Encouraged to invest in green technologies

Durrant Pate/Contributor

Jamaican businesses are getting climate smart through a new initiative being supported by the Government of Canada.

As part of the initiative, both the Government of Jamaica and Canada organied the CanCarib Climate Smart Opportunities Summit, which was held at the Terra Nova All-Suite Hotel in St Andrew earlier this week. The High Commission of Canada in Jamaica hosted the high-level business initiative, which targeted cleantech and associated infrastructure projects in Jamaica.

It included a matchmaking business-2-business (B2B) Forum, where seven Canadian companies were introduced to potential local business partners and/or counterparts, with a view to pursuing business prospects in the island. The global cleantech market is projected to exceed roughly $3.3 trillion by 2022, which is about two per cent of anticipated global gross domestic product (GDP).

Investing in green technologies

Addressing the summit, Senator Aubyn Hill, minister of industry, investment and commerce, encouraged local businesses and households to invest in green technologies. He declared that his ministry stands ready to provide the relevant information and guidance to help companies and individuals become climate smart.

According to Hill, “we are prepared to offer support, working through our partners, stakeholders and agencies to encourage initiatives that will create the most lasting results, as Jamaica continues to strengthen its position as a green inclusive and sustainable economy… . The quality of investments that the country attracts and secures will depend largely on the extent to which we can inspire confidence that Jamaica is indeed the country of choice for doing green and climate-clean business.”

Hill told the summit that investment in climate-smart technologies and renewable energy projects will assist, over time, in reducing the country’s fossil-fuel bill.

He said the summit provides an avenue for research and development in important areas, including solar and wind.

Hill noted that the Government continues to push legislation, reforms and programmes to ensure climate smart practices become fomented across industries and among the broader national citizenry.

“For instance, the EXIM bank has made available an energy loan to help companies in agri-business retrofit their operations specifically accommodating energy efficient fixtures, energy conservation and alternate energy projects,” he pointed out.

For her part, Emina Tudakovic, high commissioner of Canada to Jamaica, acknowledged that both countries continue to benefit from a rich and diverse relationship.

“The enduring bonds between the two countries remain strong, as do the long-lasting bilateral trade linkages, membership in regional and international institutions as well as the countless and ongoing people-to-people ties,” she told the summit.