NASSAU, BAHAMAS – Prime Minister Philip Davis has declared that the time for complacency is over, urging a new era of climate action centered on innovation and justice while emphasizing the urgent need for a fully funded Loss and Damage Fund to help vulnerable nations recover from climate disasters.
Delivering the keynote address at Climate Week NYC 2024, Prime Minister Davis noted that the global response to climate change has long been characterized by inertia and a dangerous adherence to “business as usual.”
However, he acknowledged recent progress driven by the voices of citizens facing the crisis daily. “A wave of change is sweeping the globe,” he said, highlighting that more nations are recognizing the urgency of the situation and setting ambitious targets for emissions reduction. He pointed to the Inflation Reduction Act as a historic milestone in U.S. climate legislation and noted that multilateral development banks have tripled their climate investments over the past decade.
Davis emphasized the need for a global response that matches the scale of the crisis, referencing the fifth anniversary of Hurricane Dorian’s landfall in The Bahamas. He lamented the devastating loss of life and property, as well as the significant increase in national debt resulting from a continuous cycle of borrowing for recovery.
“What we need now is a radical shift in our thinking and the courage to pursue bold, transformative action at an unprecedented scale. The time for complacency is over,” he asserted. He urged world leaders, particularly from the countries most responsible for the crisis, to restructure incentives for change.
“One powerful tool in this effort is climate litigation. By holding fossil fuel companies accountable for their actions, we can shift the economic calculus of energy markets without burdening taxpayers with new taxes. This approach not only advances climate justice but also creates a more level playing field for clean energy solutions,” Davis said.
He outlined The Bahamas’ commitment to reducing greenhouse gas emissions by 30 percent and transitioning to 30 percent renewable energy by 2030. This includes prioritizing energy efficiency, installing utility-scale solar farms, and implementing hybrid grids in Family Islands. “This transition is not just about cleaner energy; it’s about creating green jobs and building a more resilient infrastructure for the future,” said Davis.
Davis also highlighted innovative projects such as Ocean Thermal Energy Conversion (OTEC), which harnesses ocean power for clean energy and desalinated water. He emphasized the importance of protecting seagrass meadows—one of the planet’s largest carbon sinks—and the Bahamas’ role as a leader in high-quality carbon credits.
“We need a fully funded Loss and Damage Fund to help vulnerable nations rebuild and recover. While the world has pledged $800 million to this fund, our concern is whether these funds will be mobilized and accessible to the countries that need them most. Global financial institutions must adapt to meet the needs of small island developing states and least developed countries,” he stated.
Davis concluded by asserting that climate change is not merely an environmental issue but a direct assault on the intrinsic rights enshrined in the Universal Declaration of Human Rights—the right to life, liberty, and an adequate standard of living. “These are not privileges; they are birthrights. This is not about charity or burden-sharing.”
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