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What Do Sinking Islands Want at COP27? To Turn Oceans Into Cash

Bloomberg · Zahra Hirji, John Ainger, Akshat Rathi · last updated

As rising seas and stronger storms threaten the very existence of the Bahamas, the country’s leader is trying to turn its oceans into a ready source of cash. The proceeds would fund a response to the worsening climate crisis — particularly if rich countries are paying.

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Related Knowledge Center: Climate diplomacy: COP 27

State of Play

The 27th Conference of the Parties (COP 27) produced a groundbreaking agreement to create a “loss and damage” fund to help developing nations cope with the impact of climate change.

But the conference, held from Nov. 6 to Nov. 20, 2022, in Sharm el-Sheik, Egypt, fell short of a hoped-for agreement to speed reductions of greenhouse gas emissions.

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