“The Bahamas needs long-term financial planning to address its climate vulnerability and economic dependence on tourism,” says UN Independent Expert on foreign debt, international financial obligations and human rights
The Bahamas: UN expert calls for long-term financial planning to address climate change
NASSAU (31 August 2023)- A UN expert today called on the international community to step up support for The Bahamas and small island States at high risk of natural disasters due to climate change.
“The Bahamas needs long-term financial planning to address its climate vulnerability and economic dependence on tourism,” said Attiya Waris, the UN Independent Expert on foreign debt, international financial obligations and human rights, in a statement at the end of a 10-day visit to the country.
Waris noted that The Bahamas’ high-income status limits its access to international financial institution loans and development aid. “The reality is that they should be supported by the international community, including international financial institutions and development banks,” she said.
The expert urged The Bahamas and the international community to adopt a comparative indicator other than Gross Domestic Product (GDP) per capita, noting that the country has unique challenges that require more resources than most States, including a high cost of living and a constant risk of devastating climate-related disasters.
The Bahamas’ economy is heavily dependent on tourism, Waris said. After five major hurricanes in the past decade, The Bahamas was most recently hit by Hurricane Dorian in 2019, which caused USD 3.4 billion in damage, nearly 25 per cent of the country’s GDP.
“The impact of Hurricane Dorian, COVID-19 and the decline in tourism was devastating for both the population and the country’s economy,” the expert said. “The country is still repaying the debt incurred for reconstruction and will continue to do so for many years to come.”
The Independent Expert urged the Government to consider long-term economic planning that considers the consequences of climate change and explore the diversification of its economy to become less dependent on tourism, increase its food security and use local innovation.
“The collective responsibility of the international community towards climate change and its consequences should not be forgotten,” Waris said.
The expert will present her report to the Human Rights Council in March 2024.
