Climate Change Ministry to explore carbon market
Minister of Housing, Urban Renewal, Environment and Climate Change, Pearnel Charles Jr., has indicated that the Ministry will explore the possibility of Jamaica entering the carbon market.
He said that this will be done upon finalisation of the Paris Rulebook at the 26th United Nations Climate Change Conference of Parties (COP26).
During the event, which will take place in Glasgow, Scotland from October 31 to November 12, countries will update their plans to limit global warming to well below two degrees Celsius, as stipulated by the Paris Agreement and actioned through the climate-action plans, known as Nationally Determined Contributions.
Countries are guided on how to develop and communicate their climate action plans by the Paris Rulebook.
The Rulebook contains guidelines detailing how the Paris Agreement will operate in practice, and how countries should review their progress, individually and collectively, with a view to upgrading NDCs every five years until the long-term goals of the Paris Agreement are met.
Charles Jr. said that once the Rulebook is approved at COP26 “we want to ensure that Jamaica is ready and out of the starting blocks like 'Fast Elaine' to undertake more climate-change mitigation and adaptation ventures”.
This includes assessing the feasibility of Jamaica entering the carbon market.
Charles Jr. noted that the Ministry has already started its research to ensure that Jamaica is ready and able to capitalise on the opportunities that the carbon market offers.
He explained that carbon markets aim to reduce greenhouse gas emissions cost-effectively by setting limits on emissions and enabling the trading of emission units, which are instruments representing emission reductions.
“The carbon market, the green bonds, and other mechanisms that advance sustainable development and building up our economy are critical. If Jamaica and other small island developing states are going to have any capacity to build up resilience, we must explore all aspects of climate mitigation and adaptation,” Charles said.
- JIS News
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