The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

THE eyes of the world are on The Bahamas when it comes to investment and conservation, a conference in Grand Bahama heard this week.

The three-day Forum For Impact (FFI) Americas opened on Wednesday at the Pelican Bay Resort, with about 60 to 80 investors from the US, Canada, Europe and Latin America attending. The theme is “The Convergence of Resilience, Conservation and Investment”.

FFI co-founder Michael Meehan said the contributions of The Bahamas, especially Grand Bahama, are significant around the world. He said: “It is really an interesting time for The Bahamas because everybody is watching what is happening here.”

He said: “We chose to come to Grand Bahama … because of the potential for investment in the region, especially around resiliency. It is an economy that is bouncing back and the whole world is watching The Bahamas in general, but especially this region around the blue economy.”

Mr Meehan believes a major advantage that Grand Bahama has surrounds blue carbon – the carbon captured by the world’s oceans and coastal ecosystems, including mangroves and seagrasses.

He said: “You got most of the pieces in place to be able to create some really amazing projects, with enough transparency that institutional investors can really participate. And that is not the case in a lot of economies around the world.”

The forum’s first discussions looked at rebuilding Grand Bahama “through the lens of conservation, resilience and investment”, featuring Minister for Grand Bahama Ginger Moxey and Rupert Hayward, a director at the GB Port Authority and a founder of Blue Action Lab.

 Ms Moxey noted in her welcome address that hurricanes in recent years have reminded Bahamians of the fragility of the environment, the importance of conservation and resilience, and the need to embrace investment and innovation.

 Forums such as this one, she said, provide the government and stakeholders an opportunity to share ideas, learn from one another, and chart the way forward.

 “We are at a crossroads where the choices we make will determine the future of our island and our people,” she said.

 Mr Hayward is pleased that Grand Bahama is at the centre of the conversation in this year’s FFI.

 “For an island nation that is definitely suffering after climate change and big storms, to come up with solutions, and have those solutions driven and embedded and grown here in GB, and the rest of The Bahamas, is huge for us,” he said.

 Mr Hayward stressed that strengthening the partnership between the government and the GBPA is very critical.

 “It is incumbent on government and the GBPA, as leaders in the community, both national and local, to come together to create the solutions and a framework and the future that Grand Bahamians deserve,” he said.

 Yesterday, Economic Affairs Minister Michael Halkitis led discussion on “Building resilience to promote sustainable economic growth: the confluence of policy, innovation, and investment in impact”.

 He told the investors that the country is moving in the right direction, saying: “The economy is moving; tourism is doing well throughout the country; investments are looking strong; and the government’s fiscal targets in terms of its budget are looking better.”

 Mr Halkitis said that through increased revenue, debt to GDP is also coming down.

 He commended FFI and impact investors for coming again to The Bahamas and holding its conference this time in Grand Bahama.

 When asked about the Bahamas’ plans in terms of blue carbon, the minister indicated it is an exciting area that the country is exploring.

 He said The Bahamas is in the process of mapping out and verifying 30 blocks of sea meadows, which are each about 5,000sq km.

 Three blocks of it have already been mapped out and are in the process of verification.

 “We are about 15 to 24 months away from completing that process and we will be able to market; we have gotten some preliminary interests,” he said.

 The minister said two groups are involved in the verification process, Verified Carbon Standard, and Hexagon, which recently received the Geospatial World Leadership Award with its partner Beneath The Waves for advancing sustainability with the Blue Carbon initiative in The Bahamas.

 He said the country has put in legislation for the trading of carbon credits and legislation for the management.

 “So, it is an exciting area and we want to be among the first countries to take advantage of it. It will take some time, but we are committed to it,” he said.

 On Friday, Ann Marie Davis, wife of Prime Minister Philip “Brave” Davis, will deliver an address following the planting of breadfruit trees.