“Leading from the Frontlines: A New Blueprint for Climate Action”
Friends, colleagues, leaders from across sectors, welcome to the Concordia Annual Summit. We gather today at a time of unprecedented global challenges, but also at a time ripe with promise.
As we grapple with complex issues, from trade and technology to healthcare and sustainability, it is becoming increasingly clear that the old ways of thinking, the old ways of doing business, are no longer sufficient.
Yesterday, I had the honor of addressing Climate Week NYC, where I spoke about the urgent need for concrete action and increased ambition in the face of our accelerating climate crisis.
But as I stressed then, words alone are not enough. We need tangible solutions, bold investments, and the courage to break free from the outdated systems and practices that are holding us back.
Imagine a world where innovation is sparked not just by profit, but by a shared purpose: to build a thriving future for all. Picture factories humming, not with all the gears of pollution, but with the clean energy technologies of tomorrow.
Imagine a global economy where the true value of nature’s bounty is understood and protected, where communities prosper through sustainable practices, and where the success of one nation is intertwined with the well-being of all. This is the legacy we must strive to leave behind, not one of exploitation and depletion, but one of restoration and renewal.
We need a steadfast commitment to collaboration if we are to forge justice, equity, and sustainability for all. I understand the concerns about the costs of climate action, the fear that it will disrupt economies and livelihoods. But the reality is that the cost of inaction is far greater. The devastating impacts of climate change are already being felt throughout countries everywhere.
Small Island Developing States, like The Bahamas, face the brunt of this crisis, despite contributing the least to its cause.
We as leaders must acknowledge that this is not a burden to be shared, but an opportunity to be seized. To build more resilient infrastructure, to create cleaner and more efficient energy systems, and to foster innovation that drives economic growth.
In The Bahamas, we are not sitting back and waiting. We are charting our own course, leading from the frontlines of climate change with a blueprint for a more sustainable future.
In The Bahamas, we have embarked on a “New Energy Era,” which focuses on energy efficiency upgrades, utility-scale solar power in our nation’s capital, new hybrid grids in our family of islands and rural communities, and deployment of modern technology.
This transition is not simply about reducing our carbon footprint. It is about creating greater job security through green jobs, enhancing skills for Bahamian workers, developing cleaner energy, reliable and resilient electricity supply, and lowering energy bills.
The Implementation of the “New Energy Era” is being facilitated via blended finance, public-private partnerships, changes to legislative and regulatory regimes, and increased accountability and oversight.
However, The Bahamas still must compete with an international order that doesn’t view the economies of scale of small island states as “worth the cost”. Our small country must compete in procurement for solar panels, batteries, and other key materials against cities and countries whose economies are much larger than ours.
Despite all this, we Bahamians remain innovators. Our country is advancing efforts to pilot ocean thermal energy conversion (OTEC) across 9 islands in The Bahamas, to support the provision of clean and affordable energy, drinking water, and cooling – a triple win for our people and our planet. We recognize the immense potential of our oceans, not just as a source of livelihood, but as a source of innovative climate solutions.
Increasing temperatures are resulting in drought conditions across several islands and increasing sea levels and floods from monster storms have contaminated freshwater lenses.
However, despite being celebrated for blending finances, dedicating human resources, and forging partnerships to advance the pilot, The Bahamas has been frozen out from much-needed technology transfer due to not being eligible for overseas development assistance.
The Paris Agreement calls for enhanced technology transfer and to advance investments in innovation. OTEC has mitigation, adaptation, and sustainable development co-benefits, but why are barriers still put in place, to hinder its realization in The Bahamas?
And yet we continue to persevere. We are fiercely protecting our natural resources, recognizing their intrinsic value in mitigating climate change.
The Bahamas has been documented as having one of the largest seagrass meadows on Earth, with significant greenhouse gas sequestering capabilities. We continue to advance a blue carbon methodology to protect and enhance this precious resource for humanity and our people.
The potential of our seagrass meadows to generate carbon credits represents a new frontier in our fight against climate change and source of revenue to support our sustainable development goals.
In 2023, the volume of credits traded on the voluntary carbon market was less than half that in 2022; and the market’s value shrank from $1.9 billion to $723 million. While the global carbon market is currently experiencing a period of adjustment, with a decline in trading volume and value, this presents a strategic opportunity for The Bahamas.
Our focus remains on meeting the highest standards of verification and integrity within this space, positioning ourselves as the leader in this emerging market. As governments around the world, including in the United States, implement stricter emissions regulations and companies face increasing pressure to meet their climate targets, the demand for high-quality carbon credits will undoubtedly grow.
The Bahamas is committed to seizing this opportunity, ensuring that our natural resources are not just protected, but also leveraged to drive sustainable economic growth and contribute to a global solution.
We are also developing a coral gene bank to protect vital biodiversity and ecosystems that are important for protecting our planet and improving coastal resilience.
And we want to do more, but we need good faith partnerships. Despite our negligible carbon footprint, The Bahamas has committed to the implementation of 41 mitigation actions and even more adaptation actions in our Nationally Determined Contributions. These are areas for partnerships and investments.
