Jamaica is preparing to tap into US$10.3 billion available to fund climate change adaptation and mitigation projects.
The country is joining 200 other developing states in formulating viable proposals to access financing from the Green Climate Fund (GCF).
Based in South Korea, the GCF was founded as a mechanism to assist developing countries in adaptation and mitigation practices to counter climate change.
Jamaica has, so far, submitted a proposal to the GCF for readiness financing amounting to US$300,000.
According to Principal Director of the Climate Change Division in the Ministry of Economic Growth and Job Creation, Albert Daley, this will assist with financing “to help to put in place the system and the procedures to enable the country to access funding, training, public awareness, and setting up the work programme.”
“We are hoping to get word from the GCF before the end of the month and if that happens, we will be well on our way with some funds to start put in place what we need to do to prepare ourselves to get proposals out, hopefully by early next year and thereafter,” he added.
Daley explained that “this is the preliminary funding necessary to help us get our house in order”.
The principal director said that while there are no time restrictions for submitting proposals, “those who are in the line first are most likely to get the funding that they need”, so Jamaica has to move swiftly to put the appropriate measures in place in order to access the funds available.
“So, we want to get in line very quickly and that is why we are very keen on having this workshop to sensitise our government agencies as to how they can contribute to the process of developing good projects,” he said.
Daley said it is expected that more funds will be made available over time to the GCF. It is anticipated that by 2020, at least US$100 billion will be available each year for climate financing.
“We want to be prepared to be able to access funding that’s available, not just from GCF but any other entity that has funding,” he said.
Courtesy: Caribbean 360