Applauding the UK’s decision to end support for fossil fuel projects

Dear Editor,

The UK government recently committed to ending direct taxpayer support for fossil fuel projects overseas as soon as possible as the government works to support the sector’s transition to low-carbon energy.

I certainly commend the British government taking a very strong stand to address climate change.

The Bahamas is one of the most vulnerable countries in the world to climate change and it’s wonderful to see the UK government take this issue so seriously.

This proactive decision is a step that will especially benefit current and future generations of Bahamians and others living in low-lying archipelagos, and ultimately benefit the whole world.

Climate change is an issue that affects everyone on earth.

In the last four years, the UK government supported £21 billion of UK oil and gas exports through trade promotion and export finance, and ending this entirely by November 2021 is a very clear signal of the UK’s intention to shift its priority to green jobs and sustainable technology.

Countries around the world that have depended on fossil fuels are diversifying their investments and seeking future profits in the clean energy needed to combat climate change.

Last year, Norway, the country with the world’s largest sovereign wealth fund, made the commitment to place billions of dollars into wind and solar power projects, actively recognising the importance of clean energy. The sum that the fund can invest in green projects was doubled to $14 billion.

Sverre Thornes, CEO of Norwegian pension fund KLP, said: “This move will most likely expand the market further and faster. Our overall renewables infrastructure rate of return was around 11 percent last year. Clean energy is what will move us away from the dangerous and devastating pathway we are currently on.”

While we know that we are on the forefront of the climate emergency, The Bahamas also has the potential to lead the way with renewable energy, green jobs, and by taking our future in our own hands.

We truly can be the country that is “powered by the sun”.

This doesn’t just make good marketing sense for a tourism destination wanting to remind people that it’s better (and sunnier) in The Bahamas, it also makes good financial sense.

The whole world is shifting away from fossil fuels, and it would be madness to allow drilling for oil in our pristine waters when we can choose a sustainable future instead.

— Casuarina
McKinney-Lambert 

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