Climate Change and Carbon Market Initiatives Act, 2022 (No. 15 of 2022). Country/Territory Bahamas Document type Legislation Date 2022 Source FAO, FAOLEX Original source Official Gazette dated 20 May 2022. Long titleAn Act to give effect to the Paris Agreement, to aid in the global response to the threat of climate change and to create and implement initiatives to offset carbon emissions. Subject Environment gen. Keyword Air quality/air pollution Basic legislation Certification Climate change Enforcement/compliance Contract/agreement Business/industry/corporations Data collection/reporting Emissions Emissions trading EIA Environmental planning Environmental standards Subsidy/incentive Monitoring Precautionary principle Protection of environment Institution Registration Pollution control Policy/planning Standards Geographical area Americas, Caribbean, Latin America and the Caribbean, North Atlantic, Small Island Developing States Entry into force notes This Act shall come into force on such date as appointed by the Minister by Notice in the Gazette. Abstract This Act lays down rules (a) to enable the Government to create incentives and implement initiatives to support the overall global target of greenhouse gas emissions reduction consistent with its Nationally Determined Contributions; (b) to ensure compliance by The Bahamas of its obligations under the Paris Agreement, taking into consideration the common but differentiated responsibilities, respective capabilities and flexibility provisions acknowledged under the UNFCCC for small island developing states to address climate change; and (c) to enable the establishment of a market in The Bahamas to trade in carbon credits. This Act shall apply to carbon credits in respect of anything done in, on, above or below the land and airspace of The Bahamas, including its internal waters, territorial waters and exclusive economic zone; the seabed and subsoil underlying these waters; its continental, coastal and marine ecosystems and related water; and its forests, and such carbon credits are deemed for the purposes of this Act to be the property of The Bahamas. Full text English Website laws.bahamas.gov.bs