Prime Minister Andrew Holness today announced that Jamaica has been given the green light to list the first ever Caribbean Green Bond on the stock market.
Holness, who was delivering the keynote at the Green Climate Fund Private Investment for Climate Conference (GPIC) in Incheon, the Republic of Korea, said the Green Climate Fund approved the listing, which will place Jamaica as the Caribbean country of choice to conduct climate smart and sustainable business.
In leading the charge to build resilience, the prime minister underscored that the Government has taken a holistic view at new, viable and sustainable pre and post disaster arrangements for managing financial risks from disasters.
“We have developed a broad framework for disaster risk management, including a National Disaster Risk Financing Policy that provides for financial risk protection, including budgetary contingency funds and state contingent debt instruments such as catastrophe bonds, and catastrophe linked insurance. We have also established a contingency fund, the National Catastrophic Disaster Reserve Fund and have started to build-up a strong fiscal buffer; while improving insurance of public assets and incorporating disaster risk analysis in public sector investments and overall development planning,” said Holness.
He also announced that Jamaica has joined the Finance Ministers Coalition for Climate Action to ensure continued efforts to climate proof the economy.