Private Sector Urged to Increase Engagement in Climate Change Adaptation

Permanent Secretary in the Ministry of Economic Growth and Job Creation, Audrey Sewell, has called for greater private-sector partnerships in developing initiatives aimed at strengthening climate change adaptation locally and regionally.

She said the impact of climate change is threatening the stability and security of Jamaica and its Caribbean partners and “we must act decisively and collectively” to reverse the tide.

“Our partnership with the private sector is important as they are critical to the economic growth and job creation agenda. However, we all must be very aware that climate change and its possible impact can disrupt all plans and programmes, whether in the private or public sphere, if concrete and decisive steps are not taken to deal with this global issue,” she pointed out.

Ms. Sewell was speaking on the opening day of the three-day Green Climate Fund (GCF) Caribbean Private Sector Engagement Workshop at the Hilton Rose Hall Resort in Montego Bay, St. James, on Tuesday, April 2.

She noted that the Ministry has facilitated grant funding to enable private-sector entities to undertake climate change mitigation and adaptation projects.

“In January 2018… I co-signed the second Readiness Grant Agreement from the GCF, which is valued at US$582,000, to assist the private sector to strengthen its capacity to access GCF resources for increased climate actions. I am pleased to note that progress has been made in implementing the actions under the project,” Ms. Sewell said.

“Prior to that, I had signed a US$300,000 grant agreement that was designed to put the country in a better position to take advantage of the offerings of the larger GCF funding facility. We (the Ministry) are taking steps to ensure that the necessary enabling framework exists to access these larger pools of funds,” she added.

The regional workshop was organised by the Ministry in association with the Private Sector Organisation of Jamaica (PSOJ) and the GCF.

The event included discussions aimed at promoting funding, working strategies and partnerships that will mobilise the private sector to support low carbon and climate-resilient development in Jamaica and other CARICOM States.

It included an overview of the GCF operations in the region, and how the private sector can access the GCF Private Sector Facility (PSF) that is committed to supporting climate change projects in developing countries.

“Through this workshop and others to come, we are equipping all stakeholders, including the private sector, with the knowledge and expertise to also access these funds with the support of the Government, as grant funding and concessional loans. There is no doubt that climate action needs to be integrated in all development planning. This is not to be seen as separate from planning for sustainable development,” said Ms. Sewell.

The GCF is a new global fund created to support the efforts of developing countries to respond to the challenge of climate change.