Friends, for us, The Bahamas is home—and the only home we will ever know.
It is the cradle of our dreams, the keeper of our past, and the inheritance we are bound to preserve for those yet unborn. Yet even as we marvel at its beauty, our home faces a climate crisis that threatens our very existence.
Over the last two decades, the costs of our vulnerability have been staggering. From 2002 to 2022, climate-related disasters inflicted over $6.7 billion in damages—a sum greater than half of our GDP in 2015.
This is a tale of numbers, but it is also a tale of survival. For every dollar lost, a story unfolds: a family displaced, a fisherman’s boat destroyed, a child’s school reduced to ruins.
The pandemic compounded these trials, robbing us of an additional $9.5 billion between 2020 and 2023, losses so severe they rival the total economic output of our nation for an entire fiscal year.
How long can we stand on this cliff, absorbing the blows of nature’s wrath? How long can we pay the price for a crisis not of our making?
The toll is unsustainable—economically, socially, and morally.
Yet, even in this storm, we must remember: we are not victims. We are a resilient people, forged by history and fortified by hope. And so, we gather today not to lament, but to declare that we will not stand idle in the face of such overwhelming cost.
Friends, the challenges we face are vast, but so too is our capacity for ingenuity.
In the face of mounting economic costs and the unyielding advance of climate change, The Bahamas has chosen not the path of despair, but the path of innovation.
Today, we set forth on a bold new course—one that reimagines how nations like ours can finance resilience and conservation.
The Bahamas Debt Conversion Project for Marine Conservation is more than a financial transaction; it is a declaration of intent, a testament to what can be achieved when creativity meets determination.
With the support of the Inter-American Development Bank, The Nature Conservancy, Standard Chartered Bank, and a coalition of partners, we have crafted an initiative that transforms debt into opportunity, burden into benefit.
This project allows us to refinance $300 million in external debt, generating an estimated $124 million in savings over 15 years. These savings are not abstract figures; they represent real investments in the future of our people and our planet.
They will fund critical conservation efforts, strengthen the management of our marine protected areas, and safeguard the ecosystems that sustain us all.
And we are thinking beyond the immediate. A $20 million endowment, set to grow by 2039, ensures that this work will continue long after the debt conversion project concludes.
It is a commitment not just to today’s Bahamas, but to future generations who will inherit this nation and the responsibility to care for it.
This initiative also brings to bear a comprehensive financial framework, leveraging guarantees from the IDB, Builders Vision, and AXA XL to secure favourable terms.
It demonstrates that even a small nation can command the attention and partnership of the world’s most respected institutions when the vision is bold and the purpose is clear.
Through this innovation, we are rewriting the rules of engagement for climate resilience and conservation. The Bahamas is showing the world that we are not passive spectators to the forces of nature—we are active stewards of our destiny.
This is how we build resilience, not just in policy or infrastructure, but in the very fabric of our nation.
Today, we do not simply borrow against the future; we invest in it. For every dollar saved, for every reef protected, for every mangrove restored, we edge closer to the resilient Bahamas we envision.
Our Administration views this not just as financial mechanism; but as a lifeline, a strategy, and a promise fulfilled.
The significance of this moment extends far beyond financial innovation or international acclaim.
This announcement is not about abstract policies or distant goals—it is about what this means for Bahamians today and in the years to come.
At its heart, this initiative is about securing a future where Bahamians thrive in harmony with the environment that sustains us.
The $124 million in savings this project generates will fund efforts to protect our oceans, which are not merely geographic features but the lifeblood of our communities.
From coral reefs that shelter marine life to mangroves that shield our shores, these ecosystems are the unseen engines of our economy and guardians of our homes.
For the fishermen who rise before dawn, this project means sustainable waters teeming with life. For families living along our coasts, it means protection from storm surges and rising seas.
For our children, it means a chance to inherit a Bahamas where natural beauty is preserved, and economic opportunities abound.
The establishment of a $20 million endowment ensures that these efforts will endure beyond the project’s term, offering long-term stability for marine conservation and management.
This initiative also reflects a broader commitment to strengthening our nation. Through improved debt management and institutional frameworks, The Bahamas positions itself as a leader in resilience and sustainability.
These efforts are not only about protecting nature but about creating jobs, supporting local communities, and ensuring that our economy can weather future storms—both literal and metaphorical.
Above all, this project is a statement of our values. It affirms that Bahamians will not stand idly by as the challenges of climate change threaten our way of life. Instead, we will lead with vision, act with purpose, and ensure that every step we take today lays the foundation for a brighter tomorrow.
This is what this moment means for us. It is hope. It is action. And it is a future where The Bahamas thrives, not in spite of our challenges, but because we chose to rise above them.
Friends,
Standing still has never been an option for us. The Bahamas, though surrounded by the boundless ocean, has never been an island in spirit. Our history is one of connection—of seeking partnerships, forging alliances, and finding common ground with those who share in our struggles and aspirations.
Today, that spirit of connection takes on new urgency. The challenges before us—rising seas, intensifying storms, and economic upheavals—are greater than any one nation can bear alone. They demand boldness, not just in thought but in action, and they demand that we reach beyond our shores to find allies in this fight.
Our response to the mounting cost of climate change cannot be isolation or resignation. It must be innovation. It must be collaboration. The Bahamas has shown the world before that even a small nation can lead, and today we stand ready to lead again.
Through visionary partnerships with organizations like the Inter-American Development Bank, The Nature Conservancy, and global institutions, we are demonstrating what is possible when nations and partners act together. The project we unveil today is a testament to the power of shared resolve, to the belief that solutions to global problems are not found in silos but in solidarity.
Standing still is the luxury of those unscathed by climate’s wrath. But for us, every rising tide and every storm is a clarion call to act, to adapt, and to innovate. In forging these partnerships, we are not merely addressing the present crisis; we are building a foundation for resilience that will endure for generations.
Let the world take note: The Bahamas will not wait for rescue, nor will we falter in the face of these challenges. We are not alone in this fight, and together, we shall ensure that our islands, our people, and our legacy not only survive but thrive.
Thank You.