KINGSTON, Jamaica, CMC – The Jamaican government says it intends to finalize its carbon markets framework this year, positioning the country to access new revenue streams and attract greater investment in clean technology.
Water, Environment and Climate Change Minister, Matthew Samuda, told Parliament that the development of carbon markets and the supporting framework presents a significant opportunity for Jamaica to participate in global trading, while driving the growth of clean technology across multiple sectors.
He told legislators that the initiative can help Jamaica attract investment while advancing emissions reduction projects.
Samuda further indicated that the framework will create opportunities for local businesses and entrepreneurs to participate in the green economy, adding that the initiative will facilitate technology transfer and support economic diversification, among other benefits.
Samuda also provided an update on Jamaica’s application to the Loss and Damage Fund, a United Nations climate finance mechanism designed to help vulnerable countries like Jamaica recover from the devastating impacts of climate change.
Sumuda told Parliament that Jamaica has submitted its first request, seeking US$20 million to support recovery efforts following Hurricane Melissa, adding, “We expect a formal decision in June.”
Samuda also announced that the government will finalize the designation of five new protected areas across the country by March 2027. He said that these areas will include Bengal in St. Ann, the Negril Environmental Protection Area spanning Hanover and Westmoreland, Long Mountain in St. Andrew, Montpelier in St. James, and Canoe Valley in Clarendon and Manchester.
“Additionally, the Ministry, in collaboration with the Forestry Department has declared 17 new forest management areas under the Forest Act in the just-concluded financial year and is working on finalising the declaration of 22 new forest reserves, which I intend to table in the House [of Representatives] in the second quarter of the current fiscal year,” Samuda said during his contribution to the 2026/27 Sectoral Debate.
Samuda noted that Jamaica has already protected 25 percent of its landmass and 15 percent of its Exclusive Economic Zone (EEZ).
“We expect to complete the 30 percent target, which is in line with global standards, well before 2030… and we are working to catch up on our marine protected areas,” he said.
and then 