NASSAU, Bahamas, December 1, 2023 — During the launch of The Bahamas Sustainable Investment Programme in Dubai yesterday, Prime Minister Philip E. Davis invited fund managers and CEOs from around the world to join The Bahamas in its fight against climate disasters, The Nassau Guardian reported today in an article written by Travis Cartwright-Carroll.
“Through this initiative, we are going to survive an era of super-charged storms, by creating super-charged, win-win investment partnerships,” said Davis during the United Nations Climate Change Conference, commonly referred to as COP28.
“Along with our strategic advisors, Resilience Capital Ventures, we will work with regional and global capital market leaders to underwrite and put in place an innovative financing facility. We aim to secure a facility of $500 million.
“Our priorities for this fund include spending to make our infrastructure more climate-resilient, our transition to clean energy, conservation of our coastal zones, reduction in biodiversity loss, regenerative agriculture, carbon sequestration, and participation in natural asset-backed carbon credit programs.”
Davis, who addressed a group on the sidelines of COP28, said The Bahamas is grappling with the financial consequences associated with super charged hurricanes.
“Every single day we are paying: both for the hurricanes that we’ve already suffered through, as well the ones yet to come,” he said. “In addition, the designation of our nation as a high-income country, leaves us unable to access fair and concessional financing. And we desperately need financing to support our efforts in recovery and adaptation.”
He said blended finance is a smart way to close the climate financing gap, adding “We will not despair”
The prime minister also noted that The Bahamas’ seagrass meadows, covering over 37,000 square miles, appears to be absorbing more carbon than the Amazon rainforest.
With the help of tiger sharks, which are mapping the the country’s seagrass, Davis said he hopes The Bahamas can be the first country in the world to issue Blue Carbon Credits.
“And so today, ladies and gentlemen, here at COP28, we hope you will join us,” he said. “Whether you partner with us on funding and financing, or by providing technical and advisory expertise, the door for collaboration is wide open. There is, indeed, a path forward that will give my country many more tomorrows. We invite you to be part of it.”
Senior Policy Advisor in the Office of the Prime Minister Jerome Fitzgerald, who also spoke at the launch, said the initiative will strategically mobilize high-quality investments that will meet environmental, social and governance indicators and serve as a demonstration of private sector actors and government working together for strong climate action.
