MINISTER of Housing, Urban Renewal, Environment and Climate Change Pearnel Charles Jr says that while increased climate ambition is necessary, it is useless without predictable, accessible and equitable financing.

Charles was representing Jamaica yesterday at the virtual United Nations General Assembly launch of the Informal Champions Group on Adaptation Finance’s “Accelerating Adaptation Finance” event in New York, United States.

He noted that the meeting, one of several events taking place during Climate Week in New York, was preliminary evidence of the global shift-in-train to make climate financing for adaptation and mitigation “fit-for-purpose”.

He pointed to Jamaica submitting a revised nationally determined contribution (NDC) with broader sectoral coverage, and a commitment to deeper emission reductions in the energy sector by up to 28.5 per cent by 2030, as well as launching the NDC implementation plan and inviting partners to join in its execution.

“We have advanced preparation for a long-term low carbon and climate resilient strategy, which is our pathway to achieving net-zero emissions by 2050. We are also completing our National Adaptation Plan which identifies sector needs to build resilience and will help us generate new opportunities for entrepreneurship, innovation, and sustainable development,” he told the meeting.

Charles Jr also stated that the Government of Jamaica is taking steps to float a Green Bond on the Jamaica Stock Exchange, and to explore further benefits that can accrue from the carbon market.

He pointed out that Jamaica was the first small island developing state in the Caribbean to register a project under the UN’s clean development mechanism, namely the Wigton Windfarm, which is the largest windfarm in the English-speaking Caribbean to date.

This was done in 2006, and the Wigton Windfarm has been able to successfully trade carbon credits under an emissions reduction purchase agreement with the Dutch Government.

Charles also welcomed the launch of the Champions Group, stating that, ahead of the 26th Conference of Parties (COP 26), it is a timely and strategic move that will augur well for the future of adaptation financing for developing small island developing states like Jamaica.

He said that Jamaica will continue to make its voice heard on climate financing, loss and damage, and other issues, when it joins countries around the globe in Glasgow, Scotland in November this year, at COP 26 at the United Nations Framework Convention on Climate Change.