Business View Caribbean | May 2022

16 BUSINESS VIEW CARIBBEAN VOLUME 9, ISSUE 5 construction sector respondents said they take no operational carbon measures across projects. 40% of those respondents further said that carbon measurement is not well understood; two-thirds said reducing waste is a priority, but only half saw demand increase for recycled/ reused materials. To support the sector in addressing its carbon output, RICS in a coalition with 49 globally prominent organizations, released International Cost Management Standards 3 (ICMS 3) – a world-first for cost and carbon management in infrastructure. With ICMS 3, for the first time, there is a globally consistent method for carbon life cycle reporting across construction projects, from buildings and bridges to ports and offshore structures. ICMS 3 will help efforts to decarbonize structures most cost-effectively – before construction starts. Fortunately, in addition to ICMS 3, there is now a substantial body of insight, guidance, and resources that RICS professionals and others in the industry can draw on to build capability and help deliver a practical response to the great challenge that climate change presents. The RICS Redbook now includes guidance on incorporating sustainability and future risk into core property valuation methodologies. Inclusion of this risk assessment can help build a consistent database to help guide future development. Beyond the tools of the profession, we must unify in our determination to implement strategies that increase resilience. Through informed government policy and prudent private investment, Cayman Islands are well on their way to becoming a model worldwide for how island nations can be prepared for change with a sustainable, circular economy. However, the fact remains that sea levels will continue to rise, and more extreme weather events are likely to continue. Being able to source accurate data will allow government ministries to be much more intelligent about enacting public policy. New developments must be approved using a strict, analytical approach informed by environmental and not merely financial data. Cayman must also ensure respect for and protection of important natural buffers such as reefs and mangroves that help resist the devastating effects of hurricanes. The ability to implement infrastructural solutions to land preservation, energy independence, and traffic reduction is a critical step to protecting vulnerable island nations. These solutions will not be inexpensive, but protecting the natural environment is key to Cayman’s economic health. This is an existential threat to the billions of dollars the tourist economy contributes. A declining environment leads to fewer visitors, less investment, and fewer resources to maintain the healthy, beautiful environment we cherish. The next generation should look forward to being Cayman’s caretakers, not fear the daunting task. *The Royal Institution of Chartered Surveyors promotes and enforces the highest professional qualifications and standards in the development and management of land, real estate, construction and infrastructure. www.rics.org/north-america GUEST SUBMI SS ION