JAMAICA is preparing itself to articulate sector plans for dealing with the impact of climate change and future market disruptions.

In a message to the House of Representatives on Tuesday, Prime Minister Andrew Holness told Members of Parliament that it is now “part of the bargain” to clearly articulate these plans, so that they can endure the impact of climate change and market disruptions.

Pointing to the issue of financing — which came out of the 195-nation Climate Conference (COP21) in Paris adopting the “first-ever universal, legally binding global climate deal” almost four years ago — he recalled that the Paris Agreement sets out a global action plan to put the world on track to avoid dangerous climate change by limiting global warming to well below 2°C and pursuing efforts to limit it to 1.5°C.

However, he said that without accessing appropriate and sufficient financing developed countries have committed to make available to vulnerable countries, national efforts for climate resiliency and sustainable development will not be achieved, as no government — no matter how popular or powerful — can individually solve the problems brought on by climate change.

“Having completed the IMF (International Monetary Fund) programme, which has helped Jamaica to re-establish the economy, with a great deal of sacrifice to its people, it is now the time to send the right signals for the international community to come and invest in Jamaica,” Holness told the House of Representatives.

According to him, the most critical outcome of the Paris Agreement, and the one that needs urgent attention, is for developed countries to continue to mobilise US$100 billion per year by 2020, to support climate action in vulnerable countries.

He said that while Jamaica’s efforts in fiscal consolidation, prudent financial management and the strengthening of policies that guide the sustainable development of critical sectors, have led to climate proofing of the economy and have given global recognition to Jamaica’s leadership in resilience building, much more needs to be done to truly transform and have greater innovation in all sectors.

He noted that for the past few months, he has been involved in several international engagements — mainly in the United States and Korea — around the matter of access and availability of finance for climate change response.

He reminded the House that his statement delivered at the United Nations Climate Summit in September, urged all the leaders to unite to transform the global financial system.

“What this means is that key financial players, such as national development banks, international financial institutions, central banks, commercial banks, insurance companies, and regulators need to be brought into the climate action conversation, so they [can] also transform their business strategy and develop new and innovative financial products with better terms — so countries and people can effectively mitigate and plan for this new normal,” he said.

He stated that the financing must also be made available, regardless of credit ratings or economic challenges countries may be facing, and without adding more debt to already indebted economies.

The prime minister said that in stepping up to climate action, the country cannot underestimate or ignore the fact that the private sector is and will be a key driver of climate-resilient development.