The Commonwealth of The Bahamas is developing a National Emissions and Bio Asset Registry, joining a cohort of nations such as Singapore, Ghana, Jordan, Chile, and Vanuatu in enhancing their carbon markets.
This initiative aligns with their Nationally Determined Contributions (NDCs) under the Paris Climate Agreement.
Recognizing the urgent need to address the severe impacts of climate change, particularly after experiencing devastating weather events, The Bahamas is embarking on this path to bolster confidence and growth in its emerging carbon market. The initiative also aims to support and preserve the country’s rich biodiversity.
The Bahamian government has engaged Bioeconomy, a global carbon project developer, and blockchain technology expert PERL.eco, to spearhead the registry’s creation.
This collaboration leverages Bioeconomy’s expertise in carbon markets and biodiversity conservation, alongside PERL.eco’s blockchain technology, to establish an interoperable platform for registering all carbon credits in The Bahamas.
Additionally, this project will see the development of a Bio Assets component, creating a secure online database to facilitate natural asset accounting and the commercialization of The Bahamas’ bio assets.
Prime Minister Philip Davis KC MP, in marking the nation’s 50th independence anniversary, emphasized the importance of this initiative for the nation’s future. He highlighted The Bahamas’ pioneering role in developing Blue Carbon Credits and its commitment to the Paris Agreement, noting the intrinsic connection between the nation’s prosperity and its natural assets.
Dorjee Sun, CEO of Bioeconomy, praised The Bahamas’ efforts as a progressive step crucial for addressing climate change challenges. He expressed hope for more governments to adopt similar measures that recognize efforts in carbon sequestration and the value of natural assets.
Garry Walsh, Project Manager at PERL.eco, highlighted the critical role of blockchain technologies in supporting diverse natural asset markets, ensuring trust, and preventing issues like double counting through a secure chain of custody. PERL.eco’s Planetary Emissions Reduction Ledger is poised to assist The Bahamas in developing a leading-edge environmental technology platform.
BusinessNewsAsia.com