THE potential revenue from carbon credits for The Bahamas could reach as much as $900m a year, according to Attorney General Ryan Pinder at yesterday’s RF Outlook 2024.

The projections are based on hoped-for estimates of what the sale price of a carbon credit would be, drawn from the importance of seagrass in Bahamian waters. Seagrass could lock in enough carbon to be valued at $100 per hectare, according to Mr Pinder.

While this is higher than current estimates of the price of a carbon credit, which fluctuates according to market prices from buyers, there are a number of factors that could lead to a higher price for Bahamian credits, he said.

 He noted the expected dependability on Bahamian credits, and also the anticipated increased demand in the market as a number of countries and companies near deadlines for becoming net zero – where they would have zero carbon emissions, or have offset the emissions they do have with the purchase of carbon credits, such as those to be offered by The Bahamas.

 Mr Pinder was speaking at a panel discussion at yesterday’s RF Outlook event alongside Dr James Fletcher, former minister for the public service, information, broadcasting, sustainable development, energy, science and technology in St Lucia, and Chris Heider, head of blue carbon at Invert World.

 Mr Pinder said: “We are in the middle of the scrutiny phase … we have done 600 core samples with the appropriate testing and scientific backing … we have now collected that data, analysed that data.”

 The data from three sites has been collected – with a total of 30 sites identified, and must now be independently verified before the credit for those sites can be sold.

 Mr Pinder also noted that the verification process must be carried out again every five years – and said the government was working with the Unversity of The Bahamas to help to train “a full suite of scientists” to do so.

 When the current estimate price of $35 was mentioned, Mr Pinder responded: “We think it will be more than $35. We think based upon our science and the integrity of our carbon credits … that we can generate higher pricing. We’re hoping that in our first year of our verification credits we can verify upward of two million credits, by year six or seven we’re going to be verifying nine to ten million credits a year. We think that price gets up to $100 per credit, right, that’s $900m a year... assuming the trends and the science continues in the direction it’s going in, you’re talking about real money.”

 The funds would be directed towards sustainable government goals in The Bahamas, he said, including eradicating poverty and improving financial mechanisms in the country. It was also noted during the forum that such funding would help to compensate for the damage from storms such as Hurricane Dorian, which cost the country an estimated $3.4bn and pay for protection from future storms.

 Mr Pinder added: “We’re the most vulnerable country in the world right now, sitting here in The Bahamas.”

 He pointed out the low lying nature of our country and the likely adverse effects from rising sea levels.