Stakeholder efforts to establish a robust green bond market for Jamaica are being ramped up.
This thrust represents a critical step towards securing a sustainable future for the island.
Pivotal to this undertaking is the launch of the Jamaica Stock Exchange (JSE) Green Bond platform, the first of its kind in the Caribbean.
This will facilitate the trading of green, social and sustainable bonds.
Minister without Portfolio in the Ministry of Economic Growth and Job Creation with Responsibility for the Environment, Hon. Matthew Samuda, underscored the importance of this undertaking, consequent on the “hundreds of billions of dollars” Jamaica needs to prepare for a world exceeding the 1.5° Celsius warming target.
Addressing a stakeholder workshop at The Jamaica Pegasus hotel in New Kingston on Tuesday (March 11), Mr. Samuda noted that with 70 per cent of the population living within five kilometres of the sea, the stakes are “incredibly high”.
The Minister, nonetheless, reiterated Jamaica’s commitment to leading, by example, the implementation of far-reaching sustainability efforts.
The Government has already given an undertaking to generate 50 per cent of the island’s energy from renewable options and protecting 30 per cent of the country’s land mass and Exclusive Economic Zone (EEZ) by 2030.
Meanwhile, JSE Managing Director, Dr. Marlene Street Forrest, underscored the importance of sustainable financing solutions within the context of climate change developments.
“Jamaica… remains highly vulnerable to climate change, with increasing exposure to hurricanes, floods, and rising sea levels, making it imperative to mobilise sustainable financing solutions that support climate resilience,” she stated.
Against this background, Dr. Street Forrest said the JSE Green Bond platform “represents our dedication to responsibly investing and underscores our belief that financial prosperity and environmental stewardship can go hand in hand”.
The two-day workshop, led by the Luxembourg Green Exchange, aims to equip Jamaican issuers, regulators and financial institutions with the knowledge and technical expertise needed to build a thriving green bond market.
This collaborative approach is expected to ensure that Jamaica can attract local and international investors, thereby driving the nation towards its decarbonisation and adaptation goals.
