PM: Bahamas Will Benefit from Carbon Credits

NASSAU, BAHAMAS – Prime Minister Philip Davis tabling legislation that would allow The Bahamas to enter the global carbon market. Davis says the Climate Change and Carbon Market Initiatives Bill, 2022 will put The Bahamas in the right position.

Jasmin Brown reports.

Put simply the Prime Minister says the bill seeks to make a way for The Bahamas to participate in the global response to climate change in ways which will be financially, practically, and environmentally beneficial.

Prime Minister Davis made the comments in Parliament just moments before tabling the Climate Change and Carbon Market Initiatives Bill, 2022.

The bill, if passed, would empower the prime minister to create and implement initiatives and incentives to comply with the Paris Agreement.

It would also enable the government to create incentives and implement initiatives to support the overall global target of greenhouse gas emissions, ensure compliance as well enable the establishment of a market in The Bahamas to trade in carbon credits.

It would also allow for the appointments of a management company and advisory council, which would serve as a technical advisory body to a management company as well as the establishment of the national emissions registry and the appointment of a registrar.

Responding to climate change has been at the top of the Davis administration’s agenda.

Last year at COP26, Davis called on world leaders to act in the fight against climate change.

In addition to tabling the climate change bill, Davis also tabled a policy white paper on the future of digital assets in The Bahamas.

That document outlines a framework to guide digital asset policy in The Bahamas.