New Bill Paves Way for Carbon Credit Trading

NASSAU, BAHAMAS – Prime Minister Philip Davis telling Parliament government is seeking to set up a carbon management company, and establish a carbon exchange with FTX Global.

Our Jameelha Missick has more on the administration’s plans to tap into the carbon credits market.

Just over a week after it was tabled in The House of Assembly, debate on Carbon Credit Trading Bill, 2022 began in the House of Assembly this morning.

Kicking off debate was Prime Minister Philip Davis who says his administration is exploring a major opportunity.

Davis says the government signed a heads of agreement with NGO Beneath the Waves, which is operating under the Bahamian company, Carbon Management Ltd.

He says Carbon Management Limited offered the most attractive management fee of 15 percent and has also proposed that the government own 49 percent of the management company with 2 percent being held by local NGOs.

The PM adding the time to tackle climate change is now.