PM Launches Finance Strategy For Climate Action
By: , April 7, 2022
Photo: JIS
Prime Minister, the Most Hon. Andrew Holness
Photo: Yhomo Hutchinson
Prime Minister, the Most Hon. Andrew Holness, on Wednesday (April 6) launched the Nationally Determined Contributions (NDC) Partnership’s new Finance Strategy, which is aimed at mobilising urgent funding for climate action. The event took place at Hyatt Zilara Rose Hall Resort in Montego Bay, St. James. The NDC Partnership, which Jamaica co-chairs with the United Kingdom (UK), has more than 200 members worldwide, including developed and developing countries, in addition to over 80 international institutions that all work together to fast-track climate change action. NDC refers to each country's strategy to cut its own greenhouse gas emissions and build resiliency against the negative effects of a changing climate in accordance with the Paris Agreement. The Partnership’s new Finance Strategy demonstrates the partners’ commitment to accelerating the processes necessary to access climate finance for developing countries at a greater scale in the fight against climate change. The aim is to support the development of regulatory frameworks to attract domestic and international investment, including through central banks; integrate climate plans into national budgets and post coronavirus (COVID-19) economic recovery plans; and identify as well as develop bankable projects with member and private sector investment. Prime Minister Holness said that approximately US$1 billion has already been deployed through the Partnership to support countries in laying the groundwork for finance. He indicated that the new Finance Strategy sends a stronger statement of the NDC Partnership’s continued commitment and sense of urgency to provide even more support. (more) PM Launches…2 “Financing the implementation of action on the ground that changes people’s lives for the better must be our focus going forward,” the Prime Minister pointed out. He noted that Jamaica continues to play a leading role in the global response to the climate crisis. “We (Jamaica) have commenced the preparation of our 2050 Long-term Emissions Reduction and Climate Resilient Strategy. Our climate-smart agriculture projects are integrating technology and bringing young people into climate action,” he said. “Our mangrove restoration programme is well under way, together with our efforts to plant three million trees in three years, and our fish sanctuaries and pilot programmes for reef restoration are effectively engaging coastal communities,” he added. Conference of the Parties, COP26 President, Rt. Hon. Alok Sharma, in his virtual presentation, noted that the Finance Strategy showcases the NDC’s ability to move quickly and with flexibility to support its members. Additionally, he said the initiative indicates how it can and does provide countries with the tools and resources they need to finance their respective climate-change ambitions. “Ultimately, these pioneering programmes aim to shift the policies and practices of climate finance providers at a global level to improve the predictability and speed of climate finance for developing nations worldwide,” he added. In attendance at the launch were 50 representatives of the NDC Partnership Steering Committee and high-level International Development Partner representatives to include Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Matthew Samuda; British High Commissioner to Jamaica, Judith Slater; Director General, Environment and Climate Change, Ministry of Environment, Rwanda, Beatrice Cyzia; and Global Director of the NDC Partnership Support Unit, Pablo Vieira.The Full Story
Prime Minister, the Most Hon. Andrew Holness, on Wednesday (April 6) launched the Nationally Determined Contributions (NDC) Partnership’s new Finance Strategy, which is aimed at mobilising urgent funding for climate action.
The event took place at Hyatt Zilara Rose Hall Resort in Montego Bay, St. James.
The NDC Partnership, which Jamaica co-chairs with the United Kingdom (UK), has more than 200 members worldwide, including developed and developing countries, in addition to over 80 international institutions that all work together to fast-track climate change action.
NDC refers to each country’s strategy to cut its own greenhouse gas emissions and build resiliency against the negative effects of a changing climate in accordance with the Paris Agreement.
The Partnership’s new Finance Strategy demonstrates the partners’ commitment to accelerating the processes necessary to access climate finance for developing countries at a greater scale in the fight against climate change.
The aim is to support the development of regulatory frameworks to attract domestic and international investment, including through central banks; integrate climate plans into national budgets and post coronavirus (COVID-19) economic recovery plans; and identify as well as develop bankable projects with member and private sector investment.
Prime Minister Holness said that approximately US$1 billion has already been deployed through the Partnership to support countries in laying the groundwork for finance.
He indicated that the new Finance Strategy sends a stronger statement of the NDC Partnership’s continued commitment and sense of urgency to provide even more support.
“Financing the implementation of action on the ground that changes people’s lives for the better must be our focus going forward,” the Prime Minister pointed out.
He noted that Jamaica continues to play a leading role in the global response to the climate crisis.
“We (Jamaica) have commenced the preparation of our 2050 Long-term Emissions Reduction and Climate Resilient Strategy. Our climate-smart agriculture projects are integrating technology and bringing young people into climate action,” he said.
“Our mangrove restoration programme is well under way, together with our efforts to plant three million trees in three years, and our fish sanctuaries and pilot programmes for reef restoration are effectively engaging coastal communities,” he added.
Conference of the Parties, COP26 President, Rt. Hon. Alok Sharma, in his virtual presentation, noted that the Finance Strategy showcases the NDC’s ability to move quickly and with flexibility to support its members.
Additionally, he said the initiative indicates how it can and does provide countries with the tools and resources they need to finance their respective climate-change ambitions.
“Ultimately, these pioneering programmes aim to shift the policies and practices of climate finance providers at a global level to improve the predictability and speed of climate finance for developing nations worldwide,” he added.
In attendance at the launch were 50 representatives of the NDC Partnership Steering Committee and high-level International Development Partner representatives to include Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Senator the Hon. Matthew
Samuda; British High Commissioner to Jamaica, Judith Slater; Director General, Environment and Climate Change, Ministry of Environment, Rwanda, Beatrice Cyzia; and Global Director of the NDC Partnership Support Unit, Pablo Vieira.