National

It’s Critical for Biodiversity and Mitigating Impacts of Climate Change

NASSAU, BAHAMAS – Funding is coming from a new debt-for-nature deal where The Bahamas opted for a competitively priced $300 million loan from standard chartered to buy back the same amount of external commercial debt.

Published

1 hour ago

November 26, 2024

Marlena Leonard

NASSAU, BAHAMAS – “The project will also fund climate-smart conservation plans, develop national mangrove management strategy, and create a marine spacial plan for the effective governance of our marine resources,” said Climate Change and Environmental Advisory Unit Director Rochelle Newbold.

“These efforts are not only critical for biodiversity but also for mitigating impacts of climate change on our communities. We’re not seeking to impose taxes on individuals. We’re not seeking to take out additional loans to address it. But what we are seeking to do is to refinance debt we already have to utilize those savings to address those things.”

That funding is coming from a new debt-for-nature deal where The Bahamas opted for a competitively priced $300 million loan from standard chartered to buy back the same amount of external commercial debt.

Alongside partners like the Inter-American Development Bank, and the Nature Conservancy, that discounted loan is expected to free up around $124 million to go to Marine Conservancy and climate mitigation efforts over the 15 year debt refinancing period.

The Bahamas protected areas fund is the conservation trust fund responsible for managing the funds saved by debt refinancing.

Executive Director Karen Panton, explains where the funding comes from in simple terms.

“You would’ve had an obligation at a higher rate, you go in there and you work with the IDB, the Nature Conservancy, governments whatever, and then you get it at a lower rate and then you use the space for the commitments,” she said.

“And out of that float, $124 million. Isn’t that magic?”

One point of focus for the director of the Climate Change and Environmental Advisory Unit, is the intentional shift of attention toward a region of protected areas some feel are often overlooked due to a lack of resources, the southern Bahamian island protected areas.

“You very rarely hear Cat Island, Long Island, Ragged Island,” Ms. Newbold said.

“I mean these aren’t places you hear when people talk about conservation. But notwithstanding they have conservation leads as well. So while this project will only be directed to the existing protected areas right, those will be be the first ones that we would have to look at, and these would be the first ones we would have to address.”

The existing partnership encompasses entities like the Bahamas National Trust, the Department of Environmental Planning and Protection, the Department of Marine Resources and the Forestry Department, and the Office of the Prime Minister.

But if you have any questions about progress or how to get involved, Newbold said please ask them.