Guyana to Lead Global Alliance for Regional Biodiversity Financing

• President of Guyana, Dr Irfaan Ali has announced that, driven by its Low-Carbon Development Strategy (LCDs) 2030, Guyana will spearhead a worldwide coalition aimed at securing funding to bolster the preservation of the Amazon Basin’s biodiversity.
• Dr Ali made the revelation at the opening ceremony of the Caribbean Investment Forum being held at the Arthur Chung Conference Centre, at Liliendaal, Georgetown. Dr. Ali conducted comprehensive discussions, emphasising the necessity of a collaborative approach to preserve the region’s flora and fauna.
• In 2009, Guyana became the first developing nation to introduce the LCDs. The strategy delineated a vision for the promotion of fair and sustainable development, while simultaneously safeguarding the nation’s forests, which constitute approximately 85% of its total land area.
• In the same year, Norway and Guyana agreed to collaborate to develop a model of advancement payment for forests. Guyna’s president at the time, Bharrat Jagdeo, along with Norway’s Minister of Environment and International Development, entered into an agreement which involved Norway compensating Guyana financially for its forest-climate services.
• Through this approach, Guyana successfully executed transactions worth nearly US$1Bn for the climate services rendered by its forests. Out of this amount, US$227Mn originated from the bilateral agreement with the Norwegian Government, while an additional US$750Mn resulted from the sale of ART-TREES (The REDD+ Environmental Excellence Standard) credits in 2023.
• The Architecture for REDD+ Transactions (ART) issued 7.14 million 2021 vintage carbon credits to Guyana. ART issued TREES credits to Guyana for reducing emissions from forest loss and maintaining intact tropical forests through jurisdictional REDD+. The acronym REDD+ means "reduce emissions from deforestation and forest degradation (REDD), as well as restore forests and protect intact forests (+)".
• Utilizing its LCDS, Guyana has established a framework to achieve a harmonious integration of economic development and the preservation of its forests and biodiversity, while also receiving compensation for these efforts.
• “Guyana intends to take the leadership role of mobilising friends and countries with a rich biodiversity into a global coalition alliance on biodiversity, and to commence the work on creating a scalable model that would address forest and biodiversity together,” the President said.

(Source: Guyana Chronicle & NCBCM Research)