Guyana to lead global alliance to secure payments for forests

Building on the Low Carbon Development Strategy (LCDS) 2030, President Dr. Irfaan Ali on Wednesday announced that Guyana will soon lead a new global alliance, which will see many countries securing payments for protecting plants, animals and forests.
According to the Head of State, work on establishing this alliance recently commenced with support from at least 17 leaders of Caribbean countries, academics and other stakeholders.
He further explained that a financing mechanism is being developed to determine a globally-accepted price or payment scheme to support countries protecting their biodiversity and forests.
“Guyana intends to take the leadership role on mobilising friends and countries with rich biodiversity into a global alliance on biodiversity and commence the work on creating a scalable model that will address forests and biodiversity together,” the President said.
According to Ali, “Guyana’s conservation and experience in protecting the country’s pristine forest qualifies us as a global leader for climate services.”
On this point, he reiterated that Guyana is poised to lead the Net Zero by 2050 Agenda, through its robust plans for energy security and renewable generation, while continuously recording increased economic prosperity.
Notably, he added that Government is still exploring all avenues to cut emissions despite being a net carbon sink.
“We have to go after innovation that will position us as a region of excellence and a region of excellence requires innovative thinking. It requires investing in a knowledge economy, investing in our tools and resources, building the right, and strong partnerships. These are the things that matter” he added.Guyana through the Environmental Protection Agency (EPA) is actively working 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.
Just a few days ago, President Ali announced that the model for these three key services will become a principal programme in the country’s economy aimed at generating revenue from natural assets.
In fact, engagements with the relevant stakeholders are ongoing while experts are assessing global best practices and conducting theoretical work for the project.
The President highlighted at the time 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.