone no matter where in the world they are produced. The ultimate challenge is global fairness which is at the centre of the problem. However, it is also the key to the trials of meeting the needs of its citizens by developing in a sustainable way while arranging for the negative concerns of climate change in the region.

Other constraints which face the Caribbean nations' ability to effectively and efficiently address climate change issues are:

·         The absence of research on various areas of vulnerability and reliability which have led to reduced technical capabilities to produce reliable scientific data and research for public policy;

·         Poor communication between stakeholders and the lack of awareness by the population;

·         Limited reports on the economic and social influences of climate change and poor prioritization in the management of these issues at both national and international levels.

Recommendations

The introduction of several policy instruments not only in Trinidad but throughout the Caribbean can help reduce greenhouse gases by putting a price on it. These may include:

·         The removal of environmental harmful subsides, permit schemes, carbon taxes, and promote the implementation of existing and future United Nation Framework Convention on Climate Change UNFCCC agreements. 

·         Investing in educational and awareness programmes to increase the understanding about sustainable use of resources and production practices

·         Reduce energy consumption by implementing the use of efficiency measures. Predominantly in the case of gasoline and air-conditioning usage.

·         Monitoring and measuring all situations and trends which can have an impact on climate change. Improving the accuracy of data by training individuals to collect and analyze data as well as the use of information and communication technologies (ICTs) to improve collection of data can aid in monitoring and evaluation of impacts.