Bahamas Blue Carbon Principles
CML is the project management company appointed by the Government of The Bahamas for the monetization of the Blue Carbon natural assets of Carbon Credit (SWF) Ltd., the special purpose vehicle established to hold the Carbon Certificates of The Bahamas.
In fulfillment of its mandate, CML is, inter alia, engaged in the development of carbon offset credits for sale in the voluntary carbon market. The project is currently being developed using Verra’s VM0033 methodology.
CML is committed to the highest principles of transparency and integrity in the conduct of its market and monetization activities and hereby publishes the following eligibility criteria for any counterparty transacting with CML in respect of any carbon credits or Blue Carbon assets originated in The Bahamas:
- counterparty must at least meet the minimum parameters required under the UN Race to Zero program and be an active program participant; and
- counterparty must support nature-based projects that bolster biodiversity and community co-benefits.
All project activities will be designed and measured on 3 result chains – Climate, Biodiversity and Community, and shall be guided by the following principles:
- Reduction and sequestration of Greenhouse gases (GHGs).
- Restoration and improved management practices of seagrass meadows, salt marshes, and other blue carbon ecosystems.
- Conservation, protection, and enhancement of biodiversity and ecosystem services.
- Implementation and enforcement, via private-public partnerships with the Sovereign, of mandated conservation and restoration programs.
- Community co-benefits.
The Bahamas Government will focus the use of the Blue Carbon program’s proceeds on the UN Sustainable Development Goals and objectives below, prioritizing funding to Bahamian-led initiatives and organizations wherever feasible.
Ensure healthy lives and promote well-being for all ages in The Bahamas.
Ensure access to affordable, reliable, sustainable, and modern energy for all in The Bahamas.
Promote sustained, inclusive, and sustainable economic growth, full and productive employment and decent work for all in The Bahamas.
Build resilient infrastructure for all in The Bahamas.
Make cities, towns and human settlements inclusive, safe, resilient and sustainable for all in The Bahamas.
Take urgent action to combat climate change and its impacts in The Bahamas
Protect, restore and promote the sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification and halt and reverse land degradation and halt biodiversity loss in The Bahamas.
Additionally, as well defined by the International Union for Conservation of Nature, supported initiatives should:
- Provide social and economic benefits for current and future generations, securing people’s need for food, water, energy, materials, recreation, health, jobs, livelihoods, and community well-being.
- Ensure ecosystem integrity, meaning ecosystem goods and services are enhanced and used in a way that does not contribute to further decline, but improves net biodiversity and productivity.
- Recognize marine ecosystems as natural capital and protect and maintain them accordingly.
- Aspire for social and economic prosperity using clean technology and renewable energy.
- Be governed by public and private processes that are inclusive, well-informed, precautionary and adaptive, accountable and transparent, holistic, cross-sectoral and long term, and innovative and proactive.
Blue Carbon assets may be used in capital market transactions for the restructuring, refinancing or redemption of Bahamian sovereign debt that was incurred as a result of loss and damage from climate change, and its adverse impacts and events (e.g. sea-level rise, flooding, hurricanes, wind damage) on The Bahamas.
CML will be guided by these principles which were formerly adopted by Resolution of the Board of Directors of CML.