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JAM | Jun 16, 2021

JSE launches Green Bond Project next week

/ Our Today

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Project a collaborative effort between Government’s Climate Change Division and the Jamaica Stock Exchange

Climate change is a reality facing many developing states, especially those here in the Caribbean where rising temperatures and sea levels threaten much of the region’s holistic health and economy. (Photo: Harvard University, Online Courses)

The Jamaica Stock Exchange (JSE) will next Wednesday, June 23, launch its Green Bond Project to explore the debt capital market as a source of financing for climate resilience and low carbon development in Jamaica.

The project, titled, “Facilitating an Enabling Environment for a Caribbean Green Bond Listing on the Jamaica Stock Exchange,” is a collaborative effort between the Climate Change Division of the Ministry of Housing, Urban Renewal, Environment & Climate Change and the JSE.

Already, the project is receiving a readiness grant from the Green Climate Fund (GCF), which was established in 2010 to limit or reduce greenhouse gas emissions in developing countries and to help vulnerable societies adapt to the unavoidable impacts of climate change.

The objective of the readiness grant is to strengthen the nation’s commitment to climate action, as outlined in its Nationally Determined Contributions (NDCs), through the development of innovative climate financing strategies.

FILE PHOTO: The Jamaica Stock Exchange (JSE), the principal stock exchange of Jamaica, located on Harbour Street in Kingston.

This will be achieved through:

  • Conducting local and international Green Bond market assessments to determine readiness and to identify suitable issuers, institutional investors, and green projects.
  • Engaging and educating key market players and stakeholders to better integrate climate financing strategies into the local financial market. Developing a Green Bond Roadmap to guide the implementation of the project.
  • Designing policies and guidelines to facilitate the listings of Green Bonds in Jamaica and to guide the integration of climate financing strategies into national reports, policies, projects and programmes.
  • Guiding Green Bond GCF project concept notes.

The project was designed to foster inclusivity and will bring together multiple stakeholders from the public and private sectors, as well as international stakeholders.

Embedded in the project are special arrangements for the creation and sharing of training modules and other knowledge products to increase awareness of issues relating to financial markets and their link to climate change and climate action.

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