GraceKennedy (GK) played a central role in yesterday’s Jamaica Chamber of Commerce (JCC) and GK Capital Business & Consumer Confidence Indices Release for Q2 2024, held at the Courtleigh Hotel & Suites in Kingston.
GK Capital Management Limited (GKCM), a subsidiary of GK, served as title sponsors of the event themed “Navigating the Climate Horizon”, which featured key contributions from GK representatives, and underscored the urgent need for Jamaicans to prioritize climate preparedness.
In his opening remarks, Reynaldo Thompson, VP of Investment Management & Research at GKCM stressed the economic necessity of a lower-carbon future for financial viability. “With each passing year, the reality of a hotter planet becomes clearer, and the ensuing risks to the global economy intensify.” He encouraged the audience to align their investment decisions to support climate adaptation, mitigation, and resilience. “Together, we can build a more sustainable future.”
Don Anderson, Executive Chairman of Market Research Services Ltd who administer the quarterly business and consumer confidence survey, then presented the indices data for Q2 2024. Conducted between April and June 2024 among over 100 firms and 600 individuals, the survey included perceptions of Jamaica’s readiness to address climate change impacts for the first time in its 24-year history.
The survey revealed that 52.7% of businesses and 47.6% of consumers feel Jamaica is unprepared for climate change impacts. Additionally, 43% of businesses report negative effects of climate change on productivity, energy consumption, and access to raw materials. Meanwhile, 62% of consumers experience discomfort from rising temperatures (60%), water shortages (14%), and higher electricity bills (12%).
Following the data presentation, a panel discussion featured Gail Moss-Solomon, General Counsel & Chief Corporate Secretary of GraceKennedy Limited and Chair of GK’s Environmental, Social and Governance (ESG) Committee; Eleanor Jones, Chairman & CEO of Environmental Solutions Ltd; and Gerard Alleng, Climate Change Senior Specialist at the Inter-American Development Bank. The panelists urged Jamaican businesses and consumers to identify climate change coping mechanisms, reduce their vulnerabilities, and integrate climate preparedness into daily operations and long-term planning.
In her remarks, Moss-Solomon highlighted GK’s own commitment to addressing climate change, emphasizing the company’s focus on sustainable operations alongside profitability. “Since 2022, GK has invested approximately US$3 million in solar energy projects at several of our manufacturing facilities in Clarendon and Westmoreland, and at some of our Hi-Lo locations across the island. These investments are projected to yield savings of US$1 million for the Group by 2026.” She also noted that GK is addressing climate impacts through its well-tested business continuity plan, enterprise risk management and ESG frameworks.
While climate change was a central topic, the 2024 Q2 business and consumer indices release also provided a broader view of business and consumer perceptions of the current state of the Jamaican economy. Despite a positive macroeconomic outlook, concerns about crime, job security, and the rising cost of living persist among both consumers and businesses.
