Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • International
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • International
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
  • Latest
  • Business
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • All Woman
  • Career & Education
  • Environment
  • Webinars
  • More
    • Football
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Classifieds
  • Design Week
Private sector called upon for investment in climate resilience
Moderator and private capital specialist, Development Bank of Jamaica (DBJ), Audrey Richards; climate resilience specialist, DBJ, Roxanne Donegan; and partner, Portland Caribbean Fund III, Ricardo Hutchinson, discuss mobilising financing for climate resilience at the JSE's 19th Regional Investments and Capital Markets Conference at the Jamaica Pegasus hotel in Kingston on Wednesday, January 24, 2024. (Photo: Joseph Wellington)
Business, Business Report
Codie-ann Barrett Business Reporter barrettc@jamaicaobserver.com  
February 2, 2024

Private sector called upon for investment in climate resilience

The urgent call for increased private sector investment in climate resilience echoes with a stark warning that negligence may result in serious challenges for successful business institutions in the future.

Mobilising financing for climate resilience was one of the topics discussed at the recent Jamaica Stock Exchange’s (JSE) 19th Regional Investments and Capital Markets Conference, where private investors were strongly advised to broaden their focus beyond solar and other renewable climate projects.

“Private investors are looking at making money, and they focus more on mitigation, the renewable energy aspect, but it is much broader. It is also said that private investors could invest in infrastructure projects that deal with adaptation,” said Roxanne Donegan, climate resilience specialist at the Development Bank of Jamaica (DBJ), during discussions at the conference.

Upcoming infrastructure projects, such as the DBJ’s privatisation of the Soapberry Wastewater Treatment Plant Expansion, were cited by Donegan as notable investment opportunities for impact investors. She, however, pointed out that a critical gap exists: a lack of private sector involvement in project development.

“We need more private investors at the table when developing these projects to make them bankable and more attractive to them,” Donegan urges.

In detailing Jamaica’s nationally determined contribution (NDC), an action plan for the country’s migration, such as how to reduce greenhouse gas emissions and adaptation, such as preparing to live with a changing climate and future expectations, she reveals the Government’s emphasis remains on energy efficiency, conservation projects, and later extends to the forestry sector, which looks at mitigation aspects.

“From this nationally determined contribution, it was determined that the total investment would be US$921 million. This was developed in 2020 and an implementation plan was developed in 2021. And of this US$921 million, it was expected that the private sector would contribute 76 per cent of this investment,” Donegan revealed.

In late 2023, the Government went on to develop targets for 2050, which include US$5 billion for mitigation and up to US$1 billion for adaptation. According to the International Monetary Fund (IMF), the Caribbean’s estimated investment needs for disaster risk reduction interventions and adaptation exceed US$100 billion, highlighting a dire need for more financing for climate resilience.

The challenge of attracting private investors, as pointed out by Ricardo Hutchinson, partner at Portland Private Equity III, is closely tied to perceived scale issues. Hutchinson emphasises the difficulty in securing financing for the Caribbean, despite the success of two prior funds. In 2022, approximately $10 billion was raised for private equity funding, with 85 per cent of that directed towards larger markets.

“When you look at the Caribbean compared to these markets, we don’t have the scale; people see the Caribbean as small, fragmented economies,” stated Hutchinson as a key reason why investors are less inclined to explore opportunities in the Caribbean.

Despite the Caribbean’s heightened vulnerability to climate change, the third fund of Portland Private Equity III achieved successful investments, incorporating climate resilience as a crucial component of its targets. Hutchinson highlights their commitment to driving change within portfolio companies, with the help of IDB, and incorporates things like the Paris alignment, which is geared towards identifying projects within its portfolio companies. Underscoring the long-term focus of private equity, Hutchinson encourages portfolio companies to prioritise climate resilience and invest in projects geared towards adaptation and mitigation.

“If it is that, as a Caribbean, we don’t invest in resilient business and climate resilience, we might find ourselves not having business in the long run,” he warned.

{"xml":"xml"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

Young, called and connected: How a St Andrew church keeps its youth rooted in faith
Latest News, Observer+ News
Young, called and connected: How a St Andrew church keeps its youth rooted in faith
Carlysia Ramdeen, Observer Online reporter, ramdeenc@jamaicaobserver.com 
June 22, 2025
As churches across Jamaica and the world contend with the steady decline of youth attendance, Escarpment New Testament Church of God is defying the tr...
{"jamaica-observer":"Jamaica Observer", "value-added-section":"Value Added Section"}
Trump says Iran nuclear sites ‘obliterated,’ threatens more strikes
International News, Latest News
Trump says Iran nuclear sites ‘obliterated,’ threatens more strikes
June 21, 2025
WASHINGTON, United States (AFP) -- US President Donald Trump said Saturday that US air strikes had "completely and totally obliterated" Iran's nuclear...
{"jamaica-observer":"Jamaica Observer"}
Man City squad must be trimmed – Guardiola
Latest News, Sports
Man City squad must be trimmed – Guardiola
June 21, 2025
ATLANTA, United States (AFP) -- Manchester City coach Pep Guardiola said Saturday his club will have to sell players this summer for the stars' own go...
{"jamaica-observer":"Jamaica Observer"}
JP Farms donates bananas, pineapples to Jessie Ripoll PEP Breakfast Programme
Latest News, News
JP Farms donates bananas, pineapples to Jessie Ripoll PEP Breakfast Programme
June 21, 2025
In a heartfelt show of support for student well-being and academic success, JP Farms donated five boxes of pineapples and two boxes of its locally gro...
{"jamaica-observer":"Jamaica Observer"}
Trump says US carried out ‘very successful attack’ on three Iran nuclear sites
International News, Latest News
Trump says US carried out ‘very successful attack’ on three Iran nuclear sites
June 21, 2025
US President Donald Trump said Saturday the US military has carried out a "very successful attack" on three Iranian nuclear sites, including the under...
{"jamaica-observer":"Jamaica Observer"}
Eight dead in Brazil hot-air balloon accident
International News, Latest News
Eight dead in Brazil hot-air balloon accident
June 21, 2025
SAO PAULO, Brazil (AFP) -- At least eight people were killed Saturday when a hot-air balloon with 21 passengers caught fire in southern Brazil, a stat...
{"jamaica-observer":"Jamaica Observer"}
Iran threatens ‘more devastating’ response to Israel’s attacks
International News, Latest News
Iran threatens ‘more devastating’ response to Israel’s attacks
June 21, 2025
TEHRAN, Iran (AFP) -- Iran's President Masoud Pezeshkian warned Saturday of a "more devastating" retaliation should Israel's nine-day bombing campaign...
{"jamaica-observer":"Jamaica Observer"}
Senate approves harsher sentences for killing of children among other murders
Latest News, News
Senate approves harsher sentences for killing of children among other murders
June 21, 2025
KINGSTON, Jamaica - The Senate, on Friday (June 20), approved amendments to three pieces of legislation, which impose harsher penalties for murder, es...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct