Davis hopeful carbon credits are trading at 4x the unsolicited offer

Prime Minister Philip Davis has unilaterally raised $400 million from the original $350 million he earned when the government announced it would undertake the business this year by putting Bahamas’ blue carbon assets on the voluntary market. I’m hoping to get more than four times the return on offer.

The Davis administration passed the 2022 Carbon Trading Bill in July, before listing the world’s first blue carbon credits on the carbon market in December.

The country’s carbon assets are now in front of the multinational environmental validation group VERA (Validation of Environmental Technologies for Agricultural Production), which Davis said is the final step before credits can be priced and issued. Stated.

“Let me put it this way: As word spread that we were seeking to monetize carbon credits, we received unsolicited purchase offers in the $350 million to $400 million range. So what I’ve been through is probably four times that, and that’s just one side of it,” Davis said yesterday in an interview with Bloomberg News in New York. Shared with local media.

The government has commissioned Carbon Management Ltd., a private company based in the Bahamas, to manage the sale of carbon credits on the secondary market. Government gets 85% of potential revenue.

The prime minister said yesterday that this is just one of the approaches his administration is taking to meet its funding needs as it refrains from short-term international borrowing.

“We are acutely aware of our debt situation and I think we are managing it well. And I look at it in two ways. If the international community can come together and say that we must take responsibility for what is happening in these countries, we will deal with it. , is the result of years of accumulated loss and damage, given that they look at it and how they can help with debt forgiveness or subsidies.

“I myself am not waiting for the international community. I am looking at ways and means to see how I can save myself. There are 100,000 square miles, so why not identify and trade carbon assets?”

Since taking office, Davis has rallied behind the message that the Bahamas and other Small Island Developing States (SIDS) are suffering the most because of climate change, largely perpetuated in part by large industrialized nations. I’ve been He has said many times that it is time to pay for the damage they have caused to the global environment. It has resulted in more powerful natural disasters that disproportionately affect SIDS.

In recent months, global regulators have said that while SIDS emit significantly less greenhouse gases, they must also contribute to reducing carbon emissions.

“The conventional wisdom is that solar power is the cheapest way to produce energy today. Cost and value have dropped by almost 90% since 2009. I want to make it happen. doesn’t have the resources to do that, and when we talk about this alternative financing, it’s still a liability. Do we need to rethink in the context of the country?We need to move to alternative energy and I want to, but the hurricane just passed Mayaguana, one of my islands. , another island is shelling into the Bahamas,” Davis said.

“So I moved to install solar panels and we were hit by a hurricane – and not if we were hit – to recover and get people’s lives back to normal. I have to be prepared to respond It will cost me So I have to make those choices Tomorrow I want to install solar panels We need to add more debt to our debt problem, and we must continue to understand our country’s economic prospects.”

He continued, “It may look like debt forgiveness. Or we have to find a way to hold these developed countries accountable for what we had. The imperative is that most people today are talking about mitigation and adaptation, and loss and damage are not yet on the agenda. When we talk about adaptation, we are talking about building resilience and being able to adapt, but we have to be aware that there is still a lot of carbon in the air. Reducing emissions is not enough, there is still a lot of carbon in the air that needs to be sucked out.” Davis hopeful carbon credits are trading at 4x the unsolicited offer

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