The Bahamas government has tabled legislation that will allow for the establishment of a carbon credit payment system for the country.
Prime Minister Philip “Brave” Davis has tabled the Climate Change and Carbon Market Incentives Bill that seeks to give effect to the Paris Agreement to aid in the global response to the threat of climate change and to create and implement initiatives to offset carbon emissions.
Through this framework, the government will be able to create incentives and implement initiatives to support the overall global target of greenhouse gas emissions reduction consistent with its nationally determined contributions; to ensure compliance by Nassau of its obligations under the Paris Agreement.
The legislation will take into consideration the common but differentiated responsibilities, respective capabilities and flexibility provisions acknowledged under the United Nations Framework Convention on Climate Change for small island developing states to address climate change; and to enable the establishment of a market in The Bahamas to trade in carbon credits.
The Bill will also create shared ministerial responsibility between the prime minister/minister of finance and the minister responsible for the environment and natural resources; the appointment of a management company, and the appointment and functions of an advisory council, which will have responsibility for serving as a technical advisory body to a management company.
Attorney General Ryan Pinder said interest has already been shown in acquiring carbon credits.
“We don’t have the regime in place nor are we confident that we have done what we have to do to ensure The Bahamas maximizes its position so people will come out the blue all the time, ‘I want to buy your carbon, I’ll buy all the carbon credits you can create and this is the price.
“Well, you know, the fact of the matter is our responsibility is to maximize the benefits for Bahamians, not jump on the first opportunity and so that is the policy decision we have made, anybody who approaches we will just put them in a databank, in the future when we are ready to monetize.”
Meanwhile, special advisor in the Office of the Prime Minister on climate and environmental matters, Rochelle Newbold, said a carbon credits system would help the planet and that the project will be based on science and will not amount to “greenwashing” or providing an escape clause for people to continue emitting greenhouse gases.
“When you have industries that are having to make decisions about becoming carbon neutral by 2050 but the technology isn’t there or readily available (for) them etc (to) make that change immediately, they need to be able to look at ways that will enable them to incrementally meet that 2050 deadline.”
CMC
