Bahamas

“The Bahamas has put into place a legis­lat­ive and policy régime, i.e., the Cli­mate Change and Car­bon Mar­kets Ini­ti­at­ive Act and the Car­bon Trad­ing Act to facil­it­ate both Art­icle 6 and mar­ket mech­an­isms in the VCM, which can bene­fit the coun­try in the imple­ment­a­tion of its cli­mate targets.”

It is envis­aged that Art­icle 6 fin­an­cing will drive a sig­ni­fic­ant per­cent­age of con­di­tion­al ambi­tion for the NDC 3.0 peri­od. […] The Bahamas is open to util­ising vol­un­tary cooper­a­tion under Art­icle 6 of the Par­is Agree­ment in the imple­ment­a­tion of its cli­mate tar­gets. The coun­try has in place a legis­lat­ive and policy régime (i.e. Cli­mate Change and Car­bon Mar­ket Ini­ti­at­ives Act (2022) and Car­bon Cred­it Trad­ing Act (2022)) to facil­it­ate both Art­icle 6 and mar­ket mech­an­isms in the VCM. The country’s Nation­al Emis­sions Registry has advanced efforts, pro­cesses and infra­struc­ture to track and trans­fer ITMOs, and is devel­op­ing fur­ther guid­ance and reg­u­la­tions for fur­ther oper­a­tion­al­isa­tion of the Cli­mate Change and Car­bon Mar­ket Ini­ti­at­ives Act (2022) […] Art­icle 6 cooper­at­ive approaches tar­get­ing Party buy­ers for cooper­at­ive approaches, adjus­ted NDC pur­poses, and oth­er pur­poses (Corporates/​Philanthropic), will drive the quantum of enhanced ambition.