MAJOR WIN: Bahamas secures seat on the board of “Loss and Damage” climate change fund

MAJOR WIN: Bahamas secures seat on the board of “Loss and Damage” climate change fund

NASSAU, BAHAMAS — The Bahamas gained a “major win” at the recent COP 28 climate conference by securing a seat on the board of a fund created to assist countries most impacted by the global climate crisis, according to the government’s special advisor on climate change.

Global delegates at the recent COP28 climate summit in Dubai formally adopted the “Loss and Damage” fund, which was decades in the making, with several countries pledging millions of dollars to it to help nations hit hardest by the climate crisis. The fund was agreed upon at COP27 last year in Egypt. Pledges to the fund so far have reportedly reached $726 million, according to Rochelle Newbold, Special Advisor on Environmental and Climate Change Matters.

Newbold, while speaking at the Office of the Prime Minister’s weekly press briefing, stated: “The Bahamas now has a place on the board and can ensure that our partners live up to their pledges this time.”

Newbold also noted that The Bahamas must look to diversify its energy platform, pressing that ocean-based small island developing states (SIDS) like The Bahamas must also embrace wave and ocean thermal energy. 

“While it is reiterated that solar may be a great option in The Bahamas, the issue of wind and the diversification of the energy platform is something we must look into. We as SIDS are ocean-based destinations and that must therefore call for us to embrace the ocean renewable options like wave energy or OTEC,” said Newbold. 

Newbold also stressed the need to foster greater awareness about the impact of climate change, particularly among the country’s youth.

“I just really want to impress upon the Bahamian people that this issue of climate change and all the residual impacts have an overwhelming effect on our ability to survive sustainably and have a livelihood we can pass on to our generations of children, This is no joke. There are countries in the Pacific which have lost their islands,” said Newbold.