Category Archives: Bahamas

#TheBahamas, May 18, 2022 During a Communication in the House of Assembly, by Prime Minister and Minister of Finance the Hon. Philip Davis, tabling an Audit

Report into the operations of the National Food Distribution Task Force and the National Food Distribution Programme, on May 16, 2022, he said that his Government had found it consistently difficult to obtain genuine answers, about operations.

In the case of the Food Programme, requests for credible documentation of how $53 million was spent have not been answered, Prime Minister Davis said. To be clear, documents have been provided, but they are not documents that answer the most important questions posed.

He continued: To make an analogy, if someone asks, How much did your car cost?, and the car owner answers, My car is blue, an answer of sorts has been provided, but not one of great relevance to the questioner.

In the case of the Food Programme, some documents have been proffered up, but they do not provide answers to the Bahamian peoples questions.

Prime Minister Davis said that the 138-page Audit Report makes for startling reading.

In the General Findings of the Audit Report, 18 categories of major deficiencies were noted, he said. These ranged from a widespread lack of record-keeping, and widespread inconsistences relating to the sums of money handled, to a complete absence of minutes being kept of meetings, agreements and actions.

In other words, although tens of millions of the Bahamian peoples dollars were being spent, not even the most basic safeguards were in place, he added. A government that speechified about transparency at great length and at every opportunity did not conduct even the most basic oversight of a major government initiative.

Prime Minister Davis said that the audit was astounding in documenting the failures of the government in establishing reporting and monitoring protocols, or internal controls. He noted that the Task Force could not provide the auditors with information that should have already been completed and readily available.

Even in the instances where information was provided, only aggregate totals were offered, with none of the supporting documents that would be critical to corroborate the figures, he said. Theres no back-up provided: no contracts, no cheques, no receipts and no bank statements to support the information. No evidence, in other words.

It is noteworthy, too, that some organisations concerned have still refused to provide any information whatsoever, he added.

Prime Minister Davis pointed out that, given the sums of money involved, the deficiencies are breath-taking.

Public Officers did not have oversight of the expenditure of funds, he said. Expenditure of millions of dollars remains unexplained and undocumented.

No audited financial statements have been provided, so information provided by the NGOs cannot be confirmed.

He added: Information Dashboards presented by the Task Force did not reconcile to the information provided by NGOs. So, for example, just to highlight the point, if the

Task Force is saying that they gave an NGO $100,000, and the NGO is saying they only received $80,000, whats happened to the difference?

In fact, numerous instances have been identified when the NGOs concerned did not account for the total amount funds received from the Government, Prime Minister Davis continued. As I said in the Mid-Year Budget, we uncovered $2 million that was sitting in an NGOs account. I am happy to say that money was then recovered for the Bahamian taxpayer. Are there millions more sitting idle in other accounts?

Prime Minister Davis noted that there was no consistent system of recordkeeping at the Task Force or NGO level; and it was simply not credible to believe that from May 2020 to October 2021, they were too busy to keep proper records.

And some of the records which were kept, raise even bigger questions. Why were such exorbitant fees paid for some services? he added.

Prime Minister Davis gave the example of one restaurant being paid $6 per box for the delivery of each food parcel. That, he noted, amounted to approximately $50,000 per month.

Why did they pay $6 to deliver a single parcel of corned-beef, flour, rice and the other very basic items they delivered to families in need? he said. The delivery cost would have been more than the food itself.

And to this day, despite numerous requests, two NGOs have still not provided any information at all, and combined, they received more than $10 million.

$10 million of the Bahamian peoples money, has simply vanished.

Prime Minister Davis also called on those with knowledge of the underlying facts to come forward. Those who had failed to provide answers and evidence still have an opportunity and an obligation to do so, he added.

We do not prejudge the circumstances we have uncovered, he said. We cannot say definitively whether we are looking at jaw-dropping incompetence or something considerably worse.

For now, I encourage the Bahamian people to read the Audit Report for themselves.

Release: BIS

PHOTO CAPTION: Prime Minister and Minister of Finance the Hon. Philip Davis speaks during a Communication in the House of Assembly, tabling an Audit Report into the operations of the National Food Distribution Task Force and the National Food Distribution Programme, on May 16, 2022.

(BIS Photos/Ulric Woodside)

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The Bahamas joins the international community in celebrating Women in Maritime - Magnetic Media

On Tuesday, the United States Congress held its first meeting on UFOs in more than 50 years.