You can see that we are moving ahead with specific actions to mitigate the crisis we have not caused. But our efforts are not limited to our own shores. The Bahamas is committed to being a leader in climate action, working with international partners to advance innovative financing mechanisms, facilitate technology transfer, and advocate for the needs of vulnerable nations on the international stage.
We remain committed to multilateralism, and global partnerships. We recently convened nations of the Western Hemisphere through the Organization of American States, resulting in the Declaration of The Bahamas on Climate Finance in the Americas and the Declaration of Nassau for Sustainable Development in the Americas. These are not just symbolic gestures. These are tangible steps, demonstrating that even the smallest nations can drive meaningful change.
Let us be clear-eyed about the path ahead. Investing in climate resilience, particularly in nations like mine which are most vulnerable to the crisis, is not just about altruism; it’s about enlightened self-interest. It is a strategic imperative for every nation on this planet.
As climate impacts intensify, the costs of inaction will escalate dramatically, leading to increased displacement, resource scarcity, and instability. The influx of climate refugees will not be confined to coastal nations; it will be a global crisis, impacting economies, straining resources, and testing social cohesion in every corner of the world. Funding climate adaptation requires a clear understanding of this, our interconnected destiny.
By investing in climate adaptation and mitigation measures today, we can avert these crises and create a more secure and prosperous society for all. It demands a coordinated approach, where public development finance from governments and multilateral institutions align with private sector investment to unlock trillions needed to drive real change.
And for nations like The Bahamas, burdened by a crushing debt largely attributable to climate-related disasters, debt relief and restructuring are not just acts of solidarity; they are pragmatic necessities, enabling us to invest in resilience for our people and contribute meaningfully to climate solutions. Let us remember that the storms, not political choices, are driving this fiscal reality and it is in all of our interests to address it head-on.
Corporations that take this threat seriously and pursue real mitigation strategies and investment must be rewarded. It’s time to recognize climate leadership as a mark of true corporate success. We should reward those who are not just talking about sustainability, but actively integrating it into the core of their business models.
We must acknowledge that public capital alone cannot finance the transition to climate resilience. De-risking low-carbon is essential to unlock the trillions in private capital needed to scale up innovation and make projects that are currently considered “unbankable” more attractive to investors.
The solutions we in The Bahamas are pioneering, the partnerships we are forging, hold lessons for every nation, every industry represented here at this summit. Because the truth is, climate change is not a distant threat; it is a present reality with the power to impact every aspect of our interconnected world. Look at the agenda before us.
Can we honestly discuss “Empowering Global Trade” without addressing the vulnerability of supply chains to climate-related disruptions? We must ensure that trade, a powerful engine for development, is also a force for sustainability, promoting climate-resilient infrastructure and supporting nations most vulnerable to climate impacts.
Can we truly strive for “Livable Cities” without acknowledging the disproportionate burden of rising sea levels, extreme heat, and climate migration on urban populations, particularly in coastal areas? We need cities designed with resilience in mind, powered by renewable energy, and equipped to withstand the shocks of a changing climate.
Can we credibly talk about “Strengthening Global Health Systems” while ignoring the escalating health impacts of climate change? From respiratory illnesses exacerbated by air pollution to waterborne diseases spread by flooding, climate change is a growing threat to global health, demanding innovative solutions and increased investment in climate-resilient healthcare infrastructure.
And can we authentically champion “Technological Transformation for Sustainable Growth” without making climate action a core tenet of that transformation? We need technology that not only drives economic development, but also reduces emissions, enhances resilience, and empowers communities affected by climate change.
The challenges are significant, yes. But so too are the opportunities.
I believe that within the challenges we face lies the potential for transformative change. This summit, with its diverse expertise and global reach, has a unique role to play in turning this potential into reality.
Therefore, I challenge you, the leaders gathered here today, to embrace climate action not as an obstacle, but as an opportunity.
- To the captains of industry: Let us move beyond pledges and invest in real, tangible solutions. Direct your capital towards renewable energy, sustainable infrastructure, and climate-resilient technologies. Support the innovators in climate-vulnerable countries. Partner with us to scale up the solutions that are already working.
- To the policymakers: Let us enact bold, transformative policies that accelerate the transition to a low-carbon, climate-resilient future. End fossil fuel subsidies. Implement carbon pricing mechanisms. Invest in nature-based solutions. And ensure that climate action is integrated into every aspect of policymaking.
- To the innovators, the disruptors, the changemakers: Let us place climate action at the heart of our technological advancements. Develop affordable, scalable solutions that can be deployed in our vulnerable communities. Foster knowledge sharing and capacity building. The world is watching. And the time for action is now. Let us seize this opportunity, not with apprehension, but with a renewed sense of purpose, a shared commitment to collaboration, and unflappable determination to construct a brighter, more sustainable future for all.
Let the legacy of this summit be not one of words, but of deeds; not of pledges, but of partnerships; not of business as usual, but of the bold, transformative action that this moment demands.
The Bahamas is ready. We are leading the way. Let us, together, chart a new course for humanity, one that ensures a healthy planet, and an existence where all can thrive.