News from the OPM

Jamaica has been given the green light to list the first ever Caribbean Green Bond on the stock market. Prime Minister Andrew Holness made the announcement earlier today (October 7) while delivering the keynote at the Green Climate Fund Private Investment for Climate Conference (GPIC) in Incheon, the Republic of Korea. According to Prime Minister Holness the Green Climate Fund approved the listing which will place Jamaica as the Caribbean country of choice to conduct climate smart and sustainable business. In leading the charge to build resilience, the Prime Minister underscored that the Government has taken a holistic view at new, viable and sustainable pre and post disaster arrangements for managing financial risks from disasters. “We have developed a broad framework for disaster risk management, including a National Disaster Risk Financing Policy that provides for financial risk protection, including budgetary contingency funds and state contingent debt instruments such as catastrophe bonds, and catastrophe linked insurance. We have also established a contingency fund, the National Catastrophic Disaster Reserve Fund and have started to build-up a strong fiscal buffer; while improving insurance of public assets and incorporating disaster risk analysis in public sector investments and overall development planning,” said Prime Minister Holness.…

The Government will place its 19-percent stake in the Jamaica Public Service Company (JPS) on the Jamaica Stock Exchange (JSE). Prime Minister Andrew Holness made the revelation on Sunday (October 6) while addressing the Jamaican/Korean Association in Incheon Korea. According to Prime Minister Holness putting the Government’s shares in JPS on the stock market will broaden the ownership base and increase the value of the light and power company. “The Government owns 19% of JPS and the Government intends to place that 19% on the stock market and will be selling those shares. So, the ordinary Jamaican will be able to participate and buy those shares and I am certain that that is going to increase the value of the company. So, if you are here in Korea lookout for it, you might want to participate and buy some shares in JPS,” said Prime Minister Holness. The Prime Minister Holness said, the presence of investors from the Korea East-West Power Company has resulted in major improvements in the JPS. “We note as well, that we have investors from Korea East-West Power in Jamaica in our major utility, the Jamaica Public Service, and as a result of that investment, the JPS…

Prime Minister Andrew Holness departed the island last night for the Green Climate Fund Private Investment for Climate Conference (GPIC) in Incheon, the Republic of Korea. The Prime Minister will deliver the keynote speech on Monday, October 7 on the matter of raising the bar for private sector climate action. Prime Minister Holness will also lead a panel discussion on the subject of moving forward on climate ambitions. The GPIC is a global marketplace where leading private sector actors including project sponsors, institutional investors, financial institutions, climate leaders, and the public sector will come together to accelerate climate action in developing countries. In the meantime, Prime Minister Holness returns to the island on October 11. During his absence the Minister of National Security Hon. Dr. Horace Chang will be in charge of the Government.

Prime Minister Andrew Holness has announced an initiative that will see three million trees being planted across the island. The National Tree Planting Initiative will be launched on Friday, October 4, 2019, at Jamaica House and is to be in operation for three years. The National Tree Planting Initiative is aimed at mitigating the effects of climate change and represents a tree being planted for every Jamaican. Prime Minister Holness asserted that the Government remains committed to the reduction of the erosion of watersheds and the attendant impact on coastal ecosystems. The Prime Minister’s comments came today (September 27) as he delivered Jamaica’s Policy statement at the General Debate 74th session of the United Nations General Assembly (UNGA) in New York. “Jamaica and other Caribbean islands have the first-hand experience of the increase in the intensity of hurricanes as well as intermittent increased rainfall and extended periods of droughts. These adverse weather events have resulted in major economic losses and dislocation across the region. Jamaica has adopted several policies and legislative measures to reduce our vulnerability to natural hazards and to adapt to the impacts of climate change. This includes the development of a comprehensive and first of its kind,…

