Bahamas Government Starts Development of Carbon & BioAsset Registry infrastructure

At #COP28 in Dubai, the Government of the Commonwealth of the Bahamas has announced the development its National Emissions Registry.

DUBAI, UNITED ARAB EMIRATES, December 4, 2023 /EINPresswire.com/ -- The Commonwealth of The Bahamas is developing a National Emissions and Bio Asset Registry, joining countries such as Singapore, Ghana, Jordan, Chile, and Vanuatu in developing their carbon markets to meet Nationally Determined Contributions (NDCs) under the Paris Climate Agreement.

As a leading government with first-hand experience of the devastating impact flowing from extreme weather caused by climate change, The Bahamas is taking this important step that will not just create confidence and growth in the country’s nascent carbon market, but also support the protection and development of its bio-diverse ecosystems.

The government has tasked global carbon project developer Bioeconomy and blockchain technology developer PERL.eco to deliver the registry. This approach brings together Bioeconomy’s deep technical understanding of the carbon markets and biodiversity conservation with PERL.eco’s blockchain technology to build a interoperable platform to register all carbon credits issued or recognised by The Bahamas.

In addition to creating state of the art infrastructure for carbon, Bioeconomy and PERL.eco will also develop a Bio Assets component to the registry as a secure online database to support natural asset accounting and the commercialisation and benefits sharing of The Bahamas’ Bio Assets.

Prime Minister of The Bahamas, The Hon Philip Davis KC MP : “As we celebrate our 50th independence anniversary, we must look at the next 50 years and ask what legacy we will leave for future generations. This initiative builds on The Bahamas’ first-in-the-world action to develop Blue Carbon Credits, ensuring that we play a leading role in meeting our Paris commitments, recognising that our nation’s wealth and future development is inextricably linked to our islands’ natural assets.”

Bioeconomy CEO, Dorjee Sun: “The Bahamas’ National Emissions and Bio Asset Registry represents the type of progressive initiative we need if we are to have any hope of responding to the challenge presented by climate change. We hope more governments follow The Bahamas’ leadership in creating infrastructure to recognise not only contributions they can make to locking away CO2, but also valuing the natural assets that subsidise our economy each and every year.”

PERL.eco Project Manager, Garry Walsh: “Blockchain technologies have a powerful role to play in enabling climate change response infrastructure, supporting heterogenous natural asset markets though interoperability, empowering trust through immutability, and avoiding the risk of double counting though a chain of custody. PERL.eco’s Planetary Emissions Reduction Ledger can help The Bahamas to develop a best-in-class environmental technology platform.”

CY Tan
PERL.eco
cy@perl.eco
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Bahamas National Emissions Registry announcement