Govt to help EPA in creating economic model for biodiversity, climate services

President Dr. Irfaan Ali on Sunday evening announced that the Government will work closely with the Environmental Protection Agency (EPA) to develop an Economic model for biodiversity, ecological and climate services in keeping with Guyana’s global commitment to tackle the challenges of climate change, energy sustainability, and food security.
According to the Head of State, the model for these three key services will become a principal programme in the country’s economy aimed at generating revenue from natural assets.

He made this announcement at the EPA’s 28th Anniversary Dinner and Awards ceremony held on Sunday at the Marriott Hotel where he noted that consultations for the model will commence soon with key stakeholders.
These experts will be tasked with assessing best global practices, conducting theoretical work, and testing the project before it comes on stream.
“The EPA would find itself not only as part of the regulatory body and the oversight mechanism in all the development projects (5:44) and all the oil and gas projects, but importantly, as we build out this plank of the economy, which is ecological services and climate services, the EPA will have to continue to expand its wings,” Dr. Ali said.
“We have already committed to the world that we are going to take on this responsibility. And that would require the EPA in its policy orientation to develop this ability so that we can now move one step forward in the expansion of the plank of development on climate services,” he added.
Ali noted that an important pillar of the economic model is an environmental strategy while adding that it will see landmarks across the country being developed, and in some cases, reorganised into sustainable and climate-friendly spaces.
He explained that one such area earmarked for this aspect of the model is Georgetown.
“We are also working on two parks initiatives to not only modernise our parks, but to make them showpieces globally in terms of green parks and how do we manage green parks. We are also aligning a lot of our environmental standards and changes to the legislation now with those of the U.S. because in our strategic discussions, the type of development that is taking place in the Western Hemisphere requires an alignment in terms of our regulations and our laws,” President Ali explained.
According to Ali, his government is using the momentum from the local oil and gas economy to expand its influence and advocacy internationally and strengthen climate security, among others.
The President noted that the EPA has a major role to play in this level of development, especially since the agency is currently on the route of becoming a world-class regulator.
In this regard, funds are being deployed to leverage technology as well as upskill its talent pool.
The Government has invested $100 million in the 2022-2023 budget towards this initiative while over $50 million has been invested to ensure the EPA is equipped with skilled workers to effectively carry out its duties.