STATEMENT BY

HON. PHILIP DAVIS, KC, MP

PRIME MINISTER OF THE COMMONWEALTH OF THE BAHAMAS

AT A PRESS CONFERENCE TO ANNOUNCE

A MEMORANDUM OF UNDERSTANDING

BETWEEN THE GOVERNMENT OF THE BAHAMAS

AND

PARTANNA

MONDAY 7^TH NOVEMBER 2022

Ladies and Gentlemen Good Afternoon.

I am pleased to announce today, a Memorandum of Understanding signed between Partanna and The Government of The Bahamas.

The promise of the Partanna material is both an exciting innovation in helping to reduce carbon, and, for The Bahamas, also a path to sustainable, long-term adaptation in the face of climate change.

Under the partnership announced today, Partanna will begin a Pilot Project to design, develop, finance and construct 30 affordable homes.

Under the MOU, Partanna must provide proof of verification for the carbon credit in relation to the technology used in the construction of the homes.

Provided the verification process is successful, over the following three years, the government has committed that Partanna will increase that number to build 1,000 affordable, sustainable homes.

This arrangement satisfies two key priorities of the Government of The Bahamas: firstly, to provide affordable, sustainable housing in The Bahamas, and secondly, to meet the carbon priorities of the country.

The government also wishes to create a new, carbon-negative building industry, which will generate new job opportunities and training for Bahamians.

I am personally pleased that Mr. Rick Fox, a Bahamian, accepted my invitation to bring his industry home to The Bahamas.

Their investment of $50 million into the Bahamian economy to establish the manufacturing plant is most welcome. We hope that this is just the beginning.

Partanna has committed to providing employment for at least 100 Bahamians over the life of the Pilot Project. They will also provide training in the new skillsets required to create the foundation of this new global industry, with The Bahamas leading the way.

The Partanna technology is forecast to generate approximately 260 of the highest-valued carbon credits on the market, per home, paving the way for a sustainable future for The Bahamas.

The company has also committed to enter into further negotiations with the government, to discuss the use of any carbon credits generated as a result of the Pilot Project.

Under this agreement, the dream of home ownership will soon become more of a reality for many Bahamians.

Ladies and Gentlemen:

Last year at COP26, I made a plea to all world leaders that they should take whatever urgent, necessary action is required to prevent a climate catastrophe.

I also urged them to honour their commitments to support countries like The Bahamas. We are not the polluters, not the ones emitting the carbon, and yet we are already suffering the worst impacts of climate change.

But we heeded our own call, and resolved to act to do whatever we could, to help avert a climate-based disaster.

One of our initiatives was to invite entrepreneurs from around the world, to bring their technologies, bring their climate-solutions to The Bahamas.

It is extremely gratifying that one of our own responded so quickly and passionately to that call.

The launch of this new, innovative industry in The Bahamas, is the result.

We wish them the greatest success, and are proud that The Bahamas will be Partanna’s home.

Thank you.