Bahamas Prime Minister Philip Davis’ Remarks at the COP28 Green Climate Blue Co Launch

#TheBahamas, December 7, 2023 – We are here today because we are short on time and even shorter on the resources needed to empower every nation in the world to respond to an increasingly dire climate crisis.

We are approaching the tipping point from which there will be no return. At our current rate, the world will cross the 1.5 degrees Celsius threshold sometime within the next two decades.

The window of opportunity is closing.

But it is not closed yet.

And as long as there is even a small opening, just a sliver of time left for us to take action, there is still hope that we can save the world from the worst-case climate change scenarios.

I’ve travelled the globe representing Small Island Developing States like mine which have contributed the least to global carbon emissions but are already experiencing the worst effects of climate change.

Global inaction will soon threaten our continued existence as nations, but we will do everything within our power to avoid this outcome.

The Bahamas is here this week at COP 28 to invite the people of the world to partner with us and all vulnerable states to face this existential threat together.

As a region, the Caribbean has seen the results of our advocacy take shape in the form of the Loss and Damage fund to help us recover from the destruction already wrought on our nations. And we will continue to push for greater access to financing opportunities as we seek to protect our shorelines, build climate-resilient infrastructure, and invest in a renewable and sustainable future.

Through collaborative action, we will also create new industries and generate demand for novel solutions. Solving the world’s most pressing problems has always been good for business. We are entering an era of socially responsible investments, regenerative financing, and ESG finance. And the Caribbean is prepared to lead the way. In fact, if we want to continue to thrive as a region, we have no choice but to lead the way.

My country has been hit by four major hurricanes over the past few years. Over a third of our national debt is directly linked to the impact of storms, causing billions in damages that threaten the economic and fiscal health of our nation and people. With the situation projected to worsen at its current rate, we have gone all-in on making the necessary investments to solve our climate woes. Our future as a nation depends on it.

So, today, I applaud the Green Climate Fund for its efforts to support the developing world in creating climate-resilient pathways to a sustainable future. This is life-saving work.

With the approval of the application for preparation funds to finance the development of the Blue Co Caribbean Umbrella Coordination Programme, we fully expect to see new, effective solutions emerge for the people of the Caribbean.

The Blue Co  Caribbean project will provide the foundation for strategic investments at a scale not possible without embracing the spirit of cooperation and co-investment through this Caribbean-targeted, climate-focused investment opportunity.

Through this platform, Caribbean nations will be empowered to strengthen their blue economy frameworks and develop data-backed projects that can then be replicated and scaled across the region. My nation, as one of the world leaders in the research and development of blue carbon credits as a viable source of revenue generation, looks forward to the ways that Blue Co will strengthen The Bahamas’ mission to develop home-grown solutions that can fund a climate-resilient future for our people.

It turns out that saving the world isn’t just good for people, it’s also good for business.

Just yesterday, we were privileged to host a discussion on the Bahamas Sustainable Investment Programme, which will generate up to $500 million for climate-related investments. This is a testament to our commitment and resolve to generate our own innovative solutions to the climate crisis. And we are by no means standing alone.

Within the Caribbean, we have the passion, motivation, and expertise to drive the success of this initiative. There is no doubt in my mind that Blue Co can and will serve as a model for other regions to follow.

I invite all interested parties to reach out, get involved, and together we will save countless lives and livelihoods on our way to building a more resilient, renewable, and prosperous future for all nations.