Biden invites two Caribbean leaders
for US Climate Change summit
By Azad Ali
United States President Joe Biden has
invited two Caribbean prime ministers
to his “Leaders Summit on Climate” to
take place virtually at the White House
on April 22 and 23.
A White House statement said Antigua
and Barbuda Prime Minister, Gaston
Browne and his Jamaican counterpart,
Andrew Holness, were invited to
the summit among 40 world leaders.
The Whitehouse noted that President
Biden “took action” his first day in
office to return the United States to the
Paris Agreement on Climate Change
Days later, on Jan. 27, 2021.
He announced that he would soon
convene a leaders summit “to galvanize
efforts by the major economies to
tackle the climate crisis.”
The US president said the “Leaders
Summit on Climate” would underscore
the urgency and the economic benefits
of stronger climate action.
“It will be a key milestone on the
road to the United Nations Climate
Change Conference this November in
Glasgow, Scotland,” according to the
statement.
The White House statement said
key themes of the summit will include
galvanizing efforts by the world’s major
economies to reduce emissions during
this “critical decade” to keep a limit to
Caribbean L 14 ife, APRIL 16-22, 2021
warming of 1.5 degrees Celsius within
reach; and mobilizing public and private
sector finance to drive the net-zero
transition and to help vulnerable countries
cope with climate impact.
In a response to the Climate Summit
invitation, Antigua and Barbuda Prime
Minister, Browne said he intends to
make “a robust contribution on behalf
of the CARICOM countries” when he
participates.
He welcomed the invitation to participate
in the summit, to make the
case for small states everywhere.
By Sarah Marsh
HAVANA (Reuters) – The Eastern
Caribbean on Thursday became the
first currency union central bank to
issue digital cash, a move that comes as
bigger monetary authorities such as the
European Central Bank look at issuing
their own electronic cash.Official digital
currencies are more “risk-free” than private
electronic payment systems as they
are backed by the central bank. They
also cut out the middle man, reducing
the cost of transactions, and make
e-payments possible for those without
bank accounts.
The so-called DCash is being initially
rolled out in four of the eight member
countries of the Eastern Caribbean
Currency Union, according to Bitt, the
Barbados-based firm that led its development.
The pilot includes Antigua
and Barbuda, Grenada, Saint Kitts and
Nevis, and Saint Lucia.
Large central banks across the world
are stepping up efforts to develop digital
currencies to modernize financial systems,
speed up payments and counter a
possible threat from cryptocurrencies.
Still, efforts by major authorities are
mostly at the drawing board, with the
People’s Bank of China’s plans the most
advanced. The U.S. Federal Reserve has
said it is more important to get its
approach right rather than leading the
pack.
The Caribbean though has already
broken ground: The Bahamas last year
became the first country to launch a
central bank digital currency (CBDC)
nationwide.
The DCash, a blockchain-based, digital
version of the Eastern Caribbean
dollar, pegged at EC$2.70 to US$1, is
the first CBDC to go live in a currency
union which could offer tips to other
such blocs like the euro zone on how it
could work in practice.
From Thursday, financial institutions,
merchants, and consumers can
download the DCash application on
their mobile phones to make transactions.
Users can buy DCash from approved
providers using banknotes and coins or
by converting funds from their bank
account, according to the ECCB, which
will provide training.
The European Central Bank is looking
at the possibility of introducing a
digital euro within the next five years.
The Eastern Caribbean Central Bank
(ECCB) Governor Timothy Antoine said
he conducted DCash’s first cross-border
transactions on Wednesday.
Antigua and Barbuda Prime Minister
Gaston Browne. Gov’t of Antigua and
Barbuda
Eastern Caribbean launches
central bank digital cash
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