Jamaica is setting the stage for private sector investment in support of low carbon, climate resilient growth after signing its second readiness Grant Agreement with the Green Climate Fund (GCF) at the Jamaica House in Kingston. The Commonwealth’s National Climate Finance Adviser in Jamaica, Katherine Blackman, says the grant is valued at $582,000.
Ms Blackman was placed in Jamaica by the Commonwealth’s Climate Finance Access Hub – and the grant from the GCF is a testimony of her efforts and support to the country. The Hub was designed to help vulnerable states unlock climate finance for urgent adaptation and mitigation projects. In this case, Ms Blackman helped to secure funds to mobilise the private sector for action on climate change. The project will be implemented by Climate Change Division of Jamaica’s Ministry of Growth and Job Creation.
The grant was two years in the making. Work to engage the private sector in climate action began as early as mid-2016 at a breakfast meeting convened by the Ministry. That meeting led to a series of events and initiatives that produced a readiness proposal approved by the Green Climate Fund. Following this accord a representative reinforced private-sector interest in April 2017.
Funding will be used to host a national consultation with micro, small and medium enterprises (MSMEs), conducting a regional scoping study and action plan, deliver training in project concept development, and support the accreditation of regional private sector entities.
It will be an opportunity for the private sector to understand the role of the GCF Private Sector Facility and join the efforts of government and non-governmental organisations to mitigate the adverse effects of climate change.
The grant will complement Jamaica’s first readiness grant to strengthen the Climate Change Division within the Ministry as the National Designated Authority and develop a Country Programme to engage with the Fund.
Photo credit: Maxine Hinds-Dixon, MEGJC.