Dear Editor,

World Tourism Day 2023 is being celebrated today under the theme ‘Tourism and Green Investments’, targeting investments for people, for planet, and for prosperity. The premise is anchored on green investments in tourism for economic growth and productivity. However, is this hypothetical/theoretical or realistic?

According to Carbon Collective, green investment allows for the allocation of financial resources to projects or companies that focus on sustainable practices, environmentally friendly technologies, and the conservation of natural resources. These investment activities include the development and use of alternative energy technology, such as wind energy and solar energy. Green investments also encompass activities targeted at pollution control, projects to generate clean air, smart grid technologies, green buildings, energy storage solutions, waste management, recycling systems, and socially responsible investment.

Where is the situation today, particularly in Jamaica and the wider Caribbean region?

A recent media report in Jamaica suggests that tourists are being severely impacted by the summer heat. Deductively, they are not able to have the promised experience of sand, sun, and sea.

Is the sun in this context working against our tourism promise? Seemingly, our tourists are now experiencing a sensory burden which has associated costs, both monetary and non-monetary.

The media report further indicates that hoteliers are now planting more trees by the beach to provide shading and to convey the coolness of the wind. Although this is a positive response, is it a reactive measure? These trees should have been planted long before now to derive the benefits needed today. Agreeably, climate is a key resource for tourism, but the hospitality and tourism industry is extremely sensitive to the impact of climate change and global warming. Is it that climate change was not seen as a true phenomenon that would one day impact humankind or the business of tourism?

Some argue that it is unfair for tourism destinations in the tropics to be impacted by the change in climatic conditions, such as heatwaves, flooding, heavy rains, and hurricanes, the causes of which are linked to the more industrialised countries with unsustainable environmental practices. Developing countries, despite their efforts to reduce environmental footprints, are still feeling the increased blunt of global warming. Green investments should be used to bring awareness to the responsibility of the industrialised developed countries in this matter.

Notwithstanding, the follow-up question is: What impacts will climate change or global warming have on tourism inflows to the Caribbean based on the fact that the major tourism markets — USA, Canada, and Europe — visit the destination to get away from their hot summers. Mitigating the impact of climate change by way of green investments has to be a part of the solution.

As an ethical principle, green investment is not simply for organisations to raise funds for branding purposes but for them to be serious about combatting climate change and promoting sustainable development. Green investments could be regarded as a wish list as it requires funding and government commitment. Green investment funds can be obtained from private equity funds, venture capitals, corporations, hedge funds, securities, electronically traded funds, mutual funds, and bonds. These funds could be allocated for green projects that will work for the benefit of the environment.

Saliently, green investments have to be a focus of the marketing thrust, especially since a number of travellers are seeking destinations that are environmentally friendly. However, green marketing should not be a sole marketing thrust for oganisations but a deep commitment to save people and planet and for prosperity.

Green investment is real. The technology company Apple issued the first-ever green bond, which won an award from Environmental Finance in 2016. Starbucks issued a sustainable bond to improve agriculture. This can also be done in the Caribbean.

Happy World Tourism Day!

Professor Gaunette Sinclair-Maragh

Chair of Caribbean Tourism Researchers Network

University of Technology, Jamaica