Connect with us

Businessuite News24

Jamaica Stock Exchange Launches Jamaica’s Green Bond Guide

Published

on

On Thursday, July 30, 2024, the JSE launched the Jamaica Green, Social, Sustainability and Sustainability-Linked Bond Guide (GSS+ or Green Bond) which is a comprehensive resource designed to support issuers, investors and other stakeholders in navigating the evolving green financing landscape. It provides detailed insights into the principles, frameworks and best practices underpinning these financial instruments. The Green, Social, Sustainability and Sustainability-Linked Bond Guide was developed with the support of IDB Invest and other local and international partners.

Managing Director of the Jamaica Stock Exchange Dr. Marlene Street-Forrest said: “Today marks a significant milestone in our collective journey towards a more sustainable and environmentally responsible future for all Jamaicans and investors in Jamaica. We are reminded of the urgent need to address the global challenges posed by climate change, environmental degradation and social inequity, which significantly challenge and impact small island countries like ours because of geographic location and limited resources. The financial sector has a leading role to play in ensuring that we mitigate the risks by providing funding and governance for green initiatives and it is for this reason we introduce to the market what we believe is a powerful tool in assisting in moving the needle forward. “

“We are happy to report that there are prospective issuers, not only in Jamaica, but within the region, who are excited about the potential opportunities to issue green bonds. Given the global challenges posed by climate change and social inequality, Investors are showing a growing interest in supporting the global sustainability agenda and aiding the shift towards a low-carbon, equitable economy. Therefore, it is fair to assume that there is a market, and this market could prove active for investors within this space.” she concluded.

Minister of Finance and the Public Service Dr. The Honourable Nigel Clarke, the Guest Speaker at the event told the audience that there are hundreds of billions of dollars available in the global financial markets to finance green projects, and Jamaica must seek to capitalize on this to build climate resilience and advance its energy mix. He used Hurricane Beryl and the damage it caused to the country’s infrastructure and lives to urge financial entrepreneurs to enter the green bond space.

He credited the Jamaica Stock Exchange for leading the charge by setting the framework and guidelines for a green bond market to operate. He indicated that the substantive work has been done and it is going to be necessary for others to follow up. Dr. Clarke said “The things that are good for us, that are necessary for our own sustainability are too expensive for us to undertake. So, the innovation that exists for us to solve this problem is green financing.”

He stated that Jamaica’s Green Bond Guide allows us to compete as we can now produce guidelines that when we say to the world that we have a green issue, there is the institutional mechanism which underpins authenticity.

The finance minister expressed satisfaction that Jamaica is creating the infrastructure to enable green financing to take off; to enable Jamaican projects and institutions to tap into this growing and significant pool of funds. He expressed that Jamaica would need credible, dynamic, financial entrepreneurs and it will take a different type of thinking to exploit all the opportunities.

“I am saying to the world that Jamaica is ready and there is a house for your green dollars here. Even the government of Jamaica will need to access green financing for its projects. This is a brand-new area that entrepreneurial financial intermediaries are expected to take full advantage of so that we can engage in the kind of adaptation and mitigation measures so that we can be more resilient against the natural disasters to which we are vulnerable. We must take responsibility for our vulnerability and this green, social, sustainability and sustainability-linked platform is a perfect example of this.” he added.

Among the specially invited guests were members of the green energy sector, the financial sector and the regulatory sector.

Mr. Wayne Wray, Director of Innovative Energy Group, outlined his company’s vision to capitalize on investments in the green bond sector. He said: “Successful green bond listings will require large, diverse and reputable partners and we at IEG have begun that engagement with those stakeholders. As IEG organizes for the next round of acquisition we believe that Jamaican listed companies with the requisite corporate governance guidelines and the transparent reporting requirements of the JSE are better equipped for success.”

Remarks were also brought by Ms. Monique French, Chief Credit Officer CIBC Caribbean and Mr. Angus Young, Chief Executive Officer of NCB Capital Markets who both endorsed the initiative and pledged to continue to work with the green energy sector to build a robust pipeline to develop local and regional programmes.

Ms. Malini Samtani, Climate Change Officer, Advisory Services Division, IDB Invest gave a presentation on GSS+ bonds demonstrating how governments and the private sector can work together to maximize benefits in the green bond sector.

Mrs. Yvonne Vogt, Consultant of legal partners HPL, LLC whose firm worked with key stakeholders in developing the Guide and explained key aspects of the Guide and Mr. Dereck Rajak, Chief Executive Officer of CARICRIS (Caribbean Information and Credit Rating Services) who will be working with the Jamaica Stock Exchange, to rate Green Bond prior to and post issuance were the other presenters.

