Minister of Environment and Natural Resources, Hon. Vaughn Miller

NASSAU, The Bahamas – Environment and Natural Resources Minister, the Hon. Vaughn Miller appealed to Bahamian community and business leaders, academics, thought-leaders, researchers and policy-makers to put their collective ‘shoulders to the wheel’ to address climate change.

Minister Miller expressed the urgent need in his remarks at a Global Summit put on by the Government and Public Policy Institute and Global Interdependence Center on February 15, 2024 at the University of The Bahamas. 

The theme for the conference was “Climate, Currency and Central Banks."  Among the topics explored: Enhancements and Impediments to Economic Growth; the Banking Ecosystem of the Caribbean (including the Impact of U.S. governance on the region); Currency Issues Surrounding the Bahamian Dollar, US Dollar; Central Bank Digital Currencies such as the Bahamian Sand Dollar; and Impacts of Climate Change, Hurricanes, and Sea Level Rise Through the Lens of Risk Management.

Said Minister Miller, “It is indeed crucial that our Bahamian researchers, academics and professionals look closely at climate change, its impacts on the economy, our social fabric, cultural identity and our environment, to determine the best pathways to mitigate its impacts locally and adapt to those things that we cannot change. For decades, our international partners have promised to address this most fundamental issue that is threatening our very existence.

“Some needed assistance has landed on our shores, but not nearly enough to facilitate the absolute paradigm shift necessary to ensure The Bahamas continues on its path to sustainable development and prosperity.

“We all need to connect the dots that will ensure our collective success and drive the actions that will lead us to the necessary advancements, so the next generation will be proud.

“We need the results of Bahamian-focused research to drive our policy decision-making processes.”

Minister Miller remarked that the past eight years have been the hottest on record with each of the past four decades warmer than the one that preceded it.

“Last summer, The Bahamas recorded ocean temperatures in excess of 93 degrees Fahrenheit, which resulted in massive coral reef die-offs across the archipelago.

“This is in addition to the continued spread of Stony Coral Tissue Loss Disease that our reef builders have been exposed to since 2019. Needless to say, climate change continues to be the single biggest challenge of our generation.”

He informed participants that a major feature of the Paris Agreement, which The Bahamas became signatory to in 2016, is to keep the rise in global temperatures well below 1.5 degrees celsius, based on pre-industrial levels.

“This is not an arbitrary number. The Intergovernmental Panel of Climate Change has warned that exceeding the 1.50C limit would have irreversible impacts on people, species and ecosystems.

“Those people, species and ecosystems are our people, our endemic species and our unique ecosystems.

“What is more troubling, it is becoming more and more evident that before the climate can stabilize at 1.50C, we will likely overshoot it,” said Minister Miller.

He applauded the efforts of the professional leaders to craft a vision for a comprehensive and forward-thinking agenda that will not only mitigate the country’s vulnerabilities but also position The Bahamas as a global exemplar of climate resilience and sustainable development.

“Central to that vision must be a commitment to develop climate-resilient infrastructure that will fortify our communities and critical assets against the ravages of extreme weather events. By necessity we are obliged to invest in robust coastal defenses, sustainable energy projects, and climate-adaptive urban planning to ensure the long-term resilience of our nation.

“Climate change presents one of the most pressing challenges of our time, with far-reaching implications for the environment, economy, and society at large.

“The urgency of addressing this existential threat requires bold and innovative solutions that transcend borders and disciplines,” he said.

He assured the participants that the government is “intentional” about recruiting the “best” talent to address the nation’s challenges.

He called on them to be intentional about their dialogue, and advised them that their ideas will form the basis of the next National Development Plan.

Executive Director, Organization for Responsible Governance Matt Aubry (left) and Minister Vaughn Miller

Minister Miller (left) and CEO RiskBridge Advisors William Kennedy

UB Global Summit on 'Climate, Currency and Central Banks'

UB Conference - 'Climate, Currency and Central Banks'

(Photos/Ministry of Environment - Samantha C. Black)