Creating market for biodiversity credits among focus as global alliance launched

…Pres Ali tells UN 1st global biodiversity alliance summit set for 2025

Months after hinting about mobilising biodiversity-rich countries, President Dr Irfaan Ali on Wednesday announced the launch of a Global Biodiversity Alliance that will model Guyana’s carbon credit initiative.
The Head of State made these announcements during his contributions to the ongoing general debate of the 79th United Nations General Assembly being held in New York.
Addressing the afternoon session on Wednesday, President Ali pointed out that Guyana has preserved its rich biodiversity and knows its value. In fact, he believes it is only fair and just that this vital global asset be monetised in a fair carbon market.
“Today, I am pleased to announce the launch of a Global Biodiversity Alliance. We will convene the first global biodiversity alliance summit in 2025, which will focus on creating a market for biodiversity credits, scaling biodiversity conservation debt swaps, accelerating biodiversity bonds, establishing a blueprint for biodiversity taxonomies, and promoting nature-positive action,” he stated.
Already, the World Wildlife Fund (WWF) has described Guyana as one of the world’s most important countries for biodiversity density especially since the country straddles two of the richest biodiversity zones – the Guiana Shield and the Amazon.
And according to the Guyanese Leader, Guyana’s dedication to preserving its rich biodiversity is reflective in its actions.
“We do not make this announcement by mere words. Guyana is also committing to doubling its protected areas by December 2025 and achieving the global biodiversity target of 30 per cent by 2030. These are real solutions that Guyana is putting forward to address the global problem of biodiversity loss. We do not lecture; we lead by example without arrogance,” the President posited.
Only back in July, the Head of State had disclosed plans for Guyana to spearhead a global alliance aimed at securing funds to bolster the preservation of the biodiversity in the Amazon Basin.
“Guyana intends to take the leadership role on 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,” President Ali told the opening of the Caribbean Investment Forum in Georgetown about three months ago.
Already, Guyana is earning massively from its forest carbon. With a tropical forest that takes up 86 per cent of its landmass, Guyana has the second highest percentage forest cover on earth and one of the lowest deforestation rates. The forest stores 19.5 gigatons of carbon and sequesters more than 153 million tons annually.
In December 2022, the Guyana Government signed a historic contract with US-based Hess Corporation for the sale of 33.7 million of the country’s high-quality certified carbon credits – a deal that saw the nation earning US$750 million for just 30 per cent of its forest carbon. In the agreement, a rate of US$15 per tonne of carbon was secured and the Guyana Government has allocated 15 per cent or $4.7 billion towards Amerindian development.
Already, more than 800 projects that run the gamut from tourism to agriculture are currently being pursued utilising the $4.7 billion, which was given to the 242 Indigenous villages as part of their share of the US$150 million carbon credits sale in 2023.

But with Guyana set to earn only US$87.5 million in 2024, a decline from the US$150 million it received last year, it could have meant less money for Indigenous communities. To prevent this, however, President Ali last month announced at the opening of the National Toshaos Conference, an 11 per cent increase in the funds to Amerindian communities. This will see these communities getting 26.5 per cent of this year’s earnings amounting to US$23.2 million or $4.84 billion.
Meanwhile, following the 242 Amerindian communities benefiting from the forest carbon funding last year, more communities, even those that are not fully Indigenous, are now seeking to participate in the programme and as a result, Government is injecting another $100 million from the monies earned directly into these additional communities.
Addressing the UNGA debate session on Wednesday, President Ali highlighted the myriad of challenges that climate change brings, not only threatening the existence of countries, but also adversely affecting development. In fact, he noted that Small Island Developing States especially were impacted by rising sea levels and temperatures, severe natural disasters; and shifting and extreme weather patterns disrupt agriculture and food security, threaten water supply, and displace communities.
“Each year, we make the annual pilgrimage to COP, filled with hope for tangible outcomes. And each year we are regaled, and renewed unkept promises are the order of the day. This cycle of hope followed by disappointment cannot continue if the Sustainable Development Goals are to be met. We must break free from this pattern of empty pledges. We must, unequivocally and immediately, fulfil all pledges for the sake of our planet and the future of all its inhabitants,” he stated.
According to President Ali, who is currently leading the regional food security initiative, more concerted actions are needed to address the root causes of food insecurity, reducing conflict, mitigating climate change, and enhancing production and trade in food commodities.
“By prioritising peace and climate action, we can create environments where food systems, crops and livelihoods are not threatened by conflict and weather extremes. In turn, enhancing food production and ensuring fair and efficient trade in food commodities can reduce food insecurity. So, too can the full involvement of women and youth,” the Head of State noted.
In fact, the Guyanese President outlined that in Guyana’s national agriculture strategy and policy, at least 35 per cent of the agro-businesses will be owned by women and 60 per cent by young people. Apart from food insecurity, he also mentioned the alarming global malnutrition rates that must be addressed.
This year’s UNGA is being held under the theme: “Leaving no one behind: acting together for the advancement of peace, sustainable development, and human dignity for present and future generations.”
According to President Ali, this theme resonates with the United Nations Charter and requires the UN to continue being a beacon of hope amid a turbulent global environment. It demands decisive action and enlightened multilateralism, he added.
“Today, we find ourselves in a world where the quest for peace is met with the defiant echo of conflict, where the promise of sustainable development is eclipsed by the dangerous spectre of climate change and food insecurity, and where the dignity of millions of people is trampled upon with impunity,” the Guyanese Leader stated. (G8)