The government is allocating $80 million in the upcoming 2023/2024 fiscal budget for climate change mitigation.
Prime Minister Philip Davis said while small island developing states like The Bahamas contribute the least to carbon emissions that contribute to more severe climate events, even small countries have a role to play in helping to move the planet towards net zero.
"In fact, our very survival as a nation is dependent on global progress toward this goal. It is in our best interest to do everything we can here and abroad in the fight against climate change," he said when he began debate on the annual budget earlier this week.
Toward that end, Davis said the government continues to work toward reducing the country's dependence on fossil fuels, and advancing in the verification and eventual sale of blue carbon credits.
"Renewable energy is important, not only because of its economic benefits, but also because of its benefits to the environment. As one of the most vulnerable countries in the world - a country that has become a leading voice on the issue of climate change - it is critical that we practice what we preach on climate change. But to make the necessary investments, we will need more resources. More assistance will be needed from the wealthy developing nations, who are the primary drivers of climate change. This is why I have championed the cause of The Bahamas and other small island developing states on the world stage, and advocated for the carbon-producing countries to do more to help us," the prime minister said.
"While it is critical that we continue to advocate, we are not content solely to sit back while global temperatures continue to rise. In this budget, $80 million will be dedicated strictly for the mitigation of the impact of climate change through climate resilient infrastructure. Meanwhile, we will continue to complete our foundational research for the generation of blue carbon credits, to produce additional funding for climate resilience through a market-driven approach."
Climate change and financing were among the topics discussed at the US-Caribbean meeting hosted by the prime minister and US Vice President Kamala Harris yesterday, at which Caribbean Community (CARICOM) heads of government were in attendance.
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