Food Security and Climate Resilience are Intertwined with Our Economic Stability

Good evening,

It is my honour to welcome you to the 50th annual Sir Winston Scott Memorial Lecture. A half a century of hosting these lectures is no small feat, but an achievement that we must celebrate.

Since its inception in 1976, this lecture has stood as one of Barbados’ most cherished intellectual traditions. It is a space where we gather to engage with global thinkers and explore ideas that shape our understanding of the world and our role within it.

The Sir Winston Scott Memorial Lecture was conceived by the Bank’s first Governor, the late Sir Courtney Blackman, to ensure that the Central Bank of Barbados remained connected to the people it serves, and that we contribute to the wider national dialogue beyond monetary policy and economics. With the continued blessing of the Scott family, we have sustained this tradition for half a century, using it to celebrate both the life of Sir Winston Scott – our nation’s first native Governor General – and the spirit of inquiry and nation-building that marked his life and legacy.

Each year, this lecture also forms an integral part of the Bank’s observance of Barbados’ Independence. As we prepare once again to celebrate our nationhood, we do so in the spirit of reflection and renewal. This lecture allows us to pause and examine the issues that matter most to our society and to the global community of which we are a part.

Tonight’s topic, “Feeding Tomorrow: Innovation Meets Climate Reality,” captures one of the most urgent and complex challenges of our time:  how to ensure food security in a world increasingly defined by climate uncertainty. For small island developing states like ours, the question of how we feed ourselves, protect our environment, and strengthen our economies in the face of rising temperatures and changing rainfall patterns is not theoretical. It is pressing and deeply personal to each of us.

Food security and climate resilience are intertwined with our economic stability and our quality of life. They affect everything from household budgets and public health to trade, tourism, and social equity. As a central bank, we recognise that climate risks can quickly become financial risks that affect production, investment, and long-term growth. In recent times, including just last week, we’ve seen first-hand how the unpredictable weather – drought followed by heavy rainfall – has impacted our agricultural outturn. 

The conversation we are having tonight touches the environment, agriculture, and our economic development as a whole.

Addressing these challenges requires innovation in science, technology, policy, and finance. Around the world, we are seeing transformative efforts in sustainable farming, digital agriculture, and climate-smart investment. These approaches hold lessons for us in the Caribbean, where creativity and resilience have always been part of our DNA. The task before us is to adapt these innovations to our unique context, ensuring that our food systems are not only productive, but also equitable and sustainable.

It is, therefore, most fitting that this evening we host a leader whose work has been central to reimagining how the world feeds itself. Dr. Agnes Kalibata, Former President of the Alliance for a Green Revolution in Africa.

She has dedicated her career to transforming agricultural systems, empowering farmers, and advancing global dialogue on sustainable food production and climate resilience. Her insights bridge the worlds of science, policy, and practice and they will offer us much to reflect on as we consider the future of food security in Barbados and the Caribbean.

As Dr. Kalibata shares her perspectives this evening, I encourage us all to think about how innovation can help us navigate the climate realities we face – not only in agriculture, but across every sector of our economy. Barbados has shown that we can be a voice for small states on the global stage. 

In 1994, we hosted the first International Conference of Small Island Developing States. In 2022, we launched Bridgetown Initiative on the Reform of the International Development and Climate Finance Architecture. These are just two examples of how we have consistently demonstrated leadership rooted in practicality and purpose. Let us now push the envelope in the way we think about feeding our people and securing our shared future.

On behalf of the Board, management, and staff of the Central Bank of Barbados, I extend heartfelt thanks to Dr. Kalibata for accepting our invitation to deliver this landmark 50th lecture, and to the Scott family for their continued partnership in keeping this important tradition alive.

I also thank each of you joining us here at the Frank Collymore Hall for being part of this ongoing dialogue on the issues that define our time.

Thank you and do enjoy the evening.