PM announces $500 million climate finance initiative

PM announces $500 million climate finance initiative

NASSAU, BAHAMAS — During his address at the Clinton Global Initiative meeting in New York, Prime Minister Philip Davis announced a climate finance initiative that aims to raise $500 million US to address climate change and its far-reaching impacts on The Bahamas.

Prime Minister Davis emphasized the urgent need for innovative financial solutions to tackle the climate crisis, highlighting the dire financial impacts of four major storms on the Bahamian economy and the added pressure of the nation’s middle-income designation.

The Bahamas Sustainable Investment Programme, according to Prime Minister Davis, aims to raise $500 million US dollars. Partnering with strategic advisors, Resilience Capital Ventures, the programme seeks to bridge the climate financing gap by tapping into regional and global capital market leaders. The funds will be directed towards crucial areas such as climate-resilient infrastructure, coastal conservation, clean energy transition, and more.

One of the pioneering steps being taken by The Bahamas, as highlighted by Prime Minister Davis, is mapping the country’s seagrass meadows, which have shown potential to absorb carbon at rates equal to or more than the Amazon Rainforest.

Through these studies, and with the unexpected assistance of tiger sharks, The Bahamas is poised to become the first nation to issue Blue Carbon Credits.

Inviting all in attendance to collaborate, whether through funding, technical support, or advisory expertise, Prime Minister Davis branded The Bahamas as a beacon of hope and innovation, demonstrating that even small nations can be at the forefront of global change.

“My government and the people of The Bahamas are grateful for our partnership with the Clinton Global Initiative and its community of change-makers. We see a path forward for our beautiful nation, and we invite the world to join us on this journey,” Davis said.