Government Launches Green Bond Project

• The Government has launched a Green Bond Project, intended to raise funds on the domestic and regional debt capital markets to finance the implementation of climate-related or environmentally sustainable activities locally. These include engagements targeting energy efficiency; clean transportation; pollution prevention; sustainable agriculture, fisheries and forestry; protection of aquatic and terrestrial ecosystems; clean water; and sustainable water management. 
• The project, titled ‘Facilitating an Enabling Environment for the Caribbean Green Bond Listing on the Jamaica Stock Exchange’, is being jointly implemented by the Climate Change Division (CCD) in the Ministry of Housing, Urban Renewal, Environment and Climate Change, and the Jamaica Stock Exchange (JSE), with support from the Green Climate Fund. It is expected to culminate in the listing of green or climate bonds on the JSE by mid-2022, targeting local, regional and global investors. 
• Speaking during the launch on Wednesday (June 23), Minister of Housing, Urban Renewal, Environment and Climate Change, Hon. Pearnel Charles Jr., said the initiative is a “seminal” project that represents a “truly watershed moment for our country”. He further stated that the objective is to reduce greenhouse gas emissions by 24.5% in 2030 and 28.5% by that same time with international support. Mr. Charles also stated that the climate projects targeted for implementation locally are “ambitious” and noted that “the public purse does not have the capacity to supply the large sums that are going to be required for implementation.

(Source: JIS)