In 2019, Hurricane Dorian struck The Bahamas, causing $3.4 billion worth of damage - a sum equal to one quarter of the country's GDP. The intensity of these storms is increasing year by year, and the impact on communities and economies is devastating.
As High Commissioner of The Bahamas Paul Andrew Gomez explains, Small Island Developing States must adapt and build resilience in a swiftly changing world. Identifying and leveraging natural assets can be an important piece of the puzzle.
The Bahamas is home to the world's largest expanse of seagrass beds. Per acre, these marine ecosystems have been found to sequester more carbon that the Amazon rainforest, making them a valuable tool in mitigating climate change. They are also being monetised in the form of carbon credits.
""The government believes that we can collect annually about $300 million. That puts a valuation on the seagrass beds at about $50 billion.""
This income supports faster and more effective natural disaster relief. New financial frameworks like COMPASS - a system developed by the University of Cambridge Centre for Resilience and Sustainable Development and the Commonwealth - can also unlock climate funding for SIDS.
For true progress to occur, collaboration is essential. Governments, the private sector, and other countries must all work together to enable a prosperous ocean economy.
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