‘Smarter money’ is the key that will unlock the promise of Africa and the Caribbean

Fishing vessels damaged by Hurricane Beryl in Barbados. Climate crisis-induced natural disasters are disproportionately affecting the Caribbean and Africa. Photograph: Ricardo Mazalán/AP

After Hurricane Beryl stomped across the Caribbean, days after torrential rainfall destroyed thousands of homes in Ghana and Niger, it was evident that the two regions face many of the same challenges. Weeks of catastrophic events underscore the increasing necessity to transform the world’s financial architecture to support these areas.

Earlier this summer, two big conferences happened simultaneously, about 7,000 miles apart. One in the Caribbean, Antigua, and the other in Africa,Kenya. The themes were similar: the financial conundrum and developmental crises plaguing the regions.