Carbon Credits Can Help Debt, AG Says

NASSAU, BAHAMAS – The Davis administration insists the country will see monetary benefits from carbon credits in a little over a year. Attorney General Ryan Pinder is detailing government plans to capitalize on the green economy.

The Attorney General explaining the vital need for the Climate Change and Carbon Market Initiatives Bill, 2022.

Pinder is not the only senior member of the Davis administration to link carbon credits and the country’s debt.

Minister for Economic Affairs Michael Halkitis has said the government is exploring avenues to use carbon credits for a lower cost of debt.

While speaking at the Caribbean Renewable Energy Forum in Miami, Florida last Thursday, Prime Minister Philip Brave Davis insisted larger countries that significantly contribute to climate change should consider forgiving the climate change-fueled debt of small island developing states.

Pinder details how it can also help The Bahamas get better interest rates when borrowing.

The Bahamas has more than $10 billion in debt. The Prime Minister said at least 40% of the existing debt is the result of climate change.