This historic House of Representatives Intelligence, Counterterrorism, Counterintelligence, and Counterproliferation Subcommittee hearing, if nothing else, has encouraged more people to speak out on their experiences with UFOs.

One of those people who was inspired by the hearing is apparently Fox News reporter Geraldo Rivera.

During an appearance on The Five to discuss the congressional hearing on UFOs, Rivera admitted to having his own encounter with an unidentified flying object.

Ive sailed around the world, Ive seen a lot of clear skies. Ive seen satellites, which are kind of spooky, weather balloons, stray aircraft, Rivera told the four other panelists on the show.

The only time I ever saw a UFO, I was stoned on ecstasy, he continued.

After the laughter died down a bit, host Jesse Watters asked Rivera what the UFO looked like.

It looked like a great, big North Star, brighter than the North star, it was right on the horizon, replied Rivera.

Then I tried to avoid it, he continued. I steered around it

Fellow panelist and former NFL cheerleader Emily Compagno, who was more interested in Geraldo being stoned on ecstasy than his UFO encounter, tried to interrupt, but Rivera was undeterred and finished his tale.

It kept following me and and I went back the other way. It was right in front of me. It just tracked me everywhere I went.

Rivera now joins an elite club that includes Demi Lovato, Miley Cyrus (who also may have been stoned), and Sammy Hagar (who claims to have vivid memories of being abducted by aliens) as celebrities who have claimed to have had encounters with UFOs. The truth is out there.

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Geraldo Rivera Describes A UFO Tracking Him 'Everywhere He Went' While Sailing In The Bahamas - BroBible

Jambbs All-Access Badge provides access to an ultra-exclusive community wherein members are granted full access and entrance to all live and virtual Jambb events and productions.

Jambb: Web3 Entertainment

Deltec, announced that it teamed up with Jambb and Jambb Comedy, for an exclusive NFT giveaway at Crypto Bahamas.

NASSAU, NP, BAHAMAS, May 18, 2022 /EINPresswire.com/ Deltec, a leading financial and insurance services group for innovators and trailblazers around the world, announced that it teamed up with Jambb and Jambb Comedy, the Web3 home of comedys top digital collectibles, for an exclusive NFT giveaway at Crypto Bahamas.

Attendees of Deltecs Trusting Disruption stage at Crypto Bahamas were given a golden ticket for a chance to win Jambbs All-Access Badge, with admission to an ultra-exclusive community and full access to all live and virtual Jambb events and productions.Jambb combines comedy with NFTs in a memorable and creative way, changing the paradigm of the traditional NFT by giving fans a chance to own rare, exclusive comedy collectibles minted in small batches, and utilize that content in a myriad of ways through the Jambb platform.

Past events include Non-Fungible Jokin, the worlds first NFT comedy special, featuring Maria Bamford, Pete Holmes, Zainab Johnson, Chaunt Wayans, and more; Hannibals Comedy Jambb, featuring Hannibal Buress, Azhar Usman, and more; and Jambb Presents: Lowkey Comedy, featuring Damon Wayans, Beth Stelling, Candice Thompson, and more.Jambbs next live event will take place in June during NFT.NYC.

Deltec, the crypto-friendly financial services and insurance group, was a platinum sponsor of Crypto Bahamas and partnered with FTX and SALT to curate innovative content on the Trusting Disruption stage.Trusting Disruption is a platform created by Deltec to connect with and advocate for visionary entrepreneurs, speakers, and investors by creating a forum to share ideas, host content, and support innovation.Deltec helps to make the world of finance and insurance more accessible and easier to navigate for innovators and trailblazers in rapidly growing industries.

About DeltecDeltec empowers SMEs, their founders, and investors to accelerate in their industries and grow their wealth with access to robust financial and insurance capabilities. Through its member companies Deltec offers private and corporate banking, fiduciary expertise, fund administration, investment management, digital asset financial services, insurance for new and emerging risks and merchant banking.For more information on Deltec International Group, visit http://www.deltec.io

About JambbFounded in 2020, Jambb is a Web3 entertainment company on a mission to serve collectors by unlocking the value of novel content and empowering them to own cultural moments with utility and exclusivity akin to physical collectibles.Launching with the best source of comedy collectibles in the world, Jambb Comedyour flagship entertainment propertyenables fans to acquire and share epic content in the form of their favorite jokes, sets, specials, and memorabilia. In addition, Jambbs platform gives comedians the opportunity to reach new types of fans, create additional revenue streams from their content, and potentially benefit from open secondary marketsa mechanism unique to NFTs that is rarely, if ever, seen in entertainment. Learn more at jambb.com.

