February 22, 2024, CCCCC Press Release 003 

Kingston, Jamaica – Climate change remains a critical factor in global development, highlighting the urgent need for enhanced access to funding for projects and technological advancements to mitigate these challenges. In response to this imperative, the Development Bank of Jamaica (DBJ) and the Caribbean Community Climate Change Centre (CCCCC), both Direct Access Entities to the Green Climate Fund (GCF), have signed a Memorandum of Understanding (MoU) to fortify collaboration, particularly in overcoming challenges related to accessing and mobilising climate finance.

The signing of this MoU strategically aligns with the CCCCC’s mandate to coordinate the region’s response and efforts to manage and adapt to the impacts of climate change. The MoU will provide a framework for cooperation and collaboration between the CCCC and DBJ to mobilise climate change financing to pursue development resilient to climate change in Jamaica and other CARICOM Member States.

Speaking on the partnership at the MoU Signing, Mr. David Wan, Acting Managing Director of DBJ, expressed enthusiasm about the collective efforts to address climate challenges, he stated “Climate change knows no borders, and its impact is felt by communities around the globe. It requires decisive action, innovative solutions, unwavering dedication – and most of all money. This collaboration (with CCCCC) holds immense promise for the people of Jamaica and the wider Caribbean. It will enable us to unlock new opportunities, develop resilient infrastructure, and foster sustainable economic growth.”

Dr. Colin Young, Executive Director of the CCCCC, in his brief remarks, lauded the signing of the MoU between two Direct Access Entities to the Green Climate Fund (GCF), that will allow DBJ and CCCCC to pool their respective capacities, expertise and resources to increase the flow, scale and speed of climate finance to Jamaica and the region. The signing of the MoU, he said, “demonstrates that strategic partnerships and collaboration are happening in our region and  by harnessing our regional and national experience we can unlock greater amount of climate finance to  Jamaica and the CARICOM region to build greater resilience of our people to the effect of climate change; the CCCCC is excited of this partnership with DBJ that will yield tangible benefits for CCCCC, DBJ and Caribbean people.”

The signing of the MoU between DBJ and CCCCC signifies a landmark collaboration aimed at driving climate action and fostering resilience in Jamaica and beyond, as it is the first time that two Direct Access Entities, accredited to the Green Climate Fund, have entered an MOU to pool their respective expertise and capabilities to increase the scale and speed of climate finance for the region. This collaboration will pave the way for transformative projects that will mitigate the impacts of climate change and advance sustainable development goals.

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About the Development Bank of Jamaica (DBJ):

The Development Bank of Jamaica (DBJ) is a leading financial institution established by the Government of Jamaica in 2000. It operates as a pivotal catalyst for economic development, primarily focusing on providing financial and technical support to various sectors within Jamaica. The DBJ’s primary objective is to stimulate economic growth and development by facilitating access to financing and business support services for micro, small, and medium-sized enterprises. (MSMEs). As a development finance institution, the DBJ plays a crucial role in supporting the growth and expansion of local businesses, promoting entrepreneurship, and fostering innovation. The DBJ was accredited by the Green Climate Fund in 2023. This accreditation allows the Bank to access funding at a concessional interest rate, to implement projects or programmes of varying sizes (micro to large), which are geared towards climate change resilience.

About the Caribbean Community Climate Change Centre (CCCCC):

The Caribbean Community Climate Change Centre is an intergovernmental organization established by the Heads of Governments of the Caribbean Community (CARICOM) to coordinate the region’s response to managing and adapting to climate change. The CCCCC also serves as a delivery partner for climate finance for the region, a repository for regional climate change information and data provider of climate change-related policy advice and guidelines to the CARICOM Member States. The CCCCC is a Regional Implementing Entity to the Green Climate Fund will allows it to access up to USD 50 million per project, on behalf of CARICOM Member States.

DBJ Contact: Charlene Wong Corporate Communications & PR Manager Development Bank of Jamaica cwong@dbankjm.com (876) 929-4000   @dbjamaica CCCCC Contact: Danelle De Coteau-Campbell Head of Communications ddecoteau@caribbeancalimate.bz (767) 277- 4631 (WhatsApp) / +5016802981 (Mobile)