Earth Today | JSIF gets GCF accreditation
Published:Thursday | April 28, 2022 | 12:06 AM
THE JAMAICA Social Investment Fund (JSIF) is now in a position to implement climate projects, with its recent receipt of the designation as an Accredited Entity (AE) with the Green Climate Fund (GCF).
JSIF is the first accredited GCF Direct Access Entity (DAE) in the country. The approval came at last month’s meeting of the GCF board, some three years after the initial application was made.
“Guided by our investment framework and the priorities of developing country governments, Accredited Entities convert concepts into action. They work alongside countries to come up with project ideas, and submit funding proposals for the GCF board to approve,” explains the GCF website, https://www.greenclimate.fund/.
UnaMay Gordon, head of Jamaica’s Climate Change Division (CCD), said there is no question of the benefits that will come from JSIF’s accreditation.
“In line with Jamaica’s National Development Plan for Hazard Risk Reduction and Adaptation to Climate Change, JSIF seeks to improve protection of the most vulnerable people from externalities by increasing the resilience of the country’s natural ecosystems to climate change … (and) intends to apply ecosystem-based adaptation approaches as the primary approach to counter climate change and incorporate climate change adaptation and/or mitigation approaches in all development plans,” she said.
The CCD is the island’s National Designated Authority (NDA) with the GCF. NDAs are the government entities that serve as liaison between the country and the GCF, communicating country priorities for financing climate-resilient development and providing oversight to the fund’s activities within country.
“JSIF intends to use GCF funding for cross-cutting projects and programmes to: increase adaptation to existing and future climate impacts and reduce greenhouse gas emissions; develop projects aimed at carbon sequestration to improve the removal of carbon from the atmosphere and to reduce sources of emissions; and improve the livelihoods of poor and vulnerable populations, especially in rural areas, and provide the necessary sensitisation and awareness training with a view to reducing environmental degradation and perpetual vulnerability,” the CCD boss said.
At the same time, Gordon said JSIF’s accreditation “bolsters the support for climate projects at the community level, working with community groups and civil society organisations”.
The Planning Institute of Jamaica (PIOJ) and Development Bank of Jamaica (DBJ) have also applied to be DAEs.
“The NDA envisages that the PIOJ will support climate projects across the public sector while the DBJ will focus on micro and small and medium-sized enterprises in the private sector,” Gordon noted.