Gov’t working to create environment for green investments – Pearnel Charles Jr

Minister of Housing, Urban Renewal, Environment and Climate Change, Pearnel Charles Jr, has stated that the Government is working to create the enabling environment to stimulate and generate green investments.

These enabling conditions, he said, will involve the development of effective public policies, including green fiscal policies which can elicit behavioural change and enhance the speed with which the country moves towards a green economy.

Charles, who was participating in the UTech Distinguished Public Lecture, themed: ‘Driving Jamaica’s Transformation through a New Green Industry Policy’, on Tuesday, noted that the Green Economy Investment Strategy identifies opportunities within a number of economic sectors and recommends measures to maximise green investments to facilitate improved energy and resource efficiency, create decent jobs, increase climate resilience, eliminate persistent poverty and prevent loss of biodiversity and ecosystem services.

The development of the Green Economy Investment Strategy had its genesis in the Green Economy Scoping Study which was completed in 2016 with the support of the United Nations Environment Programme.

“The Green Economy Investment Strategy (GEIS), which has been completed, went through multifaceted consultations. Further to Cabinet approval, the Ministry of Housing, Urban Renewal, Environment and Climate Change will be improving this strategy and coordinating its implementation throughout government ministries, agencies and departments, as well as the private sector,” Minister Charles noted.

The approval of GEIS will facilitate the mainstreaming of green considerations into the country’s investment policy and strategy. It is anticipated that GEIS will be a companion to the National Investment Policy.

The UTech Distinguished Public Lecture examined Jamaica’s Green Industrial Policy and its role in achieving environmental sustainability and equitable economic growth, as well as greater protection for our biodiversity. This will significantly increase the use of renewable energy and assist in Jamaica’s efforts towards climate resilience.

A presentation was made by Dr Wesley Hughes, adjunct professor of economics, climate change and renewable energy. Panellists included Eleanor Jones, chair of Private Sector Organisation of Jamaica Committee on Energy, Environment and Climate Change; Kingsley Thomas, development banker, and Dr Ruth Potopsingh, associate vice-president, Caribbean Sustainable, Energy, Innovation Institute.