Holness renews call for financing to boost climate change resilience
PRIME MINISTER Andrew Holness on Monday pressed developed countries to provide meaningful funding solutions for small island developing states, which continue to bear the brunt of the fallout from global warming and other negative impacts of climate change.
He told the 2021 United Nations Climate Change Conference – also called COP26 – being held in Glasgow, Scotland, that climate change remains a pre-eminent priority for global action, insisting that all countries must act responsibly to preserve the environment for generations to come.
“Countries that have profited the most from carbon over decades have a responsibility to make resources and technology available to others to adapt and transition to low-carbon economies. This was the basis of the 2009 US$100 billion-per-year pledge, which still needs to be met if the developing world is to achieve our resilience and low carbon-emission goals,” Holness told more than 100 world leaders gathered at the event.
“Additionally, if we are to have any realistic chance of meeting our climate ambitions, we need financing that is predictable, less fragmented, and easier to access,” he stated, pointing out that the need for such funding is greater among small island developing states to help boost their protection and aid recovery from disasters.
Holness said that Jamaica has collaborated with the government of the United Kingdom, the Green Climate Fund (GCF) and Oxford University, to develop a predictive climate risk tool to identify vulnerable areas and guide the building of infrastructure. This, he said, should prove very useful in sound investment decision-making.
“There are creative funding solutions; for example, with grant support from development partners, Jamaica became the first small island state in the world to independently sponsor a catastrophe bond, which will provide financial protection against losses from hurricanes. Also, with GCF support, we have launched a green bond project with our stock exchange towards mobilising domestic and regional capital to finance resilient infrastructure projects,” he said.
The prime minister pointed out that despite significant fiscal constraints and developmental challenges, Jamaica was doing its part to reduce carbon emissions, having being one of the first countries to submit its nationally determined contributions in June 2020 and with the launch of its implementation plan last month.
In addition, Holness said, Jamaica has commenced preparation of its 2050 longterm emissions reduction and climate resilient strategy and has been integrating technology in its climate-smart agricultural projects.
He also highlighted the island’ s mangrove-restoration programme and efforts to plant three million trees in three years as well as fish sanctuaries and pilot programmes for reef restoration along the coastline.