By OSWALD T. BROWN
WASHINGTON, D.C., October 3, 2023 –Prime Minister Philip E. Davis today posted a collection of photos on Facebook that were taken at the Inter-American Meeting of Ministers and High-Level Authorities on Sustainable Development in Nassau. I absolutely had to share them with readers of my online publication, BAHAMAS CHRONICLE, which has a huge following among the Bahamian diaspora across the United States, Canada and the United Kingdom as well as in The Bahamas and the wider Caribbean.
“Combating climate change is an urgent priority for The Bahamas and we can’t do it without mobilizing investment to tackle the crisis,” the Prime Minister said in the narrative that accompanied the photos. “This week we proudly hosted the Inter-American Meeting of Ministers and High-Level Authorities on Sustainable Development here in Nassau. We convened leaders from across the region to focus on how we can work together to address the climate finance issues affecting the countries in the Americas.”
Prime Minister Davis added, “I won’t stop showing up and advocating for The Bahamas on the world stage. This fight is about protecting our country, our communities, and current and future generations from the devastating impacts of climate change.”
In another post on Facebook, the Prime Minister noted that as “Prime Minister of The Bahamas, the weight of our climate-vulnerable islands rests heavily on my shoulders.”
“Hosting the OAS Climate Change meeting here wasn’t just symbolic; it’s a clarion call. Amidst the haunting echoes of Dorian, we champion global unity and action,” the Prime Minister said. “Special thanks to @Organization of American States (OAS) Secretary General Luis Almagro for his unwavering support. Our nation, standing at ground zero, is committed to leading the fight for our future.”
The Nassau Guardian, one of The Bahamas’ leading newspapers, reported on Tuesday that Prime Minister Davis on Monday “called on multilateral development banks, especially the World Bank, to improve policies that will increase funding to developing countries facing climate-related crises.”
“We are urging multilateral development banks (MDBs) around the world to significantly increase the quality and quantity of their climate finance efforts,” Prime Minister Davis was quoted as saying during the Climate Finance in The Americas’ Panel Discussion at Atlantis Paradise Island.
“It’s time for MDBs to make the necessary modifications so that they are fit for purpose,” Prime Minister Davis said.
He explained that MDBs already greatly finance climate mitigation and adaptation programs in developing nations, but he contended that more can be done at those institutions by “aggressively implementing the recommendations of the G20 capital adequacy frameworks review”.
The Prime Minister said the implementation of that framework could enable concessional investments in adaptation and loss and damage.
“There is also a need for change at the most fundamental levels, beginning at the World Bank,” the Prime Minister said. “By ensuring that its financing strategy goes beyond the do no harm principle to one that also maximizes the climate benefit from every dollar it invests, the World Bank Group could unleash additional transformational climate action in developing countries.”
He Prime Minister added, “Too many climate-vulnerable countries do not have access to the resources they need to become more climate-resilient because of antiquated standards excluding them from concessional financing. We are forced to depend on more expensive financing that severely limits the pace at which we can adapt. This is unfair and ultimately harmful to everyone, as failures to reduce emissions and build resilience in the developing world will be felt the world over.”
