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Keynote Remarks: the Hon. Philip Davis, Prime Minister of the Commonwealth of The Bahamas

Speaker:

The Hon. Philip Davis, Prime Minister, The Commonwealth of The Bahamas

“Investing in climate resilience, particularly in nations like mine which are most vulnerable to the crisis, is not just about altruism; it's about enlightened self-interest. It is a strategic imperative for every nation on this planet.” The Hon. Philip Davis

Key takeaways:

  • Cost of inaction greater than action: Prime Minister Davis emphasized that the cost of inaction on climate change far exceeds the cost of taking immediate action. The devastating impacts are already being felt worldwide, especially in small island developing states like the Bahamas. 
  • Climate change as a present reality: Climate change is not a distant threat but a current crisis affecting every aspect of our interconnected world, from health systems to global trade. 
  • Small nations leading examples: Despite contributing least to the climate crisis, nations like the Bahamas are proactively charting a course toward sustainability and climate resilience. 
  • Embracing renewable energy: The Bahamas is embarking on a new energy era focusing on energy efficiency upgrades and integrating renewable energy sources to build a more sustainable future. 
  • Leveraging natural resources: With its vast seagrass meadows, the Bahamas aims to position itself as a leader in the emerging carbon market, turning environmental stewardship into economic opportunity. 
  • Global collaboration is essential: A steadfast commitment to collaboration is necessary to forge justice, equity, and sustainability for all. The Bahamas is working with international partners to advance innovative financing mechanisms and technology transfer. 
  • Impact on global trade: The vulnerability of supply chains to climate-related disruptions highlights the need to address climate change to empower global trade and ensure economic stability. 
  • Threats to global health systems: Escalating health impacts of climate change demand innovative solutions and increased investment in climate-resilient healthcare infrastructure.
  • Tech transformation and climate action: Technological advancements should have climate action at their core to drive sustainable growth and address the climate crisis effectively. 

Action items:

  • Invest in sustainable initiatives: Direct capital towards renewable energy, sustainable infrastructure, and climate-resilient technologies to drive tangible solutions. 
  • Support innovation in vulnerable countries: Partner with nations like the Bahamas to scale up effective solutions and support innovators in climate-vulnerable regions. 
  • Enact bold, transformative policies: Implement policies that accelerate the transition to a low-carbon, climate-resilient future, such as ending fossil fuel subsidies and integrating climate action into all aspects of policy making. 
  • Implement carbon pricing mechanisms: Adopt carbon pricing to incentivize reductions in greenhouse gas emissions and promote investment in sustainable practices.
  • Invest in nature-based solutions: Support initiatives that leverage natural ecosystems to address climate challenges, enhancing both environmental and economic outcomes. 
  • Advance innovative financing mechanisms: Collaborate to develop financing solutions that support climate action in vulnerable nations, making projects more attractive to investors. 
  • Facilitate technology transfer: Share technology and expertise to bolster global climate resilience efforts and support sustainable development in vulnerable regions.
  • Advocate for vulnerable nations: Amplify the needs of nations most affected by climate change on international platforms to drive collective action and resource allocation. 
  • Recognize climate change as an immediate crisis: Acknowledge that immediate and collective action is required to address the current and escalating impacts of climate change. 
  • Strengthen multilateral partnerships: Commit to global collaboration and multilateralism to drive meaningful change and implement effective climate solutions worldwide.

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