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The Guardian - UK
The Guardian - UK
World
Kenneth Mohammed

Banks are leaving the Caribbean. It’s unfair and will backfire on the west

A bitcoin sign in Hastings, Barbados.
Bitcoin trading in Barbados. Alternatives to banking become more attractive when access is cut by de-risking. Photograph: David Kilpatrick/Alamy

Mia Mottley, once again, this time at Cop27, chastised the west for being the main culprits in the climate crisis. The Barbados prime minister said that the Caribbean and Pacific islands, being the most vulnerable and least responsible, face certain doom if wealthier nations are not held accountable.

The Caribbean has some of the most resilient and talented people in the world. People who have risen above slavery, indentureship and colonialism. Over the past five decades they have faced corrupt politicians draining their economies, perennial climate disasters and economic discrimination by the west. Now, these small island developing states, still reeling from the Covid pandemic, face further economic challenges inflicted by banks from the US, the UK and EU and Australia.

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