The Development Bank of Jamaica (DBJ) is currently participating in the 29th Conference of the Parties (COP 29) under the United Nations Framework Convention on Climate Change (UNFCCC) in Baku, Azerbaijan.

This landmark event—November 11-22, 2024—provides DBJ with a global platform to introduce Jamaica’s pioneering Blue Green Facility and highlight transformative climate finance solutions tailored to the unique needs of Small Island Developing States (SIDS).

DBJ’s Blue Green Facility is an innovative climate finance mechanism, that mobilises concessional capital to support investments across key sectors critical to resilience—including energy, agriculture, water, and infrastructure. Designed to leverage public and private funding, the facility accelerates Jamaica’s transition to a low-carbon economy by de-risking investments in climate resilience projects.

Through blended finance, DBJ enables private sector involvement in initiatives that also advance sustainable development goals, empowering both local and regional communities.

Additionally, DBJ will host an event at COP 29 titled ‘Strengthening Climate Resilience in Jamaica: Advancing Climate Finance through the DBJ’s Blue Green Facility,’ which will be held at the CARICOM Pavilion on November 16. The session will highlight the Blue Green Facility’s programmatic approach to climate finance by raising its visibility among international leaders and potential investors, fostering impactful partnerships with regional and global stakeholders, and showcasing best practices in Caribbean climate finance to encourage knowledge sharing and replication across SIDS.

The event will feature presentations by Omar Alcock, Acting Principal Director of the Climate Change Division at the Ministry of Economic Growth and Job Creation, who is also the Head of the Jamaican Delegation; along with, David Wan, DBJ’s Scting Managing Director and Kenneth Kasigila, Head of Policy Advisory and Climate Finance at the CRDB Bank.

“Jamaica and the wider Caribbean face significant challenges in accessing climate finance on concessional terms, yet our vulnerabilities to climate impacts are among the highest globally,” stated Wan. “The Blue Green Facility is a game-changer, designed to attract private sector investments through blended finance, ensuring that our climate initiatives are both impactful and sustainable. COP 29 is a pivotal opportunity to engage global partners, and we are committed to advocating for the Caribbean’s unique needs in climate finance.”

DBJ’s participation in COP 29 highlights Jamaica’s commitment to sustainable, resilient development and positions the Blue Green Facility as a blueprint for climate financing across the Caribbean. This effort aligns with both Jamaica’s climate strategy and the United Nations’ Sustainable Development Goals, demonstrating the role of innovative finance in tackling climate change in small economies.