Janay Pyfrom SymonetteDeltec International Groupjsymonette@deltecintl.comVisit us on social media:TwitterLinkedIn

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Deltec teams up with Jambb for an NFT Giveaway at Crypto Bahamas - Headlines of Today - Headlines of Today

Johnny Depp is seen in Fairfax County Circuit Court on May 3, 2022.JIM WATSON/POOL/AFP via Getty Images

A friend of Johnny Depp's said the actor recalled blacking out in front of his children.

iO Tillett Wright, who was not present during the incident, said his kids were then "whisked away."

He said his friendship with Amber Heard began before, and lasted longer, than his with Depp.

Amber Heard's friend iO Tillett Wright testified Tuesday that Johnny Depp disclosed a time when he'd blacked out on an island in the Bahamas.

"He told me that he passed out face down in the sand while his kids were there and that the staff had whisked his kids away so that they didn't see it," Tillett Wright, a photographer, writer, and producer, said in a deposition that was recorded on March 10, 2022. Tillett Wright was not present during the incident and did not clarify if it occurred on Depp's private island.

The testimony was the latest in the explosive $50 million defamation case following Heard's 2018 op-ed insinuating that she was a victim of abuse. Though Depp was not named throughout the Washington Post piece, he claimed it ruined his career. Heard has countersued for $100 million and claimed Depp physically or sexually assaulted her before and during their 15-month marriage.

Tillett Wright said he'd known Heard since 2011 and eventually became friends with her.

Soon thereafter, he met Depp, became close with the pair, and briefly lived with the couple for a 9-month period between August 2013 and June 2014.

Tillett Wright added that Depp had a "misogynistic and cruel" side when he was under the influence of drugs but that he never witnessed Depp physically assault Heard.

"Johnny when sober was lovely and magical and very funny," Wright said. "Johnny when sober was incredibly lucid and imaginative and I felt a kindred connection with him," he continued.

Depp has two children Lily-Rose and Jack with his former partner Vanessa Paradis. Heard and Depp, whose relationship lasted from 2012 to 2016, do not have children together, but Heard welcomed a baby via surrogate in 2021.

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Amber Heard's friend says Johnny Depp told him about blacking out and passing out face first in the sand in the Bahamas and staff having to whisk his...

On Tuesday, May 10, U.S. Charg dAffaires Usha E. Pitts and Major General Christopher Callahan of the Rhode Island National Guard joined Acting Prime Minister the Honourable Chester Cooper, Minister of National Security the Honourable Wayne Munroe, and the Commander Defence Force Commodore Dr. Raymond King at the Coral Harbour base in Nassau to commemorate the sinking of HMBS Flamingo off the coast of The Bahamas on May 10, 1980.

Charg Pitts and Major General Callahan also joined Acting PM Cooper, other dignitaries, and the families and loved ones of the fallen marines, and laid wreaths on the site of HMBS Flamingo Memorial Park at Coral Harbour Base in honor of the four young Bahamian Marines who gave their lives for their country 42 years ago: Fenrick Stirrup, Austin Smith, David Tucker, and Edward Williams. It was the first time U.S. representatives had the honor of laying wreaths at the memorial.

Acting PM Cooper noted in his remarks that the story of these great men is not only the story of our Royal Bahamas Defence Force, it is the story of the spirit of the Bahamian people. Like our nation, the courage and the fire displayed reflected the hearts and determination of the Bahamian people; a nation that was young but ready to face the challenges sovereignty would bring.

Major General Callahan also had the honor of presenting Commodore King with a recently passed Resolution whereby the State of Rhode Island officially commemorated May 10th, 2022, as HMBS FLAMINGO Day of Remembrance. The Rhode Island National Guard is the longstanding U.S. State Partner of the Royal Bahamas Defence Force, and this gesture is yet another symbol of the enduring friendship between the United States and The Bahamas.

As part of Major General Callahans visit, he also discussed with National Security Minister Munroe and Commodore King enhancing womens participation within the Royal Bahamas Defence Force and the future of enlisted leadership professional development. Advancing these lines of effort promises to further strengthen the ability of the Royal Bahamas Defence Force to serve the Bahamian people and protect their homeland.

