NASSAU, BAHAMAS — The Bahamas is not offering a “black market approach” or “environmental escape clause” as it looks to establish the framework to monetize carbon credits, a key policy advisor for climate change and environmental matters asserted yesterday.
Rochelle Newbold, special advisor in the Office of the Prime Minister on climate change and environmental matters said that is effectively taking control of its destiny and seeking to make good out of a bad situation as it moves to participate in the carbon market.
On Wednesday, Prime Minister Philip Davis tabled the Climate Change and Carbon Market Initiatives Bill, 2022, which provides a regulatory framework for the trade of carbon credits. Davis said the government intends to play an active and powerful role in charting the way forward as the world moves to address climate change.
The bill seeks to give effect to the Paris Agreement – an international treaty on climate change to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.
During a weekly OPM press briefing yesterday, Newbold noted that The Bahamas has roughly a 28-year window in which to benefit from carbon credit trading as all nations have committed to become net zero emitters by the year 2050
“We are not offering a black market approach. We are not greenwashing,” Newbold said.
“This is not an environmental escape clause where people can keep doing what they are doing in terms of emissions. This is all going to be based on science and verified on a global stage. We will have an oversight regime that is outside of this country that’s going to be independent,” said Newbold.
She added: “Once we get the validation and stamp of approval we will be in a position to make an offering in the international market.”
According to Newbold, the country needs to be able to quantify how much CO2 is being taken out of the atmosphere by its natural resources.
“If we are doing a great job taking stuff out of the air we should be compensated for that and that is what the carbon credits regime is all about,” she said.
Attorney General Ryan Pinder noted that while The Bahamas has received offers to purchase its carbon credits, this nation does not yet have the regime in place to ensure that it can maximize its position.
“Our responsibility is to maximize the benefit for Bahamians and not to jump on the first opportunity,” said Pinder.
“Anyone who approaches will be put in a database as a potential customer.”
Pinder noted that before The Bahamas can participate in the carbon market, it must first establish the necessary framework to accurately place a value on the nation’s carbon credit potential.
“We intend to lead the way in blue carbon and will work with world-class scientists to map and verify our mangroves, seagrass meadows and ensure that we have the necessary knowledge to take advantage of this market,” said Pinder.
Loading ...
