Bahamas, The

These Regulations are made by the Prime Minister in exercise of powers conferred by sections 21, 22 and 30 of the Climate Change and Carbon Market Initiatives Act. These Regulations prohibit unregistered carbon trading and provide for the procedure to trade in carbon credits (as well as cooperative approaches and voluntary markets). There are also provisions on emission reduction initiatives; reporting; and emission allocations.

The Policy's vision is the improvement of life quality for Bahamians by maximising the sustainable utilisation of abundant natural resource, and strengthen The Bahamas' global position economically. The Policy follows four goals:</div><ol><li>Supporting ongoing economic activity;</li><li>Ensuring future economic development and the expansion of the maritime sector domestically and internationally;</li><li>Safeguarding the marine environment from environmental threats and focussing on the increased use and access to potential marine renewable energy sources;</li><li>ensuring the safety at sea of vessels; the training of mariners and the preservation of maritime traditions and practices.&nbsp;</li></ol><div> To support the vision and goals the Policy names six inter-dependant enablers:</div><ul><li>Ocean governance;</li><li>Regulation and enforcement;</li><li>Healthy and productive marine environment;</li><li>Climate change resilience;</li><li>Education, awareness and participation;</li><li>Capacity building, research and information.</li></ul><div> The documents names climate change as one of the threats facing the marine and coastal environments. The Policy's approach to counteracting this threat and building climate change resilient is threefold:</div><ul><li>Recognition and management of climate change risks through incorporation of adaptation and resilience-building strategies into sustainable development, conservation and governance actions;</li><li>Implementation of National Disaster Prevention and Response Plans;</li><li>Recognition of the role of coastal habitats in protecting coastal communities and infrastructure in coastal planning and decision making.</li></ul><div> The Policy suggests several actions to realise climate change resilience:</div><ul><li>Full implementation of the <a href="https://climate-laws.org/geographies/bahamas-the/policies/national-policy-for-the-adaptation-to-climate-change">National Policy for the Adaptation to Climate Change</a>;</li><li>Increasing the number of MPAs as tools to increase ecosystem resilience;</li><li>Mapping of key coastal habitats and adequate consideration within coastal planning and development.</li></ul><div>

The National Energy Policy aims to provide the Bahamas with a modern, diversified and efficient energy sector, affordable energy supplies and long-term energy security towards enhancing international competitiveness and sustainable prosperity by 2030. The policy presents a long-term vision. It also suggests precise legal and administrative arrangements that should be undertaken to enable a low-carbon, resilient energy scenario. The Policy mainly focuses on lowering the country's current dependency to imported oil thanks to an increased share of renewable electricity production and use, higher energy efficiency in buildings and to a move towards decarbonised transport. Programmes fostering information and education of households and businesses are detailed.

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<li>The purpose for the Policy, as set out in the document itself, is to have an all encompassing wetland policy outlining the guidelines and objectives of the government for wetlands protections. The policy aims to provide guidelines and a course of procedure for the sustainable management of wetlands. The goal of the Policy is the conservation, restoration, and management of wetlands together with sustainable development practices. The Policy comprises of five objectives:Management of human activity on or near wetlands in line with the preservation of wetlands;</li>
<li>Promotion of recognition and integration of wetland functions in resource management and economic development decision-making;&nbsp;</li>
<li>Promotion and facilitation of development of wetland stewardship, awareness and education through government initiatives and cooperative relationships;</li>
<li>Development of a shared vision;</li>
<li>Meeting The Bahamas' international commitments.&nbsp;</li>
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 As one of the guiding principles, an environmental impact assessment (EIA) will be required for all activities in wetlands which are likely to have a negative impact on the wetlands. The Policy emphasises the importance of partnership and cooperation. The Policy also outlines strategies for managing the wetlands, for implementing policies and delivering programmes, involving the Bahamian people in wetlands management, working in partnership with local government, ensuring a sound scientific basis for policy and management, and international actions.&nbsp;
 The Policy explicitly refers to climate change and rising sea levels, both against which wetlands are the primary defence for the vulnerable groundwater resources. The Policy also outlines all Act and International Conventions relevant to wetlands. Lastly, it gives instructions for the implementation of the Policy. Annex A outlines the guidelines for EIAs. Annex B provides a summary of the National Parks Regulations of The Bahamas National Trust.

The National Policy for the Adaptation to Climate Change recognises the country's potentially high vulnerability to adverse effects of climate change. It assesses national weaknesses by economic sectors; notably coastal and marine resources, terrestrial biodiversity, agriculture and forestry, human settlements, health, water resources, energy and transport, tourism, finance and insurance. It evaluates current capacity for adaptation and suggests strategies to protect the country in the future via a plan of action. &nbsp; The Policy is a general document announcing sectoral plans to be developed in an array of domains. It includes mitigation goals, notably through the objective of fostering the use of renewables and decrease of fossil fuels in the energy mix, enacted in the Electricity Act of 2015. It also elaborates adaptation policies in the forestry sector, enacted in the Forestry Act 2010 via the Regulations 2014. It seeks to improve popular knowledge on climate change, conduct appropriate research in the Bahamas and reorganise institutional systems and management mechanisms to ensure effective planning. The document aims at institutionalising and detailing the missions of the National Climate Change Committee.

