The Bahamas has one of the lowest per-capita emissions in the world.
According to a recent United Nations report, the effects of climate change are exacerbating economic challenges for some countries, pushing them further into debt and creating a vicious cycle of financial instability. This, in turn, hinders the ability of their governments to provide essential services to their citizens, thereby further exacerbating the crisis. The report examines the effects of natural disasters on the public debt and the fulfillment of human rights for the people of the Bahamas.
The report’s writer, Attiya Waris, who serves as a UN independent expert on foreign debt, discovered that the impact of five significant hurricanes since 2012 has compelled the nation with a population of approximately 400,000 to accumulate billions of dollars in debt for rebuilding efforts, putting its tourism-reliant economy at risk. Consequently, the government of The Bahamas has faced challenges in allocating funds for initiatives such as food aid, financial assistance for businesses, and support for the unemployed, which are in higher demand following natural disasters caused by climate change.
In 2019, the powerful Hurricane Dorian wreaked havoc on the Caribbean nation, causing immense destruction and loss. The storm’s impact was valued at approximately $3.4 billion, which is equivalent to a significant portion of the country’s GDP. The devastating category five hurricane resulted in the tragic loss of life, with estimates suggesting that over 70 people were killed. Additionally, the storm’s fury affected a further 30,000 individuals, leaving countless homes and businesses in ruins.
This story was originally published by Inside Climate News
Following the storm, the finance minister at the time, K. Peter Turnquest, revealed that instead of increasing taxes to support the recovery efforts in light of the hurricane’s negative effects on the economy, the government planned to reduce taxes. To cover the costs of cleanup, temporary shelters, food aid, and other necessities, the government had to borrow around $500 million. Dorian was the most recent costly hurricane to strike the Bahamas, following Joaquin in 2015 with $105 million in damages, Matthew in 2016 with $438.6 million in damages, and Irma in 2017 with $118 million in damages. Waris discovered in her examination that the nation had just settled the debt from a previous hurricane when another one struck, increasing the country’s debt load. The Bahamas had to pay around $989.9 million solely for debt service in the final quarter of 2022, a significant increase from the $525.5 million paid in the first quarter of the same year. Waris remarked that the economy was not thriving but rather struggling to survive in such conditions.
Climate change is projected to lead to more frequent and severe hurricanes, as well as rising sea levels. This is anticipated to cause greater flooding and erosion in areas such as the Bahamas, along with reduced productivity in the seabed and the contamination of groundwater sources with salt water. The sea level in the Bahamas has already increased by approximately one foot in the last hundred years. The harm to nature has a significant impact on the Bahamian tourism industry, which relies heavily on natural resources. And we must know HOW TO PREVENT WATER POLLUTION
As the natural beauty of the islands deteriorates, it affects the industry’s ability to attract visitors, resulting in a decline in tourism-related revenue and employment opportunities. This industry is a vital contributor to the country’s economy, accounting for over 50 percent of its GDP and providing jobs for over half of its workforce.
The Bahamas exemplifies the plight of many nations vulnerable to climate change, which face the recurring need to rebuild in the wake of increasingly frequent floods, droughts, storms, and other natural disasters linked to climate change. Waris urged the international community to provide more affordable loans, forgive debt incurred as a result of climate-related disasters, and contribute to the Loss and Damages Fund, a UN Framework Convention on Climate Change initiative launched in November to support nations severely impacted by climate change. “The nations in question have typically had a negligible impact on the issue of global warming, according to Waris.”
The Bahamas’ carbon footprint is minuscule, accounting for less than 0.01% of the world’s total greenhouse gas emissions, and its per capita emissions are among the lowest globally. In the spring of 2022, Waris, a law professor at the University of Nairobi in Kenya, traveled to the Bahamas and witnessed firsthand the devastating impact of Hurricane Dorian on the local communities. She visited towns that were still struggling to recover, where she saw people residing in temporary shelters that were only meant to be used for a brief period. We have also a proper guide about carbon footprint.
In addition to discussing the intricate details of the government’s financial situation amid dealing with climate-related disasters, her report also highlighted worries raised by global financial organizations and investigative studies. These concerns revolved around the Bahamas potentially serving as a hub for illegal money activities, along with the government’s hesitance to implement higher taxes on corporations, inheritances, and capital gains. Waris urged the government of the Bahamas to step up their efforts to prevent illegal financial activities. She also advocated for the establishment of a global tax authority to address this and other issues, which she believes are closely linked to climate financing and the protection of human rights.
On March 6, Waris submitted the report to the United Nations Human Rights Council.
Source Mother Jones
