NEW YORK, Sept. 19, 2022 — Prime Minister Philip E. Davis participated in a panel discussion on climate change today at The New York Times headquarters along with a distinguished panel that included Kristalina Georgieva, Managing Director, International Monetary Fund, and David Malpass, President, World Bank Group.Moderated by David Gelles, New York Times Climate Reporter
Moderated by David Gelles, New York Times Climate Reporter, the discussion addressed the topic, “Money in Action: Closing the Climate Finance Gap.”
Prime Minister Davis said several hurricanes in the past few years have contributed to 40 percent of the debt level of The Bahamas and climate change is a crisis that must be addressed now. He declared that those who have pledged $100 billion must deliver, further pointing out that so far, they have contributed nothing.
The Prime Minister suggested that 2 percent should be taxed on all oil exports in countries to be placed in a fund to fight climate change, further pointing out that The Bahamas is one of the largest carbon sinks in the world and it contributes less than any country to the problem, so it should be paid.
Mr. Malpass said the World Bank Group is in the forefront in financing projects on climate change. He said the question is working out how countries like The Bahamas can be compensated.
Mr. Davis said if we continue on them current path, the world’s GDP loss will be about 18 percent in the next 15 years and if we continue on the current path, there will be millions of climate refugees with nowhere to go. He said enlightened self-interest should be the concern of the world.
IMF Managing Director Georgieva said, “If by 2030 we don’t change this trajectory, we are cooked. We are exposing our children and grandchildren to these climate risks.”
