NASSAU, BAHAMAS — The Bahamas is still 24 months away from listing its blue carbon credits on an international stock exchange, it was revealed yesterday, with “all eyes” said to be on this nation as it aims to be a pioneer in the sale of its ocean-based blue carbon offset credits on the voluntary market.
Anthony Ferguson, CFAL’s president and a director/adviser to Carbon Management Ltd, the entity that will be responsible for developing, managing, and trading the country’s blue carbon credits while addressing a Bahamas Institute of Chartered Accountants (BICA) Accountant’s Week seminar on Tuesday said: “The reality is we have a lot of work to do before we could even go and list The Bahamas’ blue carbon credits on an exchange. We are still 24 months away so we have a lot of runway.”
Carbon Management Ltd, a Bahamas-domiciled entity, has been charged with raising the $50 million -$60 million required to map all The Bahamas’ blue carbon assets such as mangroves and seabeds.
Ferguson further stated: “We have had conversations with every major exchange in the world. They have approached us. We are in no rush. We need to get the science and the documentation right and then we will worry about which exchange we will align ourselves with.”
Ferguson, while guarded in his response regarding the potential for listing on The Bahamas International Stock Exchange (BISX) noted that BISX “doesn’t have the ability at this stage” to take the initiative to its intended goals, though he did not dismiss future involvement.
He said that conservative estimates indicate that The Bahamas could generate between $300 million-$400 million in new revenues from monetizing blue carbon credits, with well over $1 billion on the high end.
Ferguson noted that these revenues would be used towards the small development goals The Bahamas has committed to.
David Harris, project manager at the non-profit Beneath the Waves, said: “All eyes are on The Bahamas right now. They are looking for us to be able to not only be the first, pioneer of this blue carbon program but to get it right. That is why we are crossing every T and dotting every I. We are making sure that everything is transparent and verifiable.”
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