Gov’t Receives $120.3 Million Grant For Climate Projects

The Government has received grants totaling approximately $120.3 million (US$855,546) from the Green Climate Fund (GCF) to finance two projects aimed at facilitating a gender-responsive approach to climate change and mitigation, and a Caribbean Green Bond listing on the Jamaica Stock Exchange (JSE).

A sum of about $38.4 million (US$272,797) is earmarked to fund the gender-responsive project, while approximately $82 million (US$582,749) is programmed for the JSE listing.

The Climate Change Division (CCD) in the Ministry of Economic Growth and Job Creation is spearheading the 15-month gender-responsive initiative in partnership with the Bureau of Gender Affairs in the Ministry of Culture, Gender, Entertainment and Sport, which is slated to commence this month.

The CCD is also collaborating with the JSE on the green bond listing, which will be executed over 24 months, also beginning this month.

Permanent Secretaries in the Economic Growth and Culture Ministries, Audrey Sewell and Denzil Thorpe, respectively, signed the grant agreements during a brief ceremony at Jamaica House recently.

A project brief indicates that the initiative aims to strengthen Jamaica’s institutional coordination to promote gender responsive climate action and ensure policies, programmes and projects address gender inequalities.

This will be achieved by: conducting capacity and institutional assessments; facilitating an enhanced dialogue platform for gender and climate change focal points in order to strengthen institutional linkages for climate action; establishing a Vision 2030 Jamaica Gender Thematic Working Group; increasing data availability by conducting a national gender assessment; integrating gender in selected sector strategies and action plan(s); educating and engaging key stakeholders to better integrate gender in climate financing programming; and guiding gender-sensitive GCF project concept notes.

The brief also indicates that the bond listing is being embarked on as part of measures to source debt capital to finance innovative and new business opportunities for climate resilience.

According to the document, the green bond market has the potential to attract local and international investors, who can leverage support for climate resilience and low carbon development.

Creation of the ecosystem requires the participation of several key stakeholders.

As such, the main interests to be targeted include: potential issuers, brokers, verifiers, and regulators and policymakers, as well as institutional investors, such as banks and entities managing pension funds.

The document further indicates that the public, as an indirect beneficiary, will become aware of green bonds via informational videos, and engagement with market players.

The Green Climate Fund (GCF) is a facility established within the ambit of the United Nations Framework Convention on Climate Change (UNFCCC) as an operating entity of the financial mechanism to assist developing countries in adaptation and mitigation practices to counter climate change.

The GCF, which is based in Incheon, South Korea, is governed by a Board of 24 members and supported by a Secretariat.