Major General Callahan also had the opportunity to meet with Minister of State in the Office of the Prime Minister with responsibility for disaster preparedness, the Honourable Myles LaRoda; the Permanent Secretary assigned to disaster preparedness, Mr. Carl Smith; and NEMA Director Captain Stephen Russell. In anticipation of the start of the 2022 hurricane season, they discussed the Rhode Island National Guards anticipated support in working with the Royal Bahamas Defence Forces Disaster and Crisis Risk Management Units to better prepare for hurricanes and other forms of natural disasters.

By U.S. Embassy Nassau | 12 May, 2022 | Topics: News

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United States Joins The Bahamas, in Commemorating HMBS Flamingo - US Embassy in The Bahamas

The International Monetary Fund, or IMF, has turned its attention to the Bahamas central bank digital currency (CBDC), the Sand Dollar, and suggested additional regulatory oversight and education.

Reporting on a consultation with the Caribbean nation on Monday, the IMF said its executive directors recognized the potential of the Sand Dollar to foster financial inclusion and recommended the Central Bank of The Bahamas accelerate its education campaigns and continue strengthening internal capacity and oversight. The consultation was somewhat of a departure from several of the IMFs previous warnings to many countries against the adoption of digital assets but many of those did not include CBDCs.

The recommendation came following the conclusion of an Article IV consultation in the Bahamas last Wednesday. According to the IMF, during such a consultation, a team of economists visits a country to assess economic and financial developments and discuss the country's economic and financial policies with government and central bank officials.

In addition to recommending financially educating the public in The Bahamas, the IMF hinted at the importance of robust supervisory and regulatory framework for digital assets. During an interview at SALTs Crypto Bahamas conference in May, The Bahamas Prime Minister Philip Davis told Cointelegraph that the region has a regulatory regime in place that will enable crypto businesses to operate within its jurisdiction. Davis office also said in April the government would enable payment of taxes using digital assets by working with the central bank as well as the private sector.

Related: IMF urges El Salvador to remove Bitcoin's status as legal tender

To date, The Bahamas and Nigeria are the only two countries to have officially launched CBDCs, but other nations including China have been piloting digital currencies. On Friday, the Bank for International Settlements Monetary and Economic Department said a survey of 81 central banks conducted in 2021 suggested 90% were engaged in some form of CBDC work, and more than 60% were likely to or might possibly issue a retail CBDC in either the short or medium term.

Continued here:

IMF recommends the Bahamas accelerate its education campaigns on CBDC - Cointelegraph

Bahamas authorities investigating the deaths of three Americans on vacation at a resort are investigating whether food played a role in the mysterious cases.

Police Commissioner Paul Rolle said Monday the victims had eaten different things and separately sought medical help after feeling ill the night before they were found unresponsive in two adjacent villas located in the same building at the Sandals resort in Exhuma Friday, the Nassau Guardian reported.

They were all treated at different times and they ate at different places, Rolle said of the victims, so were checking all of that, which we will hopefully be able to determine whether or not it was some food or something else that caused it.

The deceased were identifiedas husband-and-wife travel agents Michael Phillips, 68, and Robbie Phillips, 65, of Tennessee, and Vincent Chiarella, 64, of Florida.

Vincents wife, Donnis Chiarella, 65, suffered a severe reaction reportedly involving paralysis and swollen limbs, and was flown to a hospital in Miami.

A spokesman at the HCA Florida Kendall Hospital told Fox News Digital that Donnis condition was upgraded from serious to good Tuesday.

Rolle said the two couples had gone separately to a clinic in George Town last Thursday, complaining of unspecified ailments.

Blood samples taken from the American vacationers have been sent to a lab in Philadelphia, with toxicology results expected within days.

Once those examinations are done, our pathologist would be able to provide us with an official report as to the exact cause of death and help us to determine exactly what has happened, Rolle said.

Bahamas officials have also collected samples from the rooms where the victims were staying and the surrounding property to determine whether any contaminants were present.

Other guests staying at the Sandals resort told NBC News this week about a strong odor of insecticides on the property, which the Bahamian authorities are investigating.

Officials are also looking into possible leaks from air conditioning units and the water heater on the property.

Read more:

Bahamas police probe food in deaths of 3 Americans at Sandals resort - New York Post

Seagrass beds and mangrove trees in the Bahamas' crystal-clear waters may soon be drafted into the fight against climate change.

