SPA Jerome Fitzgerald’s Remarks at the The Bahamas’ Sustainable Investment Programme Launch at COP28

Environmental, Social Governance Initiative

Good afternoon; it is with great privilege that I recognize the Prime Minister of The Bahamas, the Honorable Philip Edward Davis, Minister of Energy and Transport, the Hon. Jobeth Coleby-Davis, CEO of Resilience Capital Ventures, Dr. Gillian Marcelle, distinguished colleagues and guests. It is an honor to commence this high-level private sector session on The Bahamas’ mobilization for effective climate action here at COP28 against the beautiful backdrop of Dubai, the United Arab Emirates.  

As a Small Island Development State (SIDS), comprising of over seven hundred islands, covering approximately 260,000 square kilometers of the Atlantic Ocean, the climate crisis poses a financial challenge for our nation. 

However, The Bahamas is constantly leading efforts at the forefront for innovative finance initiatives.  In our commitment to call for climate action and through a collective deliberate approach, the Government of The Bahamas launched The Bahamas Sustainable Investment Program (BSIP) at the Clinton Global Initiative in September 2023. 

The Bahamas Sustainable Investment Programme is an ambitious initiative, that will strategically mobilize high-quality investments that will meet Environmental, Social and Governance (ESG) indicators and serve as a demonstration of private sector actors and government working together for strong climate action. 

This innovative programme was craftily designed by Resilience Capital Ventures (RCV), in collaboration with our policy teams. BSIP has been positioned to encompass emerging initiatives and priorities for the Western Hemisphere as outlined in the Nassau Declaration and The Bahamas Declaration, which were recently adopted at the Organization of American States (OAS) Fourth Inter-American Meeting of Ministers and High-level Authorities on Sustainable Development, and the Climate Finance in the Americas Meeting –in October 2023. These declarations advanced climate action in the hemisphere and highlight The Bahamas’ ongoing efforts as a regional leader and representative of SIDS. 

BSIP, as an innovative financial programme consists, of three pillars: The Bahamas Sustainable Investment Strategy (BSIS), The Bahamas Sustainable Investment Facility (BSIF), and The Bahamas Sustainable Investment Infrastructure (BSII). These pillars formulate a national strategy for sustainable investment, prioritized investment projects; an investment facility with a target of USD 500 million and upgraded institutional infrastructure. 

As we approach critical climate milestones here at COP28, The Government of The Bahamas is signaling that partnerships are key – to address the climate crisis and advance sustainable development. We invite you to actively participate in this afternoon’s programme, and we remain ready to forge new partnerships and synergies for climate action – in our country and our region.

Now without delay, let’s get started with our Fireside Chat with Prime Minister Davis, Minister Coleby-Davis, and Dr. Gillian Marcelle – who will share more on our vision and your involvement as key actors in our country’s development.