canada's history in developing our local - currency bond and money markets, because it has parallels with the situation in which many emerging market economies now find themselves. in the 1950s, canada was a relatively small, but very open economy that relied heavily on foreign trade, was dramatically influenced by fluctuations in commodity prices, and had a long history of foreign capital inflows to finance major projects. the bank of canada's primary emphasis at that time was on the development of a government treasury bill market, to assist in the more effective implementation and transmission of monetary policy. in addition, the finance department, with the central bank as its fiscal agent, wanted to promote the development of a well - functioning government bond market. this would help to provide the government with low - cost and stable financing. moreover, canada had also moved to a floating exchange rate, and so it was even more important that our debt be issued in the domestic currency. but the authorities also saw the financial system efficiency benefits that could flow from the development of a well - functioning government bond market. in particular, it would support development of, and access to, market - based credit for firms. the broader goal was to develop the foundation for an efficient domestic fixed - income market for private issuers. of course, our markets have been continually evolving, and so we have had frequent consultations with market participants. these consultations have led to the development of a well - functioning and liquid market for government debt right across the yield curve. this market provides the pricing benchmarks for all other fixed - income instruments and their derivatives, thus facilitating market access for firms seeking debt financing. so what have we learned over the years? well, experience has shown that in order to maintain an efficient, well - functioning local - currency debt market, it's helpful to focus on the key aspects of liquidity, transparency, regularity, and integrity in the structure of government bond and money markets. as such, our efficient government debt market contributes to overall capital market efficiency by providing key benchmark and hedging tools. now, in terms of financial system stability, the development of our domestic bond and money markets has led to stronger and sounder financial institutions. stronger institutions and more complete markets facilitate better allocation of domestic savings. this increases domestic investment, and thus, encourages stronger economic growth. creating local - currency bond and money markets can insulate an economy from global economic shocks in two ways. first, by providing more stable and secure sources of

cleviston haynes : bio - digestion - benefits to barbados speech by mr cleviston haynes, governor of the central bank of barbados, at the conference on " bio - digestion : benefits to barbados ", bridgetown, 17 may 2019. * * * welcome to this conference on “ bio - digestion : benefits to barbados. ” at the outset, we thank mr. joseph tesar, president of quantalux, and the spouse of the bank ’ s 2019 distinguished visiting fellow, dr. linda tesar, for offering to share his expertise and experience in converting waste to energy in a clean and sustainable way. we are also thankful for the support provided by members of the local alternative energy community. this conference is important, opportune, and necessary because our national energy policy is focused on shifting to the use of renewables and cutting our reliance on fossil fuels that are currently central to meeting our transportation and electricity needs. indeed, government has announced an ambitious goal of 100 % reliance on renewables for energy generation by 2030. it is ambitious because at present only an estimated 4 % to 6 % of our energy needs are being met by renewables. it is ambitious because the transition requires significant investments. but ambitious it needs to be so that we can promote greater energy security, enhance our long term competitiveness and address the negative spillovers that accompany the use of fossil fuels. i wish therefore to commend the efforts of local agencies such as the ministry of energy and water resources and the barbados renewable energy association that have been championing this thrust towards renewables. as we seek to promote greater stakeholder engagement in this process, it is important that we enhance our knowledge about how we can benefit from alternative energy sources such as solar, wind, hydro, and waste. today ’ s conference fits neatly into that vein as mr. tesar will help us to better understand how the waste we generate can fit into the new energy mix ; how we can turn our organic waste into economic value ; and how we can protect a fragile environment and mitigate the risks associated with climate change to which the carbon produced by fossil fuels contributes. we must see the shift to renewable energy in the context of leveraging our biological resources, while building resilience : building environmental resilience, financial resilience, and economic resilience. you may recall the topic of our 2004 sir winston scott memorial lecture, “ the economy or the environment : what is the bottom line