Prime Minister Philip 'Brave' Davis speaking earlier this week at COP27. (AP Photo/Peter Dejong)
By LYNAIRE MUNNINGS
lmunnings@tribunemedia.net
PRIME Minister Phillip “Brave” Davis along with environmental enthusiasts unveiled the Bahamas Blue Carbon Credit Management Initiative at the CARICOM Pavilion at COP-27 on Friday.
Mr Davis expressed the importance of innovation and collaboration with the private sector and non-profit partners in an effort to bring about climate action within the Caribbean.
The prime minister, along with Dr Austin Gallagher, CEO of Beneath the Waves, and Anthony Ferguson, Director of Carbon Management Limited for the government, explained the details surrounding carbon credits to the forum.
During his opening remarks, Mr Davis referred to the conclusion of the Caribbean Regional Heads of Government’s two-day summit that was hosted by The Bahamas in August in preparation for COP27.
At the event, Mr Davis said world leaders expressed what they wanted to see from the market.
“While there are opportunities, there are also challenges so by working together, hopefully we can take best advantage of one and overcome the other,” he said.
“We must also engage strongly with the private sector and other local stakeholders. Regional leaders also highlighted the need for simplicity and flexibility in the instruments used in the carbon market, especially in relation to carbon pricing.
“We believe that our approach in The Bahamas is a gold standard for which others can also benefit. We also believe that our approach reflects the realities for what is needed in effecting real action to meet the challenge of climate change.”
Mr Davis explained that effective climate solutions require science, finances and input and input and commitment from all sectors.
At the forum, Dr Austin Gallagher explained the concept behind carbon credits, and referred to them as a “tradable permit”.
“Very quick summary of what a carbon credit is - a tradable permit or certificate which provides validation of an offset. One ton of carbon is a carbon credit,” he said.
Mr Gallagher also added that carbon credits can be purchased by corporations or individuals to achieve their ESG goals all while providing protection to the sovereign nation through those same revenues.
According to Anthony Ferguson, the Bahamas Blue Carbon Credit Management Initiative will allow the Bahamian economy to diversify.
Mr Ferguson said the “natural assets” of The Bahamas would be managed through governance principles such as the reduction of greenhouse gas, restoration and improvement of the economy, conservation and protection of natural assets, enhancement of biodiversity through implementation and enforcement, and lastly, community co-benefit.
The director of the Carbon Management Limited for the government explained that everything the government does will be “transparent”, as he said transparency brings “value plus liquidity”.
He also explained that the government is aiming to have the first natural asset company on the New York Stock Exchange by the end of 2024.
Comments
Baha10 1 year, 5 months ago
… this is nothing but a “Pipe Dream” to deflect from our dire economic reality.
Maximilianotto 1 year, 5 months ago
This will be the next big pilfering business after BahaMar and FTX.
The_Oracle 1 year, 5 months ago
Pure BS while the government cannot get the most basic of government services accessible to Bahamians. All the while compounding business costs and overheads, and dictating margins and profitability. Just goes to show Intelligence ain't necessarily smart. Vaporware.
ThisIsOurs 1 year, 5 months ago
What da hell this mean? Valuing a bag of air and a jar of sea water as an asset an trading it on the stock exchange? Didnt we just go through that movie with Sam?
The definition of predictable:
Everybody know, no matter how much money comes to the Bahsmas under it's current governance structure, none of it will get to the man in Bain town the maid in the hotel and the old lady in the wooden shack on the family island. It will all end up in the pockets of the lawyers accountants as nd real estate agents who guard the gates of the city to snag every foreign investor with millions.
And everybody know the very last thing you can expect a Bahsmian govt to do is protect the environment. Ask them how many hills we cut down for fill this week.
Werent we about to allow oil drilling in our pristine waters a minute ago?
sheeprunner12 1 year, 5 months ago
Brave is in a bubble ...... A fart bubble
Twocent 1 year, 5 months ago
Natural “assets” and resources, wanting them and defending them, have always been at the heart of war and progress. From the very beginning some men have sought to control others through the control of assets and resources the people depend upon. This is no different. But it comes with the illusion of peace. It is like the industrial elite convincing people that factories and farm equipment meant “progress” and we bought into that system. The very same system now conveniently tells us has been polluting the planet while causing climate havoc, and we must buy into a “more sustainable” system. Meanwhile the batteries and material infrastructure we need to support this fanciful whim will further deplete the planet of other resources. All this simply so that the wealthy remain comfortably indulged. Being slaves to commercial enterprises runs deep in our history; a history which we are just as deeply offended by. We thought taxes to support a God-less monarchy, conveniently placed by the elite, were an outrage; then we complain about taxes to support government which in turn provides wealth to its hierarchy of cronies and “brothers” and the elite; then we have capitalistic profits which put our hard earned money into the wealthy elite, again; and now…what are they asking us to buy into so that we are depleted, the planet is depleted, and only a certain few prosper, make progress, and profit! We want reparations for colonialism but the irony is that the very same system which brought that upon men changes face, changes identity, sells us something “better”. It lies! And here we are, attending their gatherings and not demanding that the elite pay to fix the problems they are responsible for and yet burden OUR shoulders with! We claim to be a Christian country. If that were true we would naturally be responsible citizens of our country. But we have forsaken God and embraced hedonism. We serve a god that dupes us into the idea that we are happy and free. We serve an Antichrist.
Baha10 1 year, 5 months ago
Bit “heavy” … but good food for thought👍
ted4bz 1 year, 5 months ago
I said in the past, anyone who want the covid-19 toxic drug, they have for me can have it. As for the carbon credits I say the same; I don't want it, whoever want the credits they have for me, can have it. More US deep state one world surveillance, control, and slavery order, NONSENSE.
K4C 1 year, 5 months ago
The Bahamas is a gold standard for which others can also benefit, I present your GOLD STANDARDS Baha-Mar FTX
Maximilianotto 1 year, 5 months ago
This Gold Standard will become a jail standard soon…from Albany penthouse kids to China State - all fraud and corruption of the PLP will blow up - from Ocean Club estates to Albany,Tavistock and Toronto. Interesting 2023 coming. Watch the Transparency International Anti Corruption Conference in Washington in December, supported by US government. PLP should participate as keynote speakers.
SP 1 year, 5 months ago
This "Blue Carbon Credit Management" is pure nonsense. An over-polluting country like China with no carbon credits can purchase "carbon credits" from a country like the Bahamas with minimal pollution and keep on polluting.
Piracy and lunacy go hand in hand globally!
SP 1 year, 5 months ago
We need to stop with the distractions. What needs to be unveiled is why only a handful of Bahamians are benefiting from our natural resources!
sheeprunner12 1 year, 5 months ago
We need a Sovereign Wealth Fund for our sand deposits alone.
This country has the largest reserves of pure calcite sand in the world that is worth premium prices per ton.
But who can we trust to exploit it so that ALL of our people can benefit, and not just the 1%????????
carltonr61 1 year, 5 months ago
Sound intelligent, coatsuits, talk total bull sh and a black man will pat you millions. We need fish we need agriculture, millions of generational false prophets The Bible preached about are still here. Imagine selling salt water to The Bahamas along with clean air, then we buy it, then some prophet runs with his picket full of money.
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