Speaking at the Clinton Global Initiative of former U S President Bill Clinton in New York in the margins of the General Assembly on Monday 18 September 2023, Prime Minister Philip Davis announced the launch of an innovative fund to raise 500 million dollars for The Bahamas. Mr. Davis said “With our strategic advisors, Resilience Capital Ventures, we will work with regional and global capital market leaders to underwrite and place an innovative financing facility with a target of $500 million US dollars.”
“Our priorities include climate-resilient infrastructure, our clean energy transition, coastal zone conservation, reducing biodiversity loss, regenerative agriculture, carbon sequestration, and participation in natural asset-backed carbon credit programmes.
“Blended finance is a smart way to close the climate financing gap at a time when solutions cannot be postponed.
“Let me tell you one reason why I’m optimistic. Instead of saying ‘small island nation, say large ocean state. Our country’s seagrass meadows, which cover an astonishing 92,000 square kilometres, appear to be absorbing equal to or more carbon than the Amazon Rainforest.
“We have been mapping our seagrasses with the help of not just scientists but tiger sharks, who are a critical part of our underwater surveying team, wearing cameras and sending back data points. It’s always good to have apex predators on your side.
“Whether you partner with us on funding and financing or by providing technical and advisory expertise”.
“There is indeed a path forward that will give my country many more tomorrows. We invite you to be part of it.”