NASSAU, BAHAMAS — The government hopes to be in a position to monetize The Bahamas' blue carbon credits by the end of 2025, according to Attorney General Ryan Pinder, who noted that substantial progress has been made in the scientific research phase.

Speaking with Eyewitness News on the sidelines of Royal Fidelity's Economic Outlook conference, Pinder explained: "We have completed core sampling in three of the blocks designated as phase one of our study and verification exercises. We've undertaken scientific research and reporting in these areas, ensuring thoroughness and accuracy. Subsequently, we have engaged a verification company to validate our scientific processes. We aim to conclude this scientific procedure this year, followed by a comprehensive re-verification exercise to authenticate our findings. Following this, we will evaluate and price the carbon credits."

He added, "We have made substantial progress through the scientific research phase, including sampling and measuring carbon sequestration in these core samples and preparing the necessary reporting for the verification company. Our goal is to complete this process and be in a monetized position by the end of next year."

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. The value of the country's blue carbon credits is estimated to be in the billions.

Pinder said that the integrity of this nation's carbon credit is expected to generate a higher-than-market average price point. 

Pinder also noted that the government aims to cultivate scientific expertise domestically to sustain its blue carbon credits industry.

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