Green Climate Readiness Support project gets $65 million

Green Climate Readiness Support project gets $65 million

Tuesday, February 23, 2021

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GOVERNMENT has allocated $65 million for its Green Climate Readiness Support project, which is seeking to reduce emissions from deforestation and forest degradation.

Details of the project are outlined in the 2021/2022 Estimates of Expenditure, now before the House of Representatives. The Ministry of Housing, Urban Renewal, Environment and Climate Change is executing the project. Funding is being provided by a grant from the Green Climate Fund.

Through the project, which started in October 2017, Jamaica is developing its National Designated Authority (NDA).

Achievements of the programme, up to the end of December 2020, are completion of a regional scoping study, training of 11 regional representatives, a regional action plan developed, and a draft readiness proposal manual developed.

It has also funded the preparation of a Green Climate Fund (GCF) private sector toolkit; the NDA toolkit has been completed; a GCF country programme has been developed, and the capacity of the private sector has been boosted to engage with the GCF.

Plans to be carried out during the 2021/2022 financial year are nomination of a private-sector entity for GCF accreditation, and preparation of a report to inform the national Reducing Emissions from Deforestation and Forestry Degradation in Developing Countries (REDD) strategy.

A draft regional guideline for the green bond market will also be developed, while the National Transparency Working Group will be established. Completion of the institutional assessment report will be done, as well as the gender assessment report and Climate Change Strategy and Action Plan, and the establishment of a Vision 2030 Gender Thematic Working Group.

The project also has objectives to develop a gender responsive approach to climate change adaptation in Jamaica, and to create an enabling environment for a Caribbean Green Bond Listing on the Jamaica Stock Exchange.

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