Jamaicans are being rallied to increase their investment in renewable energy in a bid to slow the pace of climate change and to maximise efficiency.

The call to action, issued on Wednesday (July 27) by Yvett Anderson, Scotiabank’s district vice-president of retail banking, comes amid a sweltering summer of record temperatures and heightened concern about greenhouse gas emissions and global warming.

“The environmental changes taking place in Jamaica are a result of the long-term shifts in global temperatures, weather patterns, and sea levels. While these are partly due to natural occurrences such as variations in the solar cycle,  human activities such as the burning of fossil fuels like coal, oil, and gas have also had a major impact,” Anderson said in her address at the launch of Scotiabank’s ‘Go Green Energy’ loan.

Anderson warned that sea-level rise, drought, and more frequent and intense hurricanes also present a serious threat that demands a coordinated response.

Describing climate change and the environment as critical priorities for both the public and private sectors, the senior executive said Scotiabank is seeking to position itself as the bank-of-choice for renewable energy while championing more attention on environmental protection in Jamaica.

“Through the new Go Green energy loan, we aim to drive a significant transformation in the business sector by promoting environmentally friendly practices. We believe that sustainable development and economic growth go together, and this initiative offers an opportunity for small and medium-sized businesses to thrive while making a positive impact on the environment,” the senior Scotiabank executive said. 

Scotiabank’s new green loan offer was designed to empower and enable retail customers and small and medium-size businesses to reap the benefits of energy efficiency while cutting their carbon footprint through investments in solutions such as solar panels or wind turbines for homes or businesses, or the purchase of electric or hybrid vehicles. This translates to energy efficiency and a reduction in expenses for households and small businesses.

Scotiabank’s Go Green energy loan is pegged at competitive interest rates and offers special fee discounts. Borrowers enjoy the added sweetener of a two-month cushion before commencing loan payments. The loan offer will also enable EV purchasers to benefit from favourable market conditions in Jamaica such as reduced importation duties – cut from 30 per cent to 10 per cent – and waived registration fees on units that are no more than three years old. Those terms are set to run until at least 2027. 

Jamaica is projected to have 73,000 vehicles powered by electricity by 2030. The switch to EVs is expected to cut Jamaica’s annual oil bill, which topped US$2 billion in 2022.

The Go Green energy loan initiative is part of the bank’s global imperative to mobilise US$350 billion to combat climate change and to ensure robust climate-related governance and transparency in reporting. Scotiabank Jamaica has already commenced implementation of solar power integration within its branch network, as well as undertaken other innovations to make its operations cleaner and greener.

“We have established a Climate Change Centre of Excellence to mobilise internal and external collaborations and have started dialogue and information sharing in order to further contribute to the global conversation on climate change. Several other industries, entities, and partnerships have already begun to demonstrate this commitment to the environment and to renewable energy, and we hope others will follow suit,” Anderson said.

MORE LAUCH HIGHLIGHTS: