CARIBBEAN countries are at an inflection point. On one hand, the region is facing enormous challenges, from the effects of climate change to volatile pricing of commodities to limited fiscal and skills capacity, just to name a few. On the other hand, opportunities for development are numerous.

Where there are hurdles, like increasingly stronger tropical storms, there are new opportunities to retrofit the region’s infrastructure to be more resilient. Where high import costs for finance, energy, and food plague our economies, there are opportunities to work inter-regionally to build new supply chains and design projects that attract significant commercial investment. But capitalising on these opportunities means redesigning the region’s development framework with new tools that can be accessed by governments, the private sector, and local communities.

This redesign should focus on innovation to drive transformation and build thriving communities for citizens across the region. Importantly, the institutions that can action these goals and translate benefits to the average person exist. Across sectors and thematic areas such as energy, agriculture, climate finance and infrastructure, institutions such as the Caricom Secretariat; Caribbean Centre for Renewable Energy and Energy Efficiency; Caribbean Agriculture Research and Development Institute; Caribbean Development Bank; Caribbean Community Centre for Climate Change, among others, house the potential to transform the region’s development agenda in a way that stimulates economic prosperity and stability.

But these institutions cannot operate in silos, given that the open-facing and small-market nature of Caribbean countries are routinely affected by the ebbs and flows of global markets. Therefore, a redesigned development framework must come with a unifying stakeholder engagement strategy. Support from the international community is needed to augment regional capacity in delivering needed technical assistance and development solutions.

In a region that is small and oftentimes on the outskirts of global attention, we need to be proactive in our engagement with our most important allies. Enhanced and frequent outreach to relevant capitals — like Ottawa, London, Washington, DC, Brasilia, and others will be needed alongside building consistent modes of communication with other development institutions, such as those that sit in Africa, Asia, and the Americas.

So, what does this redesigned development framework look like? First, it needs to start with innovation — the heartbeat of progress. Accelerating innovation unlocks new financial and technological resources that can induce greater competition and economic growth across industries. But for innovation to take hold, data-gathering will be essential. Designing effective policies and making informed decisions start with having the needed data on hand. For instance, enhanced climate modelling helps us patrol and prepare for hurricane season. Data-driven energy modelling can influence the types of clean energy technologies governments pursue. Surveys and polling can help us understand and implement the best strategies to address gender gaps from country to country. And the use of emerging and disruptive technologies can reduce agriculture production costs, and enhance efficiency and productivity in the sector.

Innovation also requires new ways to engage with other development institutions, from World Bank to Inter-American Development Bank, and Development Bank of Latin America and the Caribbean. Caribbean Development Bank is uniquely placed to contextualise world events and policy proposals to the realities of the region’s citizens. It gives lesser-developed countries a bigger voice on regional and global stages while also mobilising financial resources and technical assistance for overlooked markets like the eastern Caribbean countries. Enhancing this engagement will be critical, as will scaling activity with other institutions that provide urgently needed grant financing, such as Green Climate Fund, the Adaptation Fund, and Global Infrastructure Facility.

Next, the private sector must be at the table. The private sector holds the key to accessing capital, scaling projects, and utilising new technologies at a much faster rate. Governments are fiscally constrained and often do not have the flexibility to finance projects without taking costly loans. The private sector can help but will need a facilitative ecosystem for investment to contribute to the Caribbean’s development objectives across climate adaptation, energy security, tourism, health, and education.

Building on the momentum of previous investment fora, the region would benefit from an expanded investment forum, similar to what we see in Asia and Africa, that delivers transformational results via intense collaboration among private sector investors, development institutions, and governments. For example, a forum organised by regional development institutions can leverage early stage technical assistance, derisk investment opportunities, and unlock private sector participation through debt and equity financing across multiple sectors.

A new development framework needs to meet the challenges of today and tomorrow. It must be designed with foresight — considering geopolitics, the realities of people on the ground, and importantly, utilising existing indigenous institutions. Caribbean countries are on the front lines of many challenges but the opportunities for development and prosperity are endless. Any development framework must take this into account as the urgency of the moment has never been greater.

Together, let’s start a regional dialogue to bring forward our best ideas to implement this new framework. Our next steps will focus on turning these principles into action — mobilising resources, building partnerships, and empowering local institutions to lead. By staying adaptable and fostering resilience, we can create a future where sustainable development is not just a goal but a lived reality for all Caribbean nations. Together, we will transform challenges into opportunities and pave the way for a prosperous, self-reliant region.

Daniel Best is the senior infrastructure and development advisor to the prime minister of Barbados, seconded from a substantive role as director, projects department, at Caribbean Development Bank.

Wazim Mowla is the fellow and lead of Atlantic Council’s Caribbean Initiative and vice-president of ACE Consulting Group, based in Guyana.

This computer-generated satellite image released by the National Oceanographic and Atmospheric Administration, made available July 9, 2005, shows Hurricane Dennis heading to the Gulf of Mexico after its rampage through the Caribbean. Increasingly stronger tropical storms present new opportunities to retrofit the region’s infrastructure to be more resilient.