The Act provides for a disaster risk management policy and framework through the establishment of the Inter-Ministerial Committee on Disaster Risk Management and Disaster Risk Management Authority. The purpose of the Act is to develop, promote and implement a holistic, comprehensive, integrated and proactive approach for lessening the socio-economic and environmental impacts of disasters, including climate change, reduce risk, and promote the involvement and participation of all relevant sectors and stakeholders at all levels of society.
There shall be a National Disaster Risk Management Policy, National Disaster Risk Management Plan, and National Disaster Emergency Plan, alongside public body and local plans. The Minister responsible for Finance shall prepare a Comprehensive Financial Strategy for Disaster Risk Management to finance risk analysis, risk reduction, preparedness, financial protection, disaster response, rahbilitation and recovery. The Act also provides for information, monitoring and warning sytsems, and emergency and prevention funds.

This Act regulates the trading of carbon credits in or from within the Bahamas. The Securities Commission shall regulate and supervise carbon trading and carbon trading businesses and their activities to ensure the orderly development and continuation of carbon trading activities in the Bahamas, and the development and maintenance of investor protection standards with respect to carbon trading.
The Act provides for the registration and regulation of carbon trading businesses; the requirements for carbon trading exchanges, registries and verification bodies; the suspension, revocation or surrender of registration; data protection; conduct and compliance; anti-money laundering; approval of carbon trading products; investigation and cooperation; and offences, penalties and sanctions.

The objectives of this Act are threefold: 1. To enable the Government to create incentives and implement initiatives to support the overall global target of greenhouse gas emissions reduction consistent with its Nationally Determined Contributions; 2. To ensure compliance by The Bahamas of its obligations under the Paris Agreement; 3. to enable the establishment of a market in The Bahamas to trade in carbon credits. This Act applies to carbon credits in respect of land and airspace of The Bahamas, including its internal waters, territorial waters and exclusive economic zone; the seabed and subsoil underlying these waters; its continental, coastal and marine ecosystems and related water; and its forests.&nbsp; Part II sets out the administration of the Act. The responsibility for the administration of the Act is distributed, with distinct responsibilities, between the Prime Minister, the Minister of Finance, and the Minister for Environment. This part sets out the appointment and functions of management companies, as well as the appointment and functions of an Advisory Council. &nbsp; &nbsp; Part III outlines the fundamental principles governing trade in carbon markets. Mentioned are:</div><ul><li>Additionality, measurability, permanence, etc.;</li><li>Prohibition against double counting;</li><li>Verification and validation;</li><li>Provision of social and environmental benefits;</li><li>Share of proceeds and cancellation rates.</li><li>Minister may make regulations to further the fundamental principles governing trade in carbon markets.</li></ul><div> Part IV delineated the obligations of the Bahamas under the Paris Agreement.&nbsp;</div><div> Part V concerns the creation and implementation of initiatives to reduce emissions, which the Prime Minister may undertake to comply with the Paris Agreement. Part VI provides an overview for the options for participation in the carbon market in The Bahamas. There are three: 1. Bilateral or multilateral trading agreement; 2. As a result of trading with a private entity; 3. In a voluntary carbon market. Part VII establishes a National Emissions Registry. Part VIII concerns miscellaneous.

This Act consists of 9 parts:</div><ul><li>Part I - Preliminary</li><li>Part II - Administration</li><li>Part III - Environmental Plans and Policies</li><li>Part IV - Environmental Protection</li><li>Part V - Spills, Accidental Releases and Environmental Restoration</li><li>Part VI - Environmental Information, Research, Education and Training</li><li>Part VII - Compliance and Enforcement</li><li>Part VIII - Offences and Penalties</li><li>Part IX - Miscellaneous</li></ul><div> The objects of the Act are set out in section 3 (part I). Notably, one of the objects is to develop a robust climate change regime that applies adaptation and mitigation technologies to address vulnerabilities.&nbsp; Section 5 establishes the Department of Environmental Planning and Protection (part II).&nbsp; Section 38 (part vi) establishes an Environmental Registry.&nbsp; &nbsp;

The Bahamian Parliament enacted the Electricity Act 2015 in order to overhaul the country's energy sector and edict policy targets, among others: 1) security and diversification of power supply and distribution, 2) access to cheap and reliable environmentally sustainable electricity, 3) and the establishment of the Utilities Regulations and Competition Authority (URCA) as the independent regulator of the sector. 
 
The Act encourages a higher capacity of renewables electricity generation under a number of ways. It seeks a reorganisation of the electricity sector, so that public suppliers shall increase the proportion of renewables in their generation mix. Suppliers shall submit a time-bound plan to URCA over their specific renewables objectives, and revise this plan every three year. Eventual additional energy needs should be met in priority by new renewables capacity. 
 
The Act also promotes residential renewable energy generation for connection to the grid, and for self-generation. All stages are also regulated by URCA, and households need a grid interconnection agreement to operate. URCA shall maintain public a list of entities granted approval. The document further highlights the need to encourage energy efficiency in the generation, distribution and consumption of electricity.

Bahamas National Communication. NC3

Bahamas Biennial Update Report. BUR1

Bahamas Updated Nationally Determined Contributions, 2022, Nationally Determined Contribution from Bahamas, The in 2022

Bahamas First NDC, Nationally Determined Contribution from Bahamas, The in 2016

Bahamas. National Communication (NC). NC 2., National Communication from Bahamas, The in 2015

10% Residential Energy Self Generation Programme by 2014

30% of renewable sources in the energy mix by 2033

Bahamas, The

Documents

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