First World countries should help preserve forests in developing states as carbon sinks – renewable energy specialist

By Vahnu Manikchand

With most of the global mitigation efforts to combat climate change geared towards decarbonising energy, little focus is placed on forests as a carbon sink but according to United States Renewable Energy Specialist, Jeffrey Logan, developed countries need to play a greater role in assisting emerging economies to preserve their forests.

Logan, who is an Associate Director of Energy, Policy, and Analysis of the Renewable and Sustainable Energy Institute (RASEI) at the University of Colorado, USA, was one of the presenters during a recent three-week Virtual Report Tour (VRT) on “Combatting the Climate Crisis Through US Innovation” sponsored by the US Department of State’s Foreign Press Centers.
In response to questions from Guyana Times on the important role of forests in combatting the climate crisis, Logan posited that for countries like Guyana, it’s neighbour Brazil – both of which are part of the Amazon Rainforest and the Guiana Shield – and even Indonesia, forests are an extremely important part of the carbon calculus.

“There are a growing number of carbon offsets available to investors around the world that want to help preserve forests in emerging economies. Unfortunately, the rules are often somewhat unclear even if the goal is clear: developed countries should help developing countries to preserve their forests as carbon sinks as this is a win-win for both parties if done properly,” he stated.
However, the renewable energy expert pointed out that often, developing countries may not be as transparent as the international community would prefer in stating their forest preservation metrics. In fact, he pointed to Brazil, where he noted that deforestation is probably the most important single driver of incremental carbon dioxide emissions.
But Logan, who works mainly on zero-carbon energy options, contended that there are new satellite-based technologies that can keep very accurate accounting of what forests are being protected and what might not be.
“This is probably especially true for countries like Brazil that have enormous tracts of land that absorb carbon dioxide, but are being removed sometimes at a rate that does not coincide with the Nationally Determined Contributions. Anyway, it is a complex issue from a diplomatic perspective, and one that the global community probably needs to put much more attention on in order to reach better consensus… The world needs better cooperation on this issue, in my view,” the renewable energy expert asserted.
A similar position is held by Guyana’s Vice President Bharrat Jagdeo, who recently lobbied the US to ensure that forests do not lose any ground in the mitigation solutions proposed at the upcoming 2021 United Nations Climate Change Conference (COP26) to be held in Glasgow, United Kingdom, this November.
During a Ministerial Roundtable hosted by US Special Presidential Envoy for Climate, John Kerry, on the side lines of President Joe Biden’s Leaders’ Summit on Climate in April, participants, which included Guyana were invited to share their views ahead of COP26 and according to Jagdeo, he used the opportunity to focus mainly on forests, which tend to lose a lot of ground in the global context of climate mitigation efforts.
“[Forests] don’t get the same type of attention because forests are in developing countries mainly and so [the developed countries] are busy working on retrofitting buildings or mitigation solutions that deal with decarbonising energy but not forests… and that is why up to now the EU (European Union) trading emission scheme does not allow forests as an offset… And forests contribute 20 per cent of greenhouse gases. So, I was saying to [Special Envoy Kerry] that I hope in the final outcome of the summit that forests don’t lose this position,” the Vice President recently explained to Guyana Times.
Jagdeo’s Low Carbon Development Strategy (LCDS) saw Guyana being paid some US$250 million from the Kingdom of Norway following the 2009 pact. Funds are still remaining from that deal and have been redirected towards the local renewable energy sector.
The agreement, which covered a five-year period, was not renewed under the previous APNU/AFC coalition, and so, the current PPP/C Administration is now renegotiating a new deal with Norway under a revised LCDS programme.
According to Jagdeo, those discussions are still ongoing.
Meanwhile, President Dr Irfaan Ali had announced during a press conference back in April that Guyana has signed a letter of intent to market Guyana’s carbon credit through a credit contract.
This new deal was inked with US-based non-profit organisation (NGO), Emergent Finance Accelerated Inc, which will look for markets to sell Guyana’s carbon credit through a credit contract. President Ali said this arrangement has the potential of earning Guyana millions of US dollars annually.
A carbon credit is a tradable permit or certificate that allows the holder of the credit the right to emit a tonne of carbon dioxide or an equivalent of another greenhouse gas.
The Head of State had explained that the NGO will be looking for markets for the carbon credit. He said there is a base price of US$10 per unit and even if the company is able to secure a higher price for the unit, all the revenue comes to the country, excluding the operational costs.
Only recently, on the observance of World Environment Day, UN Resident Coordinator in Guyana, Mikiko Tanaka, lauded Guyana’s efforts so far to combat the climate crisis.
“Guyana has been a trailblazer and good practices of mitigating carbon emission from forests loss and land degradation and innovating financing schemes under the Low Carbon Development Strategy and opportunities are expanding as our new challenges with the nascent but fast evolving oil sector. The Government’s plan to invest in low carbon development, economic diversification, job creation and human resources are critical drivers (sources), even the SDGs,” she said.
According to Tanaka, Guyana’s approach to expand the Low Carbon Development Strategy, adopt a system of payments for environmental ecosystem services and incentivise good environmental performance by the Private Sector are innovative initiatives.