The Tribune

By KHRISNA RUSSELL

Tribune Chief Reporter

krussell@tribunemedia.net

THE Climate Change and Carbon Markets Initiatives Bill 2022 demonstrates that The Bahamas will not sit idly by and allow the rest of the world to decide its future.

This is according to Environment and Natural Resources Minister Vaughn Miller, who yesterday told Parliament the Bill allows for positive engagement with high carbon emitting countries and companies for The Bahamas’ benefit.

He made the contribution during debate on the Bill in the House of Assembly.

“The Climate Change and Carbon Initiatives Bill 2022 will position The Bahamas to participate in the global response to the threat of climate change, in ways which will benefit our environment and eventually have monetary value,” the Golden Isles MP said.

“Numerous reports by the United Nations and many international organisations point to the role of carbon emissions in causing temperatures to rise on our planet.”

He also said: “By participating in and benefitting from the trade of carbon credits, The Bahamas will not be standing idly by, hoping that the rest of the world does right by us.

“This Bill will ensure that science and environmental protection will serve as the foundation for addressing the climate crisis. This Bill will encourage us to positively engage with high carbon emitting countries and companies for our benefit.

“This Bill will ensure that the financial benefits arising from the trade in carbon credits will be well-regulated, well-run and well-managed.

“And in aligning with best practices established by the international agreements of which we are a part, this Bill will further enhance the standing and reputation of The Bahamas as a good place to do business.”

The Bill will ensure that all carbon credits identified in the country remain the property of The Bahamas and therefore cannot be traded without the consent of the government.

It will enable the government to create incentives and implement initiatives to support the overall global target of greenhouse gas emissions reduction.

Once enacted, it will allow The Bahamas to establish a market to trade carbon credits among other things.