Source JSE

Continue Reading
Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Businessuite News24

Who Is Mark Myers? Managing Director, Restaurants of Jamaica Ltd., and Chairman, Barita Investments Limited

Published

on

Mark Myers is a highly influential figure in Jamaica’s business landscape, recognized for his leadership in the food and financial sectors. As the Managing Director of Restaurants of Jamaica Ltd. (ROJ), Myers oversees the operations of the island’s KFC and Pizza Hut franchises. Under his stewardship, these brands have achieved significant market penetration and operational success, making KFC a household name in Jamaica.

In addition to his role at ROJ, Myers is the Chairman of Barita Investments Limited, a leading investment firm in Jamaica. Since his appointment, he has been instrumental in guiding Barita’s strategic direction, fostering innovation in financial products, and promoting a culture of corporate growth and resilience. His leadership has been associated with Barita’s impressive financial results and expanding influence within the regional investment space​

Career Path and Achievements
Mark Myers’ career showcases a trajectory of calculated growth, marked by his ability to innovate and lead in competitive industries. While his business ventures are diverse, his strategic acumen has consistently driven success. At ROJ, Myers has focused on customer satisfaction, operational excellence, and employee development, ensuring the sustained popularity of its quick-service restaurants.

At Barita, Myers’ tenure as Chairman coincided with the firm’s transformational initiatives, including capital raises and strategic investments aimed at solidifying its position in the financial market. His ability to balance risk with opportunity underscores his effectiveness as a business leader​

Management Style and Vision
Myers is known for his collaborative and forward-thinking management style. He prioritizes team development and innovation, aligning his teams with the long-term vision of the organizations he leads. His leadership ethos is characterized by adaptability, customer focus, and a commitment to excellence.

Contributions to Business and Society
Beyond his corporate roles, Myers is committed to community development and fostering opportunities for growth within Jamaica. His leadership in both the food service and financial sectors has significantly contributed to the country’s economic development and consumer confidence.

Mark Myers continues to be a vital figure in Jamaica’s business ecosystem, blending expertise in operations, strategic planning, and leadership to drive sustained success across multiple industries.

Continue Reading

Businessuite News24

Who Is Christopher Zacca President and CEO, Sagicor Group Jamaica Limited?

Published

on

Christopher Zacca is a celebrated Jamaican business leader whose career spans multiple industries, including financial services, energy, telecommunications, and manufacturing. As President and CEO of Sagicor Group Jamaica Limited, Zacca has played a pivotal role in steering the organization through significant challenges and innovations, solidifying its position as a leader in the region’s financial services industry.

Career Path and Achievements
Zacca’s professional journey is a testament to versatility and strategic vision. Before joining Sagicor, he held executive and advisory roles across diverse sectors, gaining a reputation for transformative leadership. At Sagicor, he has overseen initiatives that have bolstered the company’s financial stability and growth. His tenure has been marked by a decisive response to the COVID-19 pandemic, where he spearheaded the creation of a COVID-19 committee to ensure business continuity while safeguarding stakeholders. This initiative showcased his proactive leadership and ability to navigate complex crises​

Management Style and Vision
Christopher Zacca is recognized for his transparent and ethical approach to leadership, which he attributes to the strong moral grounding instilled by his family. He believes in building cohesive teams and fostering an environment of collaboration and mutual respect. Zacca’s strategic focus combines disciplined risk management with innovation, driving both organizational resilience and growth​

Contributions to Business and Society
Beyond his corporate successes, Zacca is deeply committed to national development. He serves as chairman of the National Private Sector Vaccine Initiative, reflecting his dedication to public health and social responsibility. His leadership philosophy emphasizes mentorship and learning, inspired by his own experiences with influential mentors such as Gordon “Butch” Stewart​

Future Goals
As Zacca looks to the future, he envisions expanding Sagicor’s revenue and geographic footprint by at least 50%. He also plans to transition from day-to-day management to board-level contributions and other roles that enable him to give back to the community while leveraging his extensive leadership experience​

Christopher Zacca exemplifies the qualities of a transformative leader, balancing business acumen with a commitment to ethical leadership and community impact. His journey provides inspiration for emerging leaders across Jamaica and beyond.

Continue Reading

Businessuite News24

Who is Don Wehby, Group CEO of GraceKennedy?

Published

on

A Legacy of Leadership at GraceKennedy
Don Wehby has been a transformative leader at GraceKennedy, one of Jamaica’s largest and most diversified conglomerates. Since becoming Group CEO in 2011, he has driven the company’s growth through a clear strategic focus on international expansion and innovation. Under his stewardship, GraceKennedy has expanded significantly in the global food and financial services sectors, achieving a balance of organic growth and strategic acquisitions.

