Yntegra Group Reduces Dredging by 75% Amid Concerns Over $25M in Carbon Credit Losses in The Bahamas
Yntegra Group has cut its dredging footprint by 75% after the Prime Minister's Office raised concerns that the project could result in $25 million in lost carbon credits. The developer committed to purchasing Bahamian carbon credits and reducing the dredged area from four acres to 0.76 acres. The Climate Change Unit warns that the development contradicts the government's environmental objectives and could threaten key seagrass ecosystems vital for carbon sequestration.
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Yntegra Group has agreed to decrease its dredging area for the Rosewood Exuma project by 75% following concerns from the Prime Minister's Office regarding potential losses of $25 million in carbon credits. The developer pledged to buy Bahamian carbon credits and reduce the dredged footprint from four acres to 0.76 acres.
The Climate Change Unit expressed that the project contradicts the government's environmental goals and risks damaging essential seagrass habitats, which contribute to carbon sequestration. The financial impact of losing these seagrass beds is estimated at $500,000 annually over 50 years. The government has tasked Carbon Management Ltd with mapping and monetizing the blue economy assets.
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