Earth Today | Private sector gets education in the race to net zero
Published:Thursday | May 19, 2022 | 12:08 AM
JAMAICA’S PRIVATE-sector players were recently given an opportunity to share knowledge and experiences about their role in support of the race to net zero, as the island moves to build climate resilience.
The opportunity came with the recent hosting of a Climate Action Forum by the Private Sector Organisation of Jamaica (PSOJ) and the island’s Climate Change Division. The event, held on May 4, marked the fifth year of Jamaica’s ratification of the Paris Agreement.
That historic global climate pact has among its goals “holding the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels, and pursuing efforts to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels, recognising that this would significantly reduce the risks and impacts of climate change”.
NET ZERO
The achievement of net zero by 2050 is seen as essential to realising the 1.5 degrees Celsius target, which is vital to the survival of especially climate-vulnerable small island developing states, including Jamaica.
Net zero is the point at which the amount of greenhouse gases going into the atmosphere, and which fuel the warming of the planet, are balanced by the amount that is removed.
From the forum, Eleanor Jones, who heads the Energy, Environment and Climate Change Committee of the PSOJ, said it is clear the private sector is vital to the attainment of net zero ambitions.
“When we talk about sustainable development and sustainable prosperity, which is what we have in our Vision 2030 (National Development Plan for Jamaica), we cannot do it if we are not paying attention to emissions reduction, adaptation and climate action,” she said.
“Businesses can be wiped out in a flash, so you have to know the risk and how we deal with. I think it is important to say (that) there is no magic wand. It is incremental, it is a process that has to evolve. I am happy now that the private sector is waking up to the need to get on board,” she said.
KNOWLEDGE SHARING
At the forum, which was attended by private and public stakeholders, the issues looked at included the role of the financial sector towards realising the targets of Jamaica’s Nationally Determined Contributions to global emissions reduction through changes, including in the energy and forestry sectors. It also addressed innovations with electric vehicles, low-carbon cement, renewables, and the private sector’s engagement with forestry.
“The critical takeaways included the sensitisation, the knowledge sharing and (awareness-raising) for the many players who were present, because some of the issues we were not aware of, including what is happening with, for example, low-carbon cement production,” Jones, who is also head of Environmental Solutions Limited, told The Gleaner.
“We also got a better understanding of what the private sector needed to do in terms of policy, legislation, markets, [taking advantage of] the business opportunities, and reputation,” she added.
The Global Commission on Adaptation has itself noted the need to integrate and exploit the resources of the private sector in order to help to safeguard climate resilience.
“The private sector has a critical role to play, not only on its own account, but to complement the public sector. Firms in agriculture, industry, and commerce can make their own operations and supply chains more resilient and profitable by investing in adaptation,” notes the 2019 report of the Global Commission on Adaptation, Adapt Now: A Global Call for Leadership on Climate Resilience.
“Data and finance companies can provide climate adaptation services to respond to market needs, and can develop and scale up insurance products that will provide contingent finance and create incentives for greater resilience. Members of the private sector can step up as active advocates to help shape and amplify the pressure for change,” it added.