Wehby first joined GraceKennedy in 1995 as Group Finance Manager. His leadership has been pivotal in major milestones, including the acquisition of Catherine’s Peak, La Fe Foods in the U.S., and Consumer Brands Limited. Notably, his efforts helped grow revenues and solidify GraceKennedy’s footprint in key international markets such as North America and the United Kingdom​

Visionary Management and Style
Wehby is recognized for his focus on creating a dynamic management team and cultivating Caribbean talent. Drawing inspiration from leaders like Jack Welch, Wehby emphasizes mentorship and succession planning. He actively recruits and develops high-potential executives, fostering a leadership pipeline that positions the company for sustained success. He is also known for his decisive yet collaborative approach, empowering his team to take ownership of key initiatives​

Challenges and Triumphs
Navigating Jamaica’s challenging economic landscape, Wehby has championed GraceKennedy’s resilience. From navigating geopolitical complexities to modernizing operations, he has consistently delivered strong results. His strategic decisions to relocate GraceKennedy’s headquarters to downtown Kingston and focus on foreign markets reflect his bold vision for the company’s future​

Beyond Business
Wehby has made significant contributions outside the corporate world. As a senator and honorary consul for New Zealand, he has advocated for economic reform and strengthened Jamaica’s global ties. His passion for sports is evident in GraceKennedy’s sponsorship of events like the Boys’ and Girls’ Championships, reinforcing the company’s commitment to community development​

Looking Ahead
As GraceKennedy continues its ambitious growth trajectory, Don Wehby remains a cornerstone of its strategy to become a global powerhouse. His focus on leveraging international markets while fostering local talent ensures the company is well-positioned for future success. With his leadership legacy firmly established, the company looks forward to realizing its global ambitions while staying true to its Jamaican roots.

Continue Reading

Artificial Intelligence

Guardsman Metaverse Elevating Security with AI Solutions

Published

on

Guardsman Metaverse, in collaboration with Jamaican artificial intelligence company Crimsontide AI, is revolutionizing security across Jamaica with cutting-edge, customizable solutions. This partnership brings together Guardsman’s expertise in virtual security and Crimsontide’s advanced AI technology, delivering a suite of intelligent security offerings tailored to meet the unique needs of Jamaican businesses and institutions.

Through this strategic collaboration, Guardsman Metaverse is positioned at the forefront of the country’s security landscape, offering systems that leverage both immersive digital technology and sophisticated artificial intelligence.

The partnership underscores the importance of local innovation in addressing the security challenges faced by Jamaica today, providing clients with tailor-made solutions that ensure effective protection.

Guardsman Metaverse is committed to offering security solutions that go beyond traditional models, emphasizing customization and flexibility to meet the specific requirements of each client. From large commercial operations to smaller enterprises, the platform delivers a personalized approach that ensures maximum efficiency and peace of mind.

This flexibility is what sets Guardsman Metaverse apart—adapting to each environment’s unique security demands and offering a more responsive, intelligent way to safeguard people and assets.

With AI-driven features that allow for real-time monitoring and proactive threat detection, Guardsman Metaverse empowers businesses and institutions to stay ahead of potential security breaches. Each system can be fully customized to fit the environment it protects, delivering advanced functionality across a wide range of settings.

Advanced Features for Comprehensive Protection

  • Facial Recognition: Guardsman Metaverse enhances access control through secure, real-time identification of authorized personnel, ensuring that only those with clearance can enter critical areas.
  • License Plate Detection: For commercial properties, this feature allows for real-time monitoring of vehicle activity, helping to identify unauthorized or suspicious vehicles and notify security personnel immediately.
  • Personnel Counting and Crowd Management: Especially important for businesses, this feature tracks occupancy and manages crowd flow, helping to ensure safety, meet regulatory requirements, and optimize operational efficiency.
  • Firearm Detection: Using AI-powered analysis, Guardsman Metaverse detects the presence of firearms, providing instant alerts to security teams to ensure a rapid and effective response to any threat.
  • Customizable Behavioural AI: Tailored to each client’s specific needs, Guardsman Metaverse’s behavioural AI can be trained to detect and respond to specific actions or patterns that are unique to the environment it monitors.
  • Infrared Drone Surveillance: Equipped with infrared technology, Guardsman Metaverse drones provide round-the-clock aerial surveillance, ideal for large properties, high-security areas, and search-and-rescue missions, offering comprehensive monitoring that goes beyond traditional methods.

These advanced security features are fully customizable, ensuring that businesses receive a solution designed specifically for their needs. Whether it’s safeguarding large commercial complexes, healthcare facilities or educational institutions, Guardsman Metaverse offers tailored protection that provides complete peace of mind.

