(Bloomberg) -- Long known for its sun, beaches and rum, the Bahamas also wants to be known as a pioneer of ocean-based carbon credits. 

The island nation is taking inventory of its carbon-sink assets—seagrasses and mangroves—and expects to sell “blue” carbon credits on the international market by year’s end, Prime Minister Philip Davis said Thursday. Although the inventory is ongoing, officials have identified at least $300 million worth of assets that might be offered on the voluntary carbon market, he said. 

Coastal ecosystems such as mangroves and seagrass meadows store copious amounts of carbon dioxide, which means they play an important role in lessening climate change. 

“I am now seeing greenhouse emissions as garbage, and I see our carbon sinks as garbage collectors that are providing free service to the world,” he said on the sidelines of the Caribbean Renewable Energy Conference in Miami. “It’s time for us to get paid for our service.” 

Global demand for carbon credits is soaring as companies scramble to meet the United Nations Sustainable Development Goals and offset their emissions. By 2050, carbon offsets are expected to be a $245-$546 billion market, according to BloombergNEF, a clean energy research group. 

Until recently, activity has been focused on “green” carbon credits, tied to forests and grasslands. If the Bahamas starts selling ocean-based credits, it would be among the world’s first countries to do so. 

It hopes it won’t be alone. Officials will be holding a regional meeting in coming weeks to try to bring other Caribbean nations into the initiative. 

While the Caribbean contributes very little to global emissions, the region is among the world’s most vulnerable to climate change. Davis said almost half of the Bahamas’ existing $10 billion national debt can be traced back to hurricanes and environmental damage rooted in the climate crisis. 

Funds generated by the sale of blue carbon credits would be plowed back into renewable energy and other projects to make the nation more resilient to climate change. 

“I want to see a Caribbean that is not dumped on any further,” Davis said. “We are a major carbon sink for the world, and we need to benefit from cleaning the Earth’s atmosphere.” 

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