ROSE HALL, St James —Prime Minster Andrew Holness says the time has come for the fulfilment of the Paris Climate Accord’s promise to make financial support available to developing countries that take action on climate change.

“The latest IPCC (Intergovernmental Panel on Climate Change) report published just this week confirms now is the time to deliver on that promise,” Holness said.

In fact, the prime minister underscored that “Jamaica has demonstrated the engagement of best practices and provided examples of how financing from international partners can be put to good use”.

“For instance, with grant support from development partners, Jamaica became the first small island developing state in the world to independently sponsor a catastrophe bond, which will provide financial protection against losses from hurricanes. Also, with GCF (Green Climate Fund) support, we have launched a green bond project with our stock exchange towards mobilising domestic and regional capital to finance resilient infrastructure projects,” Holness said.

He was virtually addressing the launch of the Nationally Determined Contributions (NDCs) Finance Strategy, which is aimed at mobilising urgent finance for climate action during a ceremony held in Montego Bay, St James, on Wednesday.

Holness further stressed the timeliness and importance of the launch of the NDC Partnership’s Finance strategy.

“Jamaica has the pleasure of chairing the partnership alongside our friends from the UK and we are proud to be playing a leading role in this regard. With more than 200 countries and international institutions, the partnership brings together those with the power to turn promises of finance into reality,” he said.

British High Commissioner Judith Slater, in support of Holness’ arguments, said, “donors and financial institutions now need to urgently align financial flows with the Paris Agreement … and we need a radical increase in the quantity and quality of investment for climate action.”

She added: “We recognise the frustrations Jamaica and other climate vulnerable countries face in accessing climate finance. Current access arrangements are often slow, uncertain, resource intensive and not always aligned with partner countries’ own national priorities. This is why the UK sees the NDC Partnership as such an important platform. It gives us the confidence that we are directing resources for climate action to meet the needs of member countries. And NDCs are now becoming actionable plans for mobilising finance at scale, a process with which we are proud to be associated.”

The new Finance Strategy outlines how the NDC Partnership will accelerate access to urgently needed climate finance for developing countries to achieve the goals of the Paris Agreement.

The NDC Partnership is a country-driven and member-led global coalition that brings together more than 200 members, including more than 115 countries and more than 80 institutions, to create and deliver on ambitious NDCs that help achieve the Paris Agreement and the UN Sustainable Development Goals (SDGs).

The steering committee of the NDC Partnership is meeting in Jamaica this week.