Jamaica has spent the better part of the last decade building one of the Caribbean’s strongest economic foundations. Fiscal discipline, declining debt, investor confidence and a stable financial system have created new opportunities for businesses to grow, innovate and compete.
The next chapter of that story, however, will depend on something more than sound economic management. It will depend on preparation and resilience.
Not resilience as an environmental aspiration, but resilience as an economic strategy.
The effects of climate change are no longer future projections. They are being felt today through prolonged drought conditions, increasing weather volatility and mounting pressure on critical infrastructure. These realities affect supply chains, agricultural production, manufacturing output, tourism activity, insurance costs and investment decisions. Every major climate event carries consequences for businesses, households and the broader economy.
Perhaps no issue illustrates this more clearly than water.
Water security is increasingly becoming an economic imperative. Businesses cannot operate, communities cannot flourish and investment cannot expand without reliable access to this essential resource. Yet, Jamaica continues to face significant challenges associated with ageing infrastructure, water losses and climate-related stress on supply systems.
Across the sector, substantial volumes of treated water are lost before reaching customers, highlighting both the urgency and scale of the modernisation effort now required. Recent drought conditions have also reinforced the growing vulnerability of traditional water systems to changing rainfall patterns and climate pressures.
This reality changes the conversation.
COORDINATED ACTION
Climate readiness can no longer be viewed solely through an environmental lens. It has become a national competitiveness issue requiring coordinated action by government, infrastructure agencies, financial institutions, businesses and communities.
No single institution can build Jamaica’s climate resilience on its own.
Government plays a critical role in setting policy, strengthening infrastructure and ensuring resilience remains central to development planning. Infrastructure agencies must continue modernising the systems that support commerce, including water, energy, transportation and telecommunications. Businesses, in turn, must increasingly incorporate climate risk into decisions about investments, facilities, supply chains and operations.
For many organisations, resilience is becoming just as important as productivity and profitability.
Small and medium-size enterprises deserve particular attention within this conversation. As the backbone of Jamaica’s economy, they are often among the most vulnerable following major disruptions. Their ability to recover is frequently constrained by limited access to capital, technical expertise and continuity planning. If Jamaica is to strengthen national resilience, SMEs must be equipped not only with financing but also with access to knowledge, partnerships and practical solutions that support preparedness long before disruption occurs.
BEYOND FINANCIAL RECOVERY
Financial institutions therefore have a responsibility that extends beyond financing recovery.
We must help businesses finance preparedness.
Investments in resilient infrastructure, digital transformation, renewable energy, water security and operational continuity are not discretionary expenditures. They are strategic investments that strengthen competitiveness, protect livelihoods and position businesses for long-term growth.
That conviction has led us to create a forum where policymakers, business leaders, entrepreneurs and investors can exchange ideas, challenge assumptions and identify practical solutions to the issues shaping Jamaica’s future.
The bottom line is that strategy sharpens in conversation, not in isolation, and capital works best when it’s guided by an honest read on where a business is heading.
Those words reflect a simple truth: meaningful progress requires collaboration.
That philosophy guided business leaders across the board to deliberate with Matthew Samuda, minister of water, environment and climate change, who underscored the critical relationship between infrastructure investment, climate resilience and economic growth. He challenged participants to think beyond immediate challenges and focus on the long-term investments required to secure Jamaica’s future.
The discussion highlighted an important reality. Climate resilience is not solely about responding to disasters after they occur. It is about building systems, infrastructure and institutions capable of withstanding disruption before it happens.
The question before us is no longer whether climate change will affect Jamaica’s economy.
It already does.
The more important question is whether we will respond boldly enough to strengthen our capacity to withstand future shocks while continuing to attract investment, create employment and support sustainable growth.
The answer lies in partnership.
Government cannot achieve climate readiness without business. Business cannot achieve it without access to capital. Financial institutions cannot finance resilience without supportive policy. Infrastructure agencies cannot build resilient communities without collaboration across sectors. Each depends on the other.
If Jamaica is to remain competitive in an increasingly uncertain world, collaboration must become one of our greatest strategic assets. The conversations have started. The partnerships are emerging. Our responsibility now is to ensure they translate into sustained action.
Because climate readiness will ultimately be measured not only by the infrastructure we build or the policies we enact, but by our collective willingness to work together to create a stronger, more resilient and more prosperous Jamaica.
Sheree Martin is the interim chief executive officer of National Commercial Bank Jamaica Limited. Send feedback to columns@gleanerjm.com