The Caribbean country plans to offer "blue carbon" credits this year as a way for companies internationally to offset their emissions, the country's prime minister announced last week. The island nation will be one of the first to sell ocean-based credits, and hopes to use the proceeds to invest in climate resilience projects.

Coastal ecosystems, such as seagrass meadows and mangrove forests, are some of the world's most powerful carbon sinks, storing three to five times more carbon per hectare than tropical forests. They do so mainly by storing dead and decaying plant matter in the ocean floor, as well as sequestering carbon by pulling it straight from the air and water. Last year, an international team of researchers found that these marine habitats already store up to 30 billion tons of carbon nearly as much as the world emitted in 2021 from fossil fuel burning alone.

The Bahamas is home to more than 1,600 square miles of mangrove forests and other marine ecosystems that serve as valuable carbon sinks at least $300 million worth, according to Prime Minister Philip Davis. But they're threatened by damage from hurricanes and coastal development, issues that he said the revenues from the carbon credit sales would help address.

"I want to see a Caribbean that is not dumped on any further," Davis said at the Caribbean Renewable Energy Conference in Miami, according to Bloomberg. "We are a major carbon sink for the world, and we need to benefit from cleaning the Earth's atmosphere."

Carbon offsets work in two ways: Companies can pay to preserve already-existing ecosystems, preventing new carbon from being released into the atmosphere. Or they can finance the rehabilitation of degraded or destroyed habitats, which then go on to absorb additional carbon dioxide. Both methods allow corporations and individuals buying credits to continue polluting, as long as their emissions are equal to the carbon being stored by the project they support the basis for claims to "carbon neutrality." In theory, these methods can be an important tool to combat climate change, and conservationists are now promoting blue carbon projects as a way to preserve threatened marine habitats.

The Intergovernmental Panel on Climate Change, the United Nations' major climate body, has promoted blue carbon as a way for nations to meet their obligations under the Paris Agreement, and countries like the United States, Australia, and Kenya have already begun including marine habitats in their carbon accounting. Corporations have also seen an opportunity in blue carbon; Apple and Gucci have both invested in projects that preserve mangrove forests in Central and South America.

But similar carbon offset programs targeting forests and grasslands have been plagued with accusations of fraud; developers have been caught inflating the amount of carbon sequestered by forests or preserving land that was already protected. And some ecosystems have been destroyed by wildfires even after they were claimed for credits.

They've also been criticized as a form of "greenwashing," excusing companies and countries from the work of actually transitioning to carbon-free energy sources a possibility that some experts fear could be repeated with "blue carbon" credits.

These issues, however, haven't slowed the rapid expansion of carbon markets, which are expected to be worth as much as $546 billion by 2050, according to BloombergNEF, a clean energy research firm.

"You shouldn't let anybody convince you or say that this is the silver bullet to solve climate change, because it's not. The opportunity is actually quite limited," Cath Lovelock, a coastal ecology researcher at the University of Queensland, Australia, told China Dialogue Ocean. "And it might allow polluters to keep polluting. It's like: 'Watch my beautiful blue carbon project over here, while I'm not doing anything about my emissions over there.'"

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Companies can soon start paying the Bahamas to store carbon in the ocean - Salon

Three U.S. citizens died over the weekend at the Sandals Emerald Bay resort in Great Exuma, Bahamas. Officials are still working to determine the cause of death, but said there were no signs of trauma on the deceased. Dimitrios Kambouris/Getty Images hide caption

Three U.S. citizens died over the weekend at the Sandals Emerald Bay resort in Great Exuma, Bahamas. Officials are still working to determine the cause of death, but said there were no signs of trauma on the deceased.

The Royal Bahamas Police Force has released the names of three American tourists who died under mysterious circumstances at a resort last week.

Michael Phillips, 68, of Tennessee and his wife Robbie Phillips, 65, were found dead in a villa at the Sandals Emerald Bay resort in Great Exuma on Friday. In a separate villa at the same resort, Vincent Paul Chiarella, 64, of Florida was also found dead.

There were no signs of trauma found on any of the deceased, according to police, though both Michael and Robbie Phillips "showed signs of convulsions."

Chiarella's wife, Donnis, was also at the resort and fell ill. She was airlifted to a Miami hospital and was last listed in "serious condition," according to Royal Bahamas Police Commissioner Paul Rolle.

What caused the deaths of the Americans is not yet clear, Rolle said, though autopsies were scheduled for Monday.

