Total Co-Authors: 1Impact Entrepreneur Magazine
December 3, 2023
FOR IMMEDIATE RELEASE
The Bahamas Prime Minister Unveils Innovative Climate Financing Plan at Clinton Global Initiative 2023
New York, New York – September 18, 2023. – The Honorable Philip Davis, Prime Minister of The Bahamas, announced an ambitious three-year economic and investment program aligned to the country’s Paris Agreement pledges and the United Nations Sustainable Development Goals. The announcement was made at the Clinton Global Initiative (CGI) September meeting in New York City, in accordance with the Clinton Foundation’s Commitment to Action (CTA) model.
“Island nations are on the forefront of climate change. They are facing some of the most dire consequences of rising oceans and natural disasters, but also on the cutting edge of innovative solutions in renewable energy, nature-based approaches, and resilience efforts. We are grateful for the leadership of PM Davis and The Bahamas for this commitment, charting a course on sustainability and resilience,” said Greg Milne, CEO of the Clinton Global Initiative.
The Bahamas Sustainable Investment Program (BSIP) will accelerate investment in climate resilience and equitable sustainable development by developing a national strategy; creating a blended-finance facility to raise USD 500M for placement in capital markets; and upgrading the domestic investment and financial ecosystem. The targeted partners for the facility range from institutional investors to non-traditional sources of finance including the Caribbean diaspora, credit unions and regional financial firms. It is intended to close the gap The Bahamas faces in financing climate initiatives, especially for adaptation, resilience, and disaster preparedness and management.
The BSIP will meet these urgent needs by identifying and packaging investment ready projects and financing facilities that match capital market requirements. Priorities include clean energy, coastal zone management, reducing biodiversity loss, regenerative agriculture, carbon sequestration and participating in natural asset backed carbon credit programs.
Together with a global philanthropic partner – the Open Society Foundations (OSF) – and the contribution of the government of The Bahamas, 39% of the USD 15M needed to fund the initiative has been secured. The CTA enables investors and funders to provide the remaining nine million dollars. OSF Director for Climate Justice Yamide Dagnet, said, “As a champion of justice, equity and human rights, OSF is entering the global climate space as partner to vulnerable countries and communities, by investing in areas that cuts to the heart of climate justice, like adaptation and loss and damage. Through this demonstration project in the Bahamas, we seek to pilot and leverage the agency and dynamism of capital market and then work on the replicability in service of human resilience, wellbeing and justice.”
The Bahamas comprises an archipelago of 700 islands and its unique topography and biodiversity sought after by marine science, conservation, and carbon sequestration researchers, makes it an ideal site for reimagining sustainable development financing.
“I am extremely excited to learn that the Clinton Global Initiative will include representatives from the Caribbean during this international event. As the CEO of a non-profit, Black in Marine Science (BIMS), that is dedicated to marine ecosystems, biodiversity, and ocean justice, I am fully aware of the significance of how communities impact the environment. With over 700 islands, the Bahamas provides an ideal location for conducting scientific research and fostering innovation related to sustainable development. It is great news that the BSIP program will involve local experts and community members, ensuring that the people of The Bahamas benefit from this initiative,” said Dr. Tiara Moore, founder and CEO of Black in Marine Science.
At the New York event, PM Davis appealed to strategic partners who might provide financial and non-financial forms of capital – grants, knowledge and active engagement in stakeholders’ consultation processes. The BSIP and the capital raising campaign are designed and executed by Resilience Capital Ventures as part of its advisory mandate.
“My government and the people of The Bahamas welcome the partnership with the Clinton Global Initiative on this Commitment to Action, and we’re honored to be part of your extraordinary community of change-makers,” PM Davis said. “Whether you partner with us on funding and financing or by providing technical and advisory expertise, the door is open for collaboration. There is indeed a path forward that will give my country many more tomorrows.”
For further press enquiries, contact: Resilience Capital Ventures Dr. Gillian Marcelle CEO Resilience Capital Ventures LLC https://www.linkedin.com/in/gillianmarcelle/
Resilience Capital Ventures LLC (RCV) is a boutique capital advisory firm specializing in blended finance, headquartered in Washington DC. The firm has a mandate to advise the government of The Bahamas on sustainable investment. RCV leverages its extensive network to provide financial advisory services and capital to Sovereigns, Funds, startups, and growth companies, as well as social enterprises. The firm has a proven track record in attracting investment to underserved markets (sectors of specialization: telecoms, clean and renewable energy, regenerative agriculture, fintech and nature-based financing). Its services often involve designing architectures and facilitating partnerships that help clients build and scale, creating positive impact that improves our world. https://www.resiliencecapitalventures.com
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