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Speaking during a panel discussion at RF Bank and Trust’s annual Economic Outlook last week, The Bahamas’ Attorney General, Ryan Pinder asserted that small developing nations must not rely on developed countries to pay for the damage caused by climate change.
“We must force large group countries to help and make them be held accountable for what they’ve done to countries, like The Bahamas,” said Pinder to the hundreds in attendance at the conference.
The one-day Economic Outlook was held at Bahamar in western New Providence, attracting thousands of Bahamians, residents, and visitors in the finance, investment, and related industries. The highlight of the Outlook was the panel discussion, featuring Pinder, St. Lucia’s former minister of public service, information, broadcasting, sustainable development, energy, science, and technology, James Fletcher; and Chris Heider, Ecosystem Ecologist.
According to Fletcher, The Bahamas is sitting on a treasure cove, that will, if it hasn’t already, catch the attention of foreign entities wanting to take advantage.
Carbon Management Limited (CML) is a private-public partnership with The Bahamas’ Treasury owning 49 percent and two percent going toward a charitable fund for climate litigation. CML aims to raise $60M to map The Bahamas’ blue carbon assets, such as mangroves, algae, coral, and seagrass.
The country’s blue carbon credits are estimated to be worth billions, based on preliminary marine biodiversity tests and scientists learn how marine mammals can be sequestered. This year, the Government aims to conclude their scientific research, which will be followed by a comprehensive re-verification exercise to authenticate their theories. Thereafter, the Government hopes to complete this process, including evaluating and putting a price to the carbon credits by the end of 2025.
Using Grand Bahama International Airport to make his point about climate change and its adverse effects on the environment, Pinder mentioned that the airport is surrounded by mangroves, a protected ecosystem. Therefore, an investment in the environment equals an investment in resilience.
Pinder explained that the Government intends to monetize blue carbon credits by 2025 as it continues the scientific research stage.
With legislature pending, Pinder said that the Government will require research permits for biological resources when requested by non-Bahamian scientists. Pinder asserted: “Samples belong to The Bahamas” and, therefore, they will no longer be taken from the country without explicit consent and royalties paid to the state in the form of a commercial agreement.
“Bahamians are the beneficiaries of that—first and foremost,” Pinder said to the hundreds in attendance at the conference.
Responding to an audience member’s question about the continuity of the Blue Carbon Project after an election, Attorney General Pinder said that the Government must monetize blue carbon. He noted that one of the hindrances of progression is that governments don’t always get to implementation before the election cycle.
Chiming in the discussion, Heider explained the process of placing value on blue carbons, including an extensive verification process, which requires supporting documentation and other social aspects.
The panelists agreed that young Bahamians should be educated about climate change, its effects on the environment, and the Caribbean’s efforts to combat it.