"The pathologist has extracted samples from all the patients and our forensic scientists have collected those samples for examination," Rolle said at a press conference. "We are actively engaging a lab in Philadelphia ... to assist us with the expediting the toxicological examinations of all of these samples."

Once those examinations are done, the pathologist in the Bahamas will be able to determine the cause of death and resolve the mystery surrounding the sudden deaths, he said. Additionally, samples have been collected from rooms at the Sandals resort to test for contaminants that might be present.

Prior to their deaths, some of the guests sought treatment at a clinic on Thursday for symptoms of nausea and vomiting, Health Minister Dr. Michael Darville told Eyewitness News Bahamas. He said they were seen and then discharged themselves.

Multiple teams, including some environmental scientists, were brought in to ensure there is no public health issue, Darville said. When asked about the resort, Darville said the emergency medical team believes it is a safe environment.

"We feel that what we are seeing is an isolated case, associated in a particular area," Darville said. "We thought we might have to make a makeshift facility, mini hospital that's proving to be not the case."

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Bahamas police identify the 3 Americans found dead at Sandals resort - NPR

Seagrass beds and mangrove trees in the Bahamas crystal-clear waters may soon be drafted into the fight against climate change.

The Caribbean country plans to offer blue carbon credits this year as a way for companies internationally to offset their emissions, the countrys prime minister announced last week. The island nation will be one of the first to sell ocean-based credits, and hopes to use the proceeds to invest in climate resilience projects.

Coastal ecosystems, such as seagrass meadows and mangrove forests, are some of the worlds most powerful carbon sinks, storing three to five times more carbon per hectare than tropical forests. They do so mainly by storing dead and decaying plant matter in the ocean floor, as well as sequestering carbon by pulling it straight from the air and water. Last year, an international team of researchers found that these marine habitats already store up to 30 billion tons of carbon nearly as much as the world emitted in 2021 from fossil fuel burning alone.

The Bahamas is home to more than 1,600 square miles of mangrove forests and other marine ecosystems that serve as valuable carbon sinks at least $300 million worth, according to Prime Minister Philip Davis. But theyre threatened by damage from hurricanes and coastal development, issues that he said the revenues from the carbon credit sales would help address.

I want to see a Caribbean that is not dumped on any further, Davis said at the Caribbean Renewable Energy Conference in Miami, according to Bloomberg. We are a major carbon sink for the world, and we need to benefit from cleaning the Earths atmosphere.

Carbon offsets work in two ways: Companies can pay to preserve already-existing ecosystems, preventing new carbon from being released into the atmosphere. Or they can finance the rehabilitation of degraded or destroyed habitats, which then go on to absorb additional carbon dioxide. Both methods allow corporations and individuals buying credits to continue polluting, as long as their emissions are equal to the carbon being stored by the project they support the basis for claims to carbon neutrality. In theory, these methods can be an important tool to combat climate change, and conservationists are now promoting blue carbon projects as a way to preserve threatened marine habitats.

The Intergovernmental Panel on Climate Change, the United Nations major climate body, has promoted blue carbon as a way for nations to meet their obligations under the Paris Agreement, and countries like the United States, Australia, and Kenya have already begun including marine habitats in their carbon accounting. Corporations have also seen an opportunity in blue carbon; Apple and Gucci have both invested in projects that preserve mangrove forests in Central and South America.

But similar carbon offset programs targeting forests and grasslands have been plagued with accusations of fraud; developers have been caught inflating the amount of carbon sequestered by forests or preserving land that was already protected. And some ecosystems have been destroyed by wildfires even after they were claimed for credits.

Theyve also been criticized as a form of greenwashing, excusing companies and countries from the work of actually transitioning to carbon-free energy sources a possibility that some experts fear could be repeated with blue carbon credits.

These issues, however, havent slowed the rapid expansion of carbon markets, which are expected to be worth as much as $546 billion by 2050, according to BloombergNEF, a clean energy research firm.

You shouldnt let anybody convince you or say that this is the silver bullet to solve climate change, because its not. The opportunity is actually quite limited, Cath Lovelock, a coastal ecology researcher at the University of Queensland, Australia, told China Dialogue Ocean. And it might allow polluters to keep polluting. Its like: Watch my beautiful blue carbon project over here, while Im not doing anything about my emissions over there.

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Companies can soon start paying the Bahamas to store carbon in the ocean - Grist