The Tribune

By FAY SIMMONS

Tribune Business Reporter

jsimmons@tribunemedia.net

The Bahamas National Trust (BNT) says the proceeds generated by the Government’s $300m debt-for-nature refinancing will help it and others to better manage the 6.8m-hectare Marine Protected Areas (MPAs).

The environmental group, in a statement, said it will be working alongside the Government to monitor MPAs and create a National Mangrove Management Plan to enhance protection of vulnerable areas using some of the $124m savings generated by the transaction.

“The Bahamas National Trust (BNT), along with other partners in conservation, natural resource management and finance, is supporting The Government of The Bahamas with the official launch of ‘The Bahamas debt conversion project for marine conservation’ - an historic initiative that will allow the country to refinance commercial debt while receiving financing to support marine conservation,” said the BNT.

“As the local conservation organisation responsible for managing The Bahamas’ national parks and protecting critical terrestrial and marine ecosystems, the BNT’s role will be collaborating with the Bahamian government and local communities to strengthen stewardship of the country’s recently-expanded Marine Protected Areas (MPAs); contribute to the creation of a National Mangrove Management Plan designed to enhance protection, management and restoration of these essential habitats that support climate resiliency; and develop and implement a marine spatial plan to address increasing demands for use of The Bahamas’ ocean and improve management of the country’s marine areas.”

The debt conversion project is expected to save an estimated $124m over the next 15 years to improve ocean conservation efforts. Supported by the Inter-American Development Bank (IDB), The Nature Conservancy (TNC)’s nature bonds programme and other partners, it allowed the Government to buy back $300m in external debt via a new loan from Standard Chartered Bank.

The Bahamas Protected Areas Fund (BPAF) will manage the conservation funding generated by the deal and an endowment, expected to grow to $20m by 2039, will continue funding marine conservation beyond the project’s 15-year term.

Lakeshia Anderson-Rolle, BNT executive director, said the funds will allow the BNT to increase its conservation efforts and enhance infrastructure in national parks.

“Achieving lasting conservation requires bold and sustainable solutions, and funding remains one of our greatest challenges in managing protected areas. The resources from this project will empower us to scale our conservation efforts, build a team capable of managing our growing national park system, and enhance critical infrastructure across our national parks,” said Mrs Anderson-Rolle.

“This initiative is a transformative step toward safeguarding The Bahamas’ natural legacy, ensuring that our unique ecosystems, biodiversity and local communities thrive for generations.”

As the largest marine conservation funding programme in the country’s history, The Bahamas debt conversion project for marine conservation will bolster the management of The Bahamas’ extensive marine protected areas, which already encompass more than 17 percent of its nearshore environment—an indication of the nation’s longstanding commitment to marine conservation, as one of the largest marine protected area systems in the Caribbean.

Rochelle Newbold, the prime minister’s special advisor on climate change, said the initiative will boost the economy and contribute to global ocean protection goals.

“Since 1958 The Bahamas has led in ocean conservation, specifically with the establishment of the Exuma Cays Land and Sea Park (ECLSP). Now our nation takes another ambitious step with an economic programme that promotes ocean conservation and benefits local communities,” said Ms Newbold.

“By strengthening the protection and management programmes of the marine protected area system, we will safeguard livelihoods, boost the economy and contribute to global ocean protection goals.”

Glenn Bannister, chairman of the Bahamas Protected Areas Fund, said the investments in conservation and climate resilience will benefit The Bahamas and its neighbours, and applauded the role international partners played in constructing the agreement.

“Investments in conservation and climate resilience across The Bahamas yield considerable benefits across our islands and for our neighbours,” said Mr Bannister.

“Growing threats to our natural environment, including over-exploitation, climate change and increasingly limited funding, are impacting the sustainable management of our resources and have placed critical ecosystems and ecosystem services at risk.

“BPAF applauds the Government of The Bahamas, Inter-American Development Bank and The Nature Conservancy for structuring The Bahamas’ first debt conversion designed to generate sustainable revenues to protect our most important marine ecosystems and support Bahamian livelihoods. We are pleased to be a part of this very innovative solution.”