Jamaica is to reduce greenhouse gas emissions by the equivalent of 1.1 million metric tonnes of carbon dioxide per year by 2030, as part of its global commitment to take climate-change mitigation action.

To bring this about, the island – as reflected in its nine-page Intended Nationally Determined Contributions (INDCs) document to the United Nations Framework Convention on Climate Change – has undertaken to implement energy policies that ensure the island:

– uses energy wisely and aggressively to pursue opportunities for conservation and efficiency;

– has a modernised and expanded energy infrastructure that enhances energy generation capacity and ensures that energy supplies are safely, reliably and affordably transported to homes, communities and the productive sectors on a sustainable basis; and

– achieves its energy resource potential through the development of renewable energy sources by increasing their share in its primary energy mix of 20 per cent by 2030.

Such policies are also to ensure that government agencies and ministries are a model/leader in energy conservation and environmental stewardship, and that the island has a well-defined and established governance, institutional, legal, and regulatory framework.

Fully implemented energy polices need, too, to ensure that private industry embraces “efficiency and ecological stewardship to advance international competitiveness and to move towards a green economy”, the document said.

The Gleaner

In this 2013 photo, Minister of Science, Technology, Energy and Mining Phillip Paulwell (left) and Roy Lafayette, chief executive officer at Geddes Refrigeration Limited, signs a US$2.65-million contract with Geddes Refrigeration Limited for the design, supply and retrofitting of efficient air-conditioning solutions in four State entities.

The Jamaican Government has so far realised savings of $80 million over the past two years under an energy efficiency programme which has been implemented in 40 public-sector facilities.

Dubbed the Energy Efficiency and Conservation Programme (EECP), its general objective is to enhance Jamaica’s energy efficiency and energy conservation. Minister of Science, Technology, Energy and Mining Phillip Paulwell said that the State is now contemplating an expansion.

“We intend to take it much further, we are expanding it,” Paulwell said.

Among the methods employed to boost energy efficiency thus far is the use of film to reflect sunlight from windows, the painting of roofs with white paint to improve cooling, and the changing of lighting fixtures.

The Government has had to pay annual costs of almost $13 billion for electricity used by its entities, and the aim is to reduce the figure by $2 billion with the introduction of several key strategic energy-saving interventions.

The measures were recommended following an audit of the energy use by the public sector, with the overall objective to cut public-sector energy consumption by 30 per cent in 2017.

“The money is being absolutely well spent. I am very proud of this project,” Paulwell said.

This year, the Government is spending $379.8 million on the conservation programme, which is funded by a loan, up from the $310 million spent last year.

A total of $748.8 million is being spent on energy conservation and efficiency programmes this year, up from $599 million last year.

The targets set for this fiscal year include executing two contracts to replace inefficient air-conditioning systems in 11 state institutions at a cost of $254.9 million, and commencing the replacement of inefficient lighting in several public institutions ($77.3 million).

The Jamaica Information Service, which is among the entities that benefited from the programme, is reporting savings of 17.5 per cent per annum on its energy bill.

The Gleaner

WASHINGTON, United States (CMC) — Jamaica is the only Caribbean Community (CARICOM) country that will benefit from an Inter-American Development Bank (IDB) multimillion-dollar-funded regional Energy Efficiency Green Bond Facility.

The IDB said that it has approved financing to establish the facility and that the programme was selected to receive up to US$217 million in additional funding as one of eight projects worldwide in the first round of allocations announced by the Green Climate Fund (GCF) earlier this month.

“This private sector programme stands out for its innovative financial approach, involving small and medium enterprises and the potential mobilisation through capital markets of funds from different institutional investors such as pension funds and insurance companies,” said Gema Sacristan, IDB’s Financial Markets Division Chief.

Providing an alternative financing mechanism for energy efficiency projects through the issuance of green asset-backed securities (ABS), the programme will also contribute to the development of capital markets in the region.

The programme will introduce green ABS following the Green Bond Principles standards and will foster socially and environmentally responsible investments.

“The approval of this programme furthers our commitment to supporting Latin American and Caribbean countries in the implementation of their proposed Intended Nationally Determined Contributions (INDCs),” said Amal-Lee Amin, IDB’s Climate Change and Sustainability Division Chief.

“Tapping into domestic capital markets for refinancing of energy efficiency is key for increasing the scale of investment for de-carbonisation over the medium and longer-term.”

IDB said that Mexico will be the first country to implement this programme, followed by the Dominican Republic, Jamaica, and Colombia.

The IDB’s loan of up to US$400 million will be complemented by a loan of up to US$50 million from the China Co-Financing Fund, administered by the IDB, in connection with the first utilisation of the facility in Mexico.

Jamaica Observer