Prime Minister Andrew Holness is sending a strong message, assuring the Jamaican Diaspora that there is no trade-off between the environment and the economy. The Prime Minister said Jamaica is a country of laws and due process, particularly regarding the environment. According to Prime Minister Holness, there are false notions being spread in the Diaspora about the issues surrounding the Cockpit Country. In that regard, Prime Minister Holness noted that the Government is carefully going through due process to resolve the matter. He was speaking during a radio interview on IrieJam 360 yesterday (Thursday, September 28) in New York. “There can be however no trade-off between the environment and the economy. The environment always comes first. So, the issue is how do we use our environment in a sustainable way for economic gain and that cannot happen without proper analysis and investigation so the Government is exploring other areas where there may be reserves for bauxite where there may be the potential for the company that is interested in mining in those particular areas, to be mined elsewhere. So we are looking at all those possibilities,” said Prime Minister Holness. In that regard, the Prime Minister underscored that the government he…

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Prime Minister Andrew Holness is urging all stakeholders to unite in accelerating the progress on ocean-based Climate Action. The Prime Minister is part of the High-Level Panel for Sustainable Ocean Economy in New York at the 74th United Nations General Assembly, UNGA. In a statement this morning (September 23) in the margins of the UNGA, Prime Minister Holness stated that Jamaica fully supports the report which creates a measurable goal to use the ocean as a solution. “The call to ocean-based climate action being made has the full support of Jamaica as we believe it reflects the ambition required to face the urgency of today’s climate risks. It is my hope that the reports before us will serve as a wake-up call globally. Though not the first report detailing climate risks, it is the first report which creates a measurable road map for using the ocean to provide solutions to the climate emergency we face. Jamaica will examine thoroughly and use it to assist with our national development plan, we know other SIDS will do so as well,” said Minister Holness. According to Prime Minister Holness, Small Island Developing States (SIDS) like Jamaica and other Caribbean Countries disproportionately face the…

Prime Minister Andrew Holness has reported that there have been major achievements under the Climate Financing Initiative. The Prime Minister made the announcement yesterday (Sunday, September 22) in his capacity as co-chair of the Climate Financing Initiative at the United Nations (UN) Climate Action Summit in New York. Prime Minister Holness was appointed by the Secretary General of the United Nations Antonio Guterres to co-chair the Initiative along with the Presidents of France and Qatar to mobilise Government and private sector to build political consensus and increase momentum to raise $100 billion in climate finance by 2020. In giving an update, the Prime Minister said the achievements represent a solid package of outcomes. The achievements announced are: Major Development Banks encouraged to scale-up climate finance ambition from project inception to project delivery. Donor countries to replenish the Green Climate Fund. A space created for the private sector to be a part of this conversation, which generated momentum in the development of strong private sector led initiatives to properly align their investments with the Paris Agreement. Four Initiatives encouraged to tackle different aspects of the project value chain. These involve key system fixes that will facilitate stronger project pipelines and crowding-in…

Prime Minister Andrew Holness is now in New York City in the United States attending the 74th United Nations General Assembly, UNGA. The Prime Minister left the island last night (September 21) accompanied by the Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, the Minister without portfolio in the Office of the Prime Minister Daryl Vaz, Parliamentary Secretary Senator Robert Morgan and Senator Mathew Samuda. The delegation from Jamaica will have a packed agenda, beginning today (Sunday September 22) when Prime Minister Holness will meet with the UN Secretary General Antonio Guterres. The Prime Minister was named as one of three Heads of Government by the UN Secretary General to lead an initiative to mobilise Government and private sector to build political consensus and increase momentum to raise $100 billion in climate finance by 2020. Prime Minister Holness will give an update on the matter. Ahead of meeting with Secretary General Guterres, Prime Minister Holness will meet with the Executive Director of the Green Climate Fund, Mr. Yannick Glemarec. The Prime Minister will also hold several bilateral and speaking engagements at UNGA on Climate Action, Adaptation and Financing. He will deliver key speeches at several High Level meetings…