Welcome to Bahamas Local, Your Bahamas Online Search Engine

PM: Half our debt direct result of climate effects

Mon, Aug 22nd 2022, 08:58 AM
Environment Finance Politics Tribune Stories

FIFTY percent or more of the country's national debt was found to be connected directly to the consequences of climate change and having to borrow money for recovery, resilience and returning to normal.

 

Prime Minister Philip “Brave” Davis made the revelation over the weekend, adding that the findings came to light when this nation’s debt was profiled.
#He was speaking during a round table discussion at the 56th Grand Boule at Atlantis on Saturday.
#During the discussion, Mr Davis spoke in great detail about climate change and efforts, as well as the apparent lack of it, to address the issue.
#“One of our challenges that I put to you, which I again don’t want to get into the long history of, but the industrial revolution has caused quite a challenge to the world today,” he said to the audience.
#“The existential threat of the consequence of climate change and the United States is one of the biggest emitters of carbon in the air, which has caused sea levels to rise, more and more intense hurricanes and the challenge with small island developing states like ours. When I did a profiling of my national debt, 50 percent or more of it is connected directly to climate change, the consequence of climate change because we have to borrow money for the purpose of recovery, resilience and get back to normalcy.
#“The last hurricane we had was Dorian. Our loss in damage amounted to more than $4bn.”
#The Prime Minister also noted that it was “very interesting” to observe the recent passing of a bill in the United States that spoke to climate issues.
#While he did not specify the bill to which he referred, American media reported the passing of the Democrats’ healthcare and climate bill.
#“What was obvious to me is that the conflict in Ukraine is used as a cloak to not do what is necessary to prevent further emissions because now it’s being said - I think it was Senator Minchin who is concerned about them not being able to produce more oil because of the disruption of supply in the world today. So, we then need to, as America has, look out for our self interest and we need to open up the coal mines again. We need to give more licences out for drilling and exploring and production,” Mr Davis said.
#“But all that is counterproductive to the overall goal to which the commitment was made many years ago when the wealthiest countries in the world were committed to put a fund together for a $100bn about 15, 20 years ago for small island developing states like ours to be able to access, to be able to adapt and mitigate and to access for loss and damage. But where’s the $100 billion? Never put up.
#“The question was asked of me the other day and I think this will come clearer home to yourselves. Is it political will that is retarding progress in this space? I had to pause and really, because I listened to President (Joseph) Biden in Glasgow when he was re-engaging the US into the Paris agreement and recommitting the efforts of the US government to do what is necessary for climate change. But it occurred to me that it really wasn’t political will. It was political change because recalling that President Trump withdrew from the Paris Accord and questioned whether or not climate change is real. So, it retarded and rolled back many of the advances that the world has been made led by the United States and so we have now a re-engagement.”
#Former US Ambassador to the United Nations Andrew Young and former Jamaican Prime Minister PJ Patterson also participated in the roundtable discussion and made a position for the Caribbean protecting its interest.
#Mr Patterson said: “What’s happening now shows that the entire global architecture is in ruins and is incapable of dealing with the problems which we face as mankind in a changing world. Why do I say that? In the United Nations, the power was vested in the security council. It has five members - each with a veto power, which essentially means they can do whatever they like in defiance of what the rest of world thinks and wants to do.
#“We could go into the core question of the international economic structure where power is vested in the IMF and the World Bank principally. All these institutions were designed at a time when Africa was under imperial control, when the Caribbean were all colonies - who spoke for us? Who spoke on our behalf and the time has come and long past when we the people of the Caribbean and we the people of Africa must have our presence felt at the deciding table when we are changing the present world architecture derelict and unfit for purpose.
#“We the people of Africa must have our presence felt at the deciding table when we are changing the present word architecture which is derelict and unfit for purpose.”
#He added: “I want to make bold to say gathered here is the cream of intellectual thought and professional capacity and business acumen, which exists in our hemisphere. But pardon me for saying it, and saying it bluntly: those of you who come from the United States are supposed to have a voice in the fashioning of your democracy in a country which beyond argument is the most powerful in the world today.
#“We in the Caribbean are placed here by geography, but we have our own interests to protect as well and we will never accept that we are in anybody’s backdoor anymore than you will accept that you are not in a situation where what you do and what you say has a decisive impact which goes beyond the borders of your own country.”
#The event, hosted by Sigma Pi Phi fraternity and grand Sire Archon Dwayne Murray, said it is expected their “footprint” will be at least a $4m economic contribution to The Bahamas before leaving.

