The Tribune

The Bahamas Protected Areas Fund (BPAF) yesterday said it has been rated as the only locally-based body able to support projects backed by the world’s largest climate fund.

BPAF, in a statement, hailed its assessment and endorsement by the Green Climate Fund (GCF) as being able to back delivery of the latter’s initiatives as “another major international milestone”.

It added that the recognition follows BPAF’s successful completion of the GCF’s financial management capacity assessment (FMCA), which involved a rigorous review of its financial systems and capacity to administer resources responsibly.

As a result, BPAF said it is now eligible to receive, manage, implement and report on GCF Readiness grants. It added that this also creates a stronger pathway for climate finance resources to be managed within The Bahamas, while building lasting local expertise and institutional capacity.

Karen Panton, BPAF’s executive director, said: “This recognition, which comes after a year of strategic planning and capacity building, is an important milestone for BPAF and for The Bahamas.

“It affirms the strength of our financial architecture, Board governance and our ability to serve as a trusted national partner in advancing climate action. More importantly, it opens new opportunities to connect international climate finance with the needs and priorities of Bahamian communities”.

BPAF described the GCF as the world’s largest dedicated climate fund, which supports developing countries such as The Bahamas in pursuing low-emission, climate-resilient development. Its Readiness and Preparatory Support Programme helps countries strengthen the institutions, governance systems and technical capacity required to plan for, access and effectively manage climate finance.

BPAF added that the endorsement strengthens the Fund’s standing as a financial manager in climate and conservation finance, and its status as a trusted intermediary for the Government. It can also hold itself out as a credible partner for donors seeking to work through a Bahamian organisation, as its financial systems have been assessed by the GCF.

The endorsement also allows more of the knowledge, systems and experience associated with international climate finance to be developed and retained within The Bahamas. BPAF said this is particularly important for this nation, as climate change threatens coastal communities, freshwater resources, livelihoods and critical ecosystems.

BPAF, which was established and given legal footing by an Act of Parliament in 2014, said it successfully secured funding from the German Federal Ministry for Economic Co-operation and Development, via the German Development Bank, and administered by the Caribbean Biodiversity Fund for critical assessments and recovery, in the wake of Hurricane Dorian.

The funding, totalling $1.4m, supported initiatives on Grand Bahama and Abaco, including mangrove assessments and recovery, marine mammal research, marine protected area (MPA) management and enforcement, and the strengthening of forests through groundwater restoration.

BPAF then signed a conservation agreement with the Bahamian government and The Nature Conservancy in 2024 to receive and manage conservation funding of $124m over 15 years.

Rochelle Newbold, director of the Climate Change and Environmental Advisory Unit at the Office of the Prime Minister, said: “The Bahamas having passed the age of 50 as an independent country continues to exhibit global leadership and a clear ability to govern its own resources.

“We are all very proud that BPAF has achieved this honour, and has been internationally recognised as having the ability to do so. It is indeed a great achievement for the country as we no longer need another country or a foreign entity to act as proxy for The Bahamas in its management of international environmental funds.”

The GCF’s endorsement of BPAF helps lay the foundation for a more nationally-driven approach to climate action where Bahamian institutions are not only beneficiaries of international support but are also equipped to create, manage and account for climate finance initiatives.

To-date, BPAF has issued more than $3.9m in grant funds to government departments and local non-profits.