The partnership with Crimsontide AI, a rapidly emerging Jamaican company specializing in state-of-the-art patent-pending artificial intelligence software, ensures that Guardsman Metaverse’s solutions are not only technologically advanced but also locally relevant.

Crimsontide AI Limited is at the forefront of technological innovation, and its expertise allows the system to be fine-tuned to the specific security challenges that businesses in Jamaica face.

Through this collaboration, a diverse offering of services is available to various customers and industries, including theft detection at banks, supermarkets, and retail stores, intruder detection and breach prevention at hotels and resorts, as well as risk mitigation and compliance solutions.

Crimsontide’s AI technology also enables businesses to recognize trends in data, detect outliers, and summarize data sets, all aimed at informing better business decisions.

This partnership ensures that Jamaicans are at the forefront of solving their own security issues, with solutions designed by Jamaicans, for Jamaicans. At Crimsontide AI, the commitment to rebuilding a safer Jamaica is at the heart of every innovation, working toward a future where local technology empowers local security.

However, beyond responding to security threats as they happen, Guardsman Metaverse is designed to predict and prevent potential issues before they escalate. By leveraging AI to analyse behaviours and patterns, the system can foresee risks, giving clients the ability to take proactive steps. This predictive approach ensures that businesses and homeowners are always ahead of security challenges, helping to mitigate risks before they become serious threats.

With Guardsman Metaverse, clients are empowered to protect their environments not just reactively but pre-emptively. This next-level security capability, combined with fully customizable features, ensures a comprehensive approach that adapts to the ever-evolving nature of security threats in today’s society.

 

Continue Reading

Business Insights

Beyond Repeated Failure: Defining a Strategy Triad

Published

on

Studies consistently show that most strategic plans fall short.

The reasons are varied, but a common mistake stands out: teams often assume they understand “strategic” planning, only to end up misguided, compromising their organizations’ success. Often, what they call a “strategic plan” lacks real strategic thought.

How Missteps Occur

If you’ve ever reviewed a company’s strategic plan, you’ve likely seen a list of ambitious goals. They may be grouped in catchy ways, but as you read through, doubts surface. Why?

You sense the organization may lack the resources or focus to achieve all these objectives simultaneously. The longer the list, the more you suspect it may be abandoned when daily issues arise, with lofty goals slipping out of view.

Redefining “Strategic”

One way to prevent this common pitfall is to rethink how we use the term “strategic.” Today, the label “strategic” is often used casually to signal importance, so much so that it’s lost its impact, and audiences tune it out.

This isn’t just a communication issue. When teams invest time in a strategic retreat, they expect the final plan to be truly strategic, yet often that’s not the case.

Typical brainstorming sessions encourage a mix of ideas and positive intentions without much structure. The result is often an extensive report of hopeful outcomes, which can look similar to other plans within the industry—ultimately, another reason for failure.

Enter the Strategy Triad

Peter Compo’s book *The Emergent Strategy* introduces a helpful redefinition of “strategic” by proposing a triad approach:

1. Aspiration: A meaningful, challenging goal that requires effort and won’t happen automatically.

2. Bottleneck: The main obstacle preventing the organization from achieving its aspiration(s).

3. Guiding Principle: A decision-making rule to help navigate actions that address the bottleneck.

Consider a store aiming to increase profits. If the biggest bottleneck is low brand recognition, the guiding principle could be to improve brand awareness through multiple channels—online, in-store, and through partnerships.

Applying the Strategy Triad

At a recent strategic planning retreat, a leadership team was challenged to apply the triad. Initially, it was difficult; identifying bottlenecks from new perspectives required collaboration and creativity, especially without cross-functional data, which led them to rely on firsthand experiences. Yet, they successfully defined bottlenecks and guiding principles that empowered employees to align their daily choices with the strategic plan. This alignment is what leaders want but is often rare.

Why Alignment is Rare

Leadership teams often avoid the challenging, healthy conflict required to build a robust strategy triad. They may take the easier path, creating lists of goals rather than diving into critical strategic planning. Alternatively, when discussions become too heated, leaders may intervene prematurely, cutting off debate and limiting essential buy-in.

To achieve meaningful alignment, it’s important to work through differing viewpoints until agreement is reached. Though challenging, this process builds the intellectual and emotional commitment needed for successful execution. By persevering through difficult conversations, leaders can significantly improve their strategic plans’ success and longevity.

Found this topic interesting? You may want to delve into my long-form content in my JumpLeap Strategic Planning Newsletter/Podcast.

Francis Wade
JumpLeap NewsletterPodcast

Framework Consulting
http://blog.fwconsulting.com : http://fwconsulting.com

Continue Reading

Trending

0
Would love your thoughts, please comment.x
()
x