Jamaica has developed a Climate Resilience Assessment Framework, which will improve climate risk management, climate responsibility and good financial governance for Jamaican small and medium enterprises (SMEs).
The framework was developed with financial support from the Green Climate Fund (GCF) readiness program for the Climate Change Division (CCD) from the Ministry of Housing, Urban Renewal, Environment and Climate in collaboration with The Leap Company, a Jamaican company sustainable business consultancy.
Taneque Heslop, project coordinator of the GCF grant at CCD, said the framework was developed as a key step for mobilize the Jamaican private sector towards low-carbon and climate-resilient development.
“In 2020, CCD met The Leap Company and saw a fit between Leap’s vision for private sector engagement on climate change, and CCD’s strategy and action plan emanating from a scoping study. Regional 2019, which assessed barriers to private sector investment in climate change mitigation and adaptation. , “she explained.
Taneque Heslop, GCF Grant Project Coordinator at the Climate Change Division at the Ministry of Housing, Urban Renewal, Environment and Climate.
“Through this GCF grant, the ministry has worked to raise awareness in the private sector about the risks of climate change, however, there remain gaps in the ability of companies to identify, assess and manage risks related to climate change. climate, and even more opportunities, ”she added.
Suzanne Shaw, director of The Leap Company (Leap), said that Leap believes it is necessary and timely to develop a tool to facilitate climate resilient business practices.
“Jamaica’s position as a small island developing state means that businesses must be equipped to understand and manage the business risks and opportunities presented by climate change if they are to survive and prosper. Data shows that companies that integrate climate risk and act to reduce their carbon footprint show higher returns and attract new investors. The Climate Resilience Assessment Framework (CRAF) is the tool that emerged as a result of the CCD directive – it gives SMEs a tangible way to understand and assess their climate-related risks, the news opportunities and approaches to integrating climate change into the business model, which is vital given the regulatory and business environment increasingly driven by climate change, ”she said .
Leap adopted a participatory process to develop the Climate Resilience Assessment Framework (CRAF), involving representatives from a subset of Jamaican SMEs to form a technical advisory group. A 10-member advisory group supported the CRAF development process, ensuring the tool is aligned with the realities facing Jamaican businesses.
Heslop said the framework has yet to be tested with a representative sample of companies, but this is a great leverage point.
“The partnership with Leap will be leveraged to bring the tool to a wider audience and work will be done to integrate the framework into all future engagements with the private sector to mobilize greater resilience. Once the framework has been tested with a larger group of stakeholders, it can be launched, ”she explained.
Meanwhile, Shaw said, “This climate resilience assessment framework is the first tool of its kind for Jamaica. It is based on Leap’s Climate Resilience Index (CRI) for large companies. Both tools are based on international best practices to assess climate resilience in companies while integrating the specificities of the Jamaican / Caribbean business context.
Christine Wong, Managing Director of King Pepper and a member of the CRAF Technical Advisory Group, expressed her enthusiasm for the tool.
“I think the tool is going to be very productive and the fact that the team included members of the SME sector (by developing the tool), it will bear fruit. The tool is easy to understand, quick to respond, and inexpensive to use, ”she said.
Donovan Wignall, President of the Micro, small and medium business Alliance, said the sector will benefit from the framework when it is made aware of its benefits.
“It will be a learning curve for some companies, not all, and when everyone is fully up to date, it will bode well for the industry and for the country,” he said.