Permanent Secretary in the Ministry of Industry, Investment and Commerce, Reginald Budhan, emphasised today (July 22), that investing in a greener future has assumed added significance and urgency, given the emergence of climate change and its ill effects on global weather systems.
The Permanent Secretary noted that one area that offers significant opportunity for investment in the future, which would assist in the green process, is renewable energy, especially in the area of electricity generation from solar energy.
“This must be the primary source of energy for the future. Shortly fossil fuel will not be our source of primary energy for the future,” he pointed out.
Permanent Secretary, Ministry of Industry, Investment and Commerce, Reginald Budhan (centre), exchanges pleasantries with (from left), President, Jamaica Promotions Corporation (JAMPRO), Sancia Bennett Templer and Professor of Caribbean Sustainable Development, University of the West Indies, Professor Anthony Clayton, at the launch of the 20th edition of the United Nations World Investment Report 2010, under the theme: ‘Investing in a greener future’, at a press briefing, held at JAMPRO, in New Kingston, today (July 22).
Mr. Budhan was speaking at the launch of the 20th edition of the United Nations World Investment Report 2010, under the theme: ‘Investing in a Greener Future’, at Jamaica Promotions Corporation (JAMPRO), in New Kingston.
Some of the strategies to develop a greener future for Jamaica include: utilising higher levels of capital to increase the use of cleaner technologies; integrating environmental considerations into all functional management areas; addressing waste emissions, water and energy through integrated sustainable planning for the productive sectors; promoting green jobs and industries; and encouraging the adoption of environmental management systems by productive enterprises.
“The long term strategy is ultimately to see more Jamaican companies adopting eco-efficiency in order to increase profits, gain competitive advantages and boost market share. Our objective is to integrate environmental considerations into all functional management areas, such as research and development, strategic planning and marketing,” Mr. Budhan said.
“I am happy that this year’s world report focuses on the mitigation of climate change; and in particular, the role of transnational corporations in achieving this through the reduction of greenhouse gas emissions, and a shift towards low carbon production,” the Permanent Secretary said.
In her remarks, President of JAMPRO, Sancia Bennett Templer, explained that green investments were activities that focus on the establishment of companies or projects that are committed to the conservation of natural resources, the production and discovery of natural resources and the implantation of environmentally conscious business practices.
She cited some important areas for green investment, including solar and wind energy, geothermal, bio fuels, agriculture/organic food, reforestation, recycling and water technologies.
Recognised as the global authoritative source of investment information, the World Investment Report presents the latest data on foreign direct investment from around the world.
It also puts a special focus on climate change mitigation and the emerging Trans National Corporation (TNC) development paradigm. The publication presents a study of the changing operations of TNCs and how these practices affect development, while also examining how developing countries can promote foreign direct investments in low carbon sectors and benefit from it.