NEW YORK (AP) — The Bahamas is stuck in a financial pickle, much of it because of the whims of climate change, bureaucracy and the fossil fuel industry, said its prime minister, who adds that he is tired of promises of help but little action. And he’s not alone. Like many other countries in the Global South, Bahamas has a lot of debt from warming-connected weather disasters its leaders say it did little to cause.
In October 2016, a powerful slammed into the Bahamas, causing more than $7 million in damage. Then in 2019 , the strongest storm to hit his country on record, caused $3.4 billion in damage.
By comparison the country’s annual revenue is only $2.8 billion to $2.9 billion a year, Davis said.
So just four days wiped out more than a year’s worth of revenue. The country is now in debt by about $10 billion. Its leaders are seeking more help, more money, from the Global North and oil companies themselves, Bahamas Prime Minister Philip Davis said in an interview with The Associated Press.
Climate finance — which is about for developing nations dealing with climate change and shifting to a greener economy — is a key issue this week at the United Nations and in November in international climate negotiations in Azerbaijan. But when Bahamas tries to get financial aid from already established funds, the country is told it’s too well off. That’s something other countries, especially small island nations, have complained about.
Research shows that, generally, climate.
