FY2022 / 2023 BUDGET COMMUNICATION 15
Madam Speaker : The reality of the situation for The Bahamas is as follows :
» As a low-lying Small Island Development State , more than 70 percent of our land mass is highly vulnerable to the impact of a 2.5 degree increase in global temperatures via its resultant increase in sea levels ;
» We are in a region that is highly prone to climate disasters , such as hurricanes , which have increased in frequency and intensity in recent years ; and
» Given the small size of our nation , we are a minor player in the contribution to global CO2 emissions which result in increases in global temperatures .
It is for this reason that one of my first actions upon taking the helm of government was to address the General Assembly of the United Nations to reiterate our country ’ s position . I also issued a strong challenge to carbon-producing nations to honour their previous commitments to help us in this fight against climate change .
Two months later , I attended the World Leaders Summit at the United Nations Climate Change Conference ( or COP26 ) in Glasgow , Scotland .
Our advocacy in these arenas captured the attention of the world , and our voice , influence and negotiating strength has increased as a result .
In addition , we have created a specialized team in the Office of the Prime Minister dedicated to helping The Bahamas address the impacts of climate change at the national level .
Madam Speaker : As a result of these coordinated international activities , we have seen a massive global shift in the perception of The Bahamas in relation to climate change matters .
Along with this shift , have been tangible results such as : » an increase in support for The Bahamas to explore climate resilient efforts ; » greater access to research and other opportunities in this area ; and » greater access to funding to support building resilience in this area .
We have embraced these opportunities , Madam Speaker , and as a result , for the first time , The Bahamas is positioned to commercialize and earn financial benefits from our natural resources . I refer , of course , to our recent Climate Change and Carbon Market Initiatives Act , which will enable The Bahamas to earn revenues from our investments to preserve our marine habitats .
Madam Speaker : During our recent debate on this matter , we went to great lengths to outline the opportunities for the country to earn “ Carbon Credits ”.
What we have not stressed enough is the opportunities for education , training and development for both Bahamians and international students that accompany this .
Madam Speaker : However , as we expand our role and presence in the Blue Economy , there are increased areas for educational opportunities at the University of The Bahamas and international universities , to focus on marine and climate change courses .
Madam Speaker : The Bahamian public , investors and international agencies should know that our plans are part of a well-coordinated effort to ensure sustainability and consistency in our approach to adopting a climate resilient framework in The Bahamas .
In line with international best practice , my climate change advisory team in the Office of the Prime Minister has begun the process of creating a national strategy focused on incorporating best practice in Environmental , Social and Governance ( ESG ) in our long-term investment practices . This strategy will incorporate advice from local and international experts in the field . It will also ensure that The Bahamas is consistent in its application of the principles of climate adaptation and climate mitigation .
Madam Speaker : It has long been a major complaint of businesses that a key challenge to the Ease of Doing Business over the years has been the very high costs of electricity , the unreliable supply of electricity , and the limited inclusion of solar technologies in our energy mix , even despite our abundant potential for solar power and the tools at our disposal to solve this problem .
Members may well remember that on the 5th August , 2020 , the then Government executed an $ 80 million loan with the Inter-American Development Bank for the Reconstruction with Resilience in the Energy Sector in The Bahamas .
The objective of the loan was to support the Government with the rehabilitation of critical energy infrastructure and restoration of electricity service in islands heavily-affected by hurricane Dorian , while facilitating the integration of Renewable Energy ( RE ).
The specific objectives were to :
( i ) support the rehabilitation of the electricity transmission and distribution system and installation of new and resilient RE capacity in Abaco and East Grand Bahama ; ( ii ) promote the adoption of solar PV technologies in the Family Islands ; and
( iii ) contribute to the improvement of the regulatory framework for RE technologies and the mechanisms for its deployment .
Unfortunately , Madam Speaker , two years later , when my administration came to office , the project had shown very little progress .