Madam Speaker:
This administration has pursued a comprehensive agenda to adapt to climate change in ways that enhance our resilience, expand opportunities for Bahamians, and preserve our natural environment.
This strategy is built on key initiatives like energy reform, including the adoption of cleaner fuel sources, like LNG, and the widespread rollout of utility-scale solar power.
Our goal is to reduce greenhouse gas emissions by 30% and achieve 30% renewable energy by 2030.
Achieving these goals requires immense investments by the government, but it also depends on the efforts of the private sector and the general public.
There is no way that we meet our goals without full buy-in from the public.
So, our objective must be to make reducing emissions as easy and cost-effective as possible.
Ideally, it must be easier to embrace more climate-friendly technologies and practices than to persist with outdated practices that do more damage to our environment.
An effective incentive regime has an important role to play in encouraging the public to take action.
However, the biggest incentive of all, as citizens of one of the most climate-vulnerable nations in the world, is the projected destructive impact of climate change on our nation in coming decades if global carbon emissions are not radically reduced.
It is in the best interest of all Bahamians to do their part to fight climate change, and the regulations we are tabling today helps them to do that.
In 2022, the Climate Change and Carbon Market Initiatives Act was passed, enabling the Government to create incentives and implement initiatives to support the country’s declared emission reduction goals.
With the passage of this Act, we took a bold step forward to support climate resilience and innovation at a national and international level.
While it is noted that the contributions of small island nations, like The Bahamas, to the climate crisis are negligible, if our intention is to play a leading role in global discussions and reforms on climate action, we must practice what we preach.
Now, I know that when people hear about the adoption of new climate-friendly technologies, the first thing that comes to mind is the immediate financial cost.
But it is often far more costly in the long run to use antiquated, inefficient technology than to embrace climate-friendly adaptations.
A simple, everyday example can be seen in the use of energy-efficient LED light bulbs, which have already been proven to be far more cost-effective than the continued use of old-school incandescent bulbs. Yet, many people continue to use the older bulbs because of what they perceive as an inconvenience and cost associated with changing over to LEDs.
This simple example serves as an analogy for a wider issue that we must overcome as a nation.
There are many similar scenarios in which it is simply financially prudent to embrace emerging technologies.
However, we understand that the initial cost of these changes can be a deterrent for some individuals and companies.
So today, I am pleased to table the Emissions Reduction Initiatives and Incentives Regulations, which will be the first Regulations to be enacted under the Climate Change and Carbon Market Initiatives Act.
Madam Speaker, these Regulations focus on three main objectives:
- The first objective is the implementation of Emission Reduction Initiatives and Incentives.
A person or entity may participate in a Government-led emissions reduction initiative through an application process. The entity or individual submits an application to the National Emissions Registry.
The application will capture information on the proposed project and its alignment with the Government’s targeted emission reduction initiative. Both individuals and entities will be considered eligible for an incentive to implement the proposed project.
Alternatively, if an individual or entity wishes to propose an emission reduction initiative to the Government for its consideration of an incentive, this can also be done through an application process to the National Emissions Registry.
Madam Speaker:
I want to clearly state that it is intended that the benefits of these emission reduction initiatives and incentives will allow for cost savings on utilities through the use of energy saving and innovative technologies.
- The second objective of these regulations focuses on the reporting of emission-related data and issuance of emission allocations.
Madam Speaker:
These Regulations will ultimately allow the country to determine whether it is meeting its emission reduction goals. The Bahamas has declared in its Nationally Determined Contributions to the United Nations Framework Convention on Climate Change that it will reduce its emissions by 30% by the year 2030. We cannot achieve this, without tracking and recording the relevant data. If we wish to provide evidence of our progress, it can only be done through the collection and reporting of data.
Moving forward, sectors identified in The Bahamas’ Nationally Determined Contributions as key stakeholders for the achievement of our emission reduction goal will be required to partner with the Government through the provision of relevant emissions data. Through this partnership, key stakeholders will be considered eligible for emission reduction incentives.
In keeping with our goal for energy reform, the Regulations will allow for the issuance of emission allocation permits.
Emission allocations ultimately allow for the permit holder to emit a defined quantity of pollution. If it is determined that an entity is a continuous high emitter, it will be noted that emission allocations may be issued after an assessment of the submitted emissions data.
This partnership has been developed with care over the past three years with experts and stakeholders throughout our nation.
Through our stakeholder consultation processes, key stakeholders have already been made aware of this proposed partnership and have largely bought into what we are trying to achieve.
Madam Speaker:
- The third objective of these new regulations highlights the publication of information.
As the Government intends to record and track relevant emissions data which will be maintained in the National Emissions Registry, we also wish to ensure that the public is made aware of national progress to reduce emissions. To this end, data and information will be compiled and shared with the intent to illustrate progress toward our goals.
By supporting a robust incentives regime, promoting data-driven analysis and measurement, and reporting publicly on progress, these regulations will help Bahamians to see the results of our efforts – both in terms of progress toward reducing emissions, as well as the reduction of costs.
Ultimately, our goal is to deliver a climate friendly, renewable future for the Bahamian people with cleaner energy, innovative technologies, and more affordable costs.
We are well on our way to achieving these objectives: electricity bills are going down and solar power is going up.
With the regulations we have tabled today, we are set to drive even more meaningful progress toward our goals.