GUYANA has to date earned three consecutive payments from Norway totalling US$115 million within the framework of the Low-Carbon Development Strategy (LCDS).

QUOTE: ‘Guyana is on track to have the world’s first fully operational REDD+ mechanism in place by 2015. This will enable Guyana to earn considerably more from the sale of REDD+ credits than we do today’

Received under the Guyana REDD+ Investment Fund (GRIF) for maintaining low levels of deforestation, the monies served four projects, with a combined approximate value of US$30 million last year.

Disclosing this in his 2014 National Budget presentation, Finance Minister Dr. Ashni Singh said that this money was spent on a US$7 million Institutional Strengthening Project for the development of Guyana’s first national scale Monitoring, Reporting and Verification (MRV) System; on a US$6 million allocation to the Amerindian Development Fund (ADF), on a US$5 million Micro and Small Enterprise Development Project and on a US$10.7 million Amerindian Land Titling Project.
He said that 2013 was a good year for the GRIF.
He disclosed that under the US$6 million allocation to the Amerindian Development Fund (ADF), milestone disbursements were made to all 26 of the initial beneficiary communities for the implementation of their development plans in promoting sustainable village economies.
Under the US$5 million Micro and Small Enterprise Development Project, applications for loans with reduced interest rates have already started to be processed for entrepreneurs with business ventures in low carbon sectors.
The US$10.7 million Amerindian Land Titling Project was approved in the last quarter of 2013 and commenced implementation.
He then disclosed that in 2014, sums totalling US$90.6 million have been allocated for continued implementation of the four GRIF projects previously identified, along with new LCDS projects in the priority areas of adaptation, high potential low carbon sectors, hinterland development and low-carbon infrastructure.
Specific new LCDS interventions are expected to include ecotourism development, aquaculture development and rehabilitation works on the Cunha Canal.
He said that this second wave of projects will commence with a communication and outreach programme in the second quarter of this year, along with the development of a National Climate Resilience Strategy and Action Plan.
A sum of US$80 million has also once again been allocated to meet Guyana’s equity contribution to Amelia Falls Hydroelectric Project (AFHP).
He disclosed that the annual third-party audit of Guyana’s performance under the Guyana/Norway partnership was completed in the last quarter of 2013, thgus clearing the way for a fourth payment.
The money received for the GRIF is received from the Government of Norway for Guyana’s climate services in maintaining extremely low levels of deforestation while advancing the nation’s landmark Low-Carbon Development Strategy (LCDS).
The GRIF is expected to receive up to US$250 million from Norway in performance-based payments up until 2015, based on an independent verification of Guyana’s deforestation and forest degradation rates and progress on REDD+ enabling activities.
Dr. Singh further revealed that on the domestic front, Guyana is on track to have the world’s first fully operational REDD+ mechanism in place by 2015.
“This will enable Guyana to earn considerably more from the sale of REDD+ credits than we do today. Once this would have been achieved, Guyana would have successfully mobilised one of our most valuable, but thus far globally under-valued, resources (our forests) in the cause of sustainable development.
He said that on the international front, Guyana will continue to advocate more ambitious emission reduction targets by industrialised countries, scaled- up financing for climate change and push for a global agreement on climate change by 2015.
By Clifford Stanley