Prime Minister Philip “Brave” Davis made the revelation over the weekend, adding that the findings came to light when this nation’s debt was profiled.

He was speaking during a round table discussion at the 56th Grand Boule at Atlantis on Saturday.

During the discussion, Mr Davis spoke in great detail about climate change and efforts, as well as the apparent lack of it, to address the issue.

“One of our challenges that I put to you, which I again don’t want to get into the long history of, but the industrial revolution has caused quite a challenge to the world today,” he said to the audience.

“The existential threat of the consequence of climate change and the United States is one of the biggest emitters of carbon in the air, which has caused sea levels to rise, more and more intense hurricanes and the challenge with small island developing states like ours. When I did a profiling of my national debt, 50 percent or more of it is connected directly to climate change, the consequence of climate change because we have to borrow money for the purpose of recovery, resilience and get back to normalcy.

“The last hurricane we had was Dorian. Our loss in damage amounted to more than $4bn.”

The Prime Minister also noted that it was “very interesting” to observe the recent passing of a bill in the United States that spoke to climate issues.

While he did not specify the bill to which he referred, American media reported the passing of the Democrats’ healthcare and climate bill.

“What was obvious to me is that the conflict in Ukraine is used as a cloak to not do what is necessary to prevent further emissions because now it’s being said - I think it was Senator Minchin who is concerned about them not being able to produce more oil because of the disruption of supply in the world today. So, we then need to, as America has, look out for our self interest and we need to open up the coal mines again. We need to give more licences out for drilling and exploring and production,” Mr Davis said.

“But all that is counterproductive to the overall goal to which the commitment was made many years ago when the wealthiest countries in the world were committed to put a fund together for a $100bn about 15, 20 years ago for small island developing states like ours to be able to access, to be able to adapt and mitigate and to access for loss and damage. But where’s the $100 billion? Never put up.

“The question was asked of me the other day and I think this will come clearer home to yourselves. Is it political will that is retarding progress in this space? I had to pause and really, because I listened to President (Joseph) Biden in Glasgow when he was re-engaging the US into the Paris agreement and recommitting the efforts of the US government to do what is necessary for climate change. But it occurred to me that it really wasn’t political will. It was political change because recalling that President Trump withdrew from the Paris Accord and questioned whether or not climate change is real. So, it retarded and rolled back many of the advances that the world has been made led by the United States and so we have now a re-engagement.”

Former US Ambassador to the United Nations Andrew Young and former Jamaican Prime Minister PJ Patterson also participated in the roundtable discussion and made a position for the Caribbean protecting its interest.

Mr Patterson said: “What’s happening now shows that the entire global architecture is in ruins and is incapable of dealing with the problems which we face as mankind in a changing world. Why do I say that? In the United Nations, the power was vested in the security council. It has five members - each with a veto power, which essentially means they can do whatever they like in defiance of what the rest of world thinks and wants to do.

“We could go into the core question of the international economic structure where power is vested in the IMF and the World Bank principally. All these institutions were designed at a time when Africa was under imperial control, when the Caribbean were all colonies - who spoke for us? Who spoke on our behalf and the time has come and long past when we the people of the Caribbean and we the people of Africa must have our presence felt at the deciding table when we are changing the present world architecture derelict and unfit for purpose.

“We the people of Africa must have our presence felt at the deciding table when we are changing the present word architecture which is derelict and unfit for purpose.”

He added: “I want to make bold to say gathered here is the cream of intellectual thought and professional capacity and business acumen, which exists in our hemisphere. But pardon me for saying it, and saying it bluntly: those of you who come from the United States are supposed to have a voice in the fashioning of your democracy in a country which beyond argument is the most powerful in the world today.

“We in the Caribbean are placed here by geography, but we have our own interests to protect as well and we will never accept that we are in anybody’s backdoor anymore than you will accept that you are not in a situation where what you do and what you say has a decisive impact which goes beyond the borders of your own country.”

The event, hosted by Sigma Pi Phi fraternity and grand Sire Archon Dwayne Murray, said it is expected their “footprint” will be at least a $4m economic contribution to The Bahamas before leaving.

 

Click here to read more at The Tribune

 Sponsored Ads