— LCDS being expanded to include ‘blue’ economy
— WWF Guyana Office hails this as a ‘good step’, calls for strong safeguards

MORE than US $135M of Guyana’s earnings will now be invested into renewable energy projects and to strengthen those agencies involved in advancing Guyana’s sustainable development, according to Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh.

During his presentation of the 2021 National Budget on Friday at the Arthur Chung Conference Centre (ACCC), Dr Singh highlighted that this sum of money was earned by Guyana through its forest partnership agreement with Norway but never used.

The sum, according to him, has remained in bank accounts outside of Guyana and perhaps, some of it could have been leveraged to secure hundreds of millions of dollars of private investments to fund the Amaila Falls Hydropower Project.

Not wanting to let the funds nor certain key projects languish, Dr Singh emphasised: “We are taking steps to unblock the more than US$135 million that had not been released for allocation into projects.”

In this vein, the funds will be invested into renewable energy projects and strengthen the agencies involved in regulating the sector such as the Guyana Forestry Commission. Additionally, focus will be directed towards advancing ongoing projects such as the Amerindian land titling project, sustainable land management, and ICT access for hinterland, poor and remote communities.

Guyana’s focus on sustainable, low-carbon development attracted international attention with the creation of the Low Carbon Development Strategy (LCDS), a ground-breaking forest partnership agreement with Norway. This agreement, Dr Singh said, was the first for a developing country and the third largest agreement of its kind in the world. And, this agreement provided for Guyana to earn payments for climate services up to US$250 million over a five-year period.

EXPANDED LCDS

With the country now refocussed on this strategy, Dr Singh indicated that Guyana will be assessing emerging international markets for forest climate services. Importantly, however, the LCDS of itself will be expanded- since it has been quite some time since that strategy was crafted.

President, Dr Irfaan Ali, in his inaugural address to Parliament on Thursday, highlighted that the strategy would be broadened to include wider environmental services, water resources management, climate resilience, biodiversity, renewable energy, and the marine economy.

Further, the expanded LCDS will also include the establishment of an International Centre of Excellence for Biological Diversity with the objective of promoting cutting edge research and developing and exporting educational services.

It is expected that the updated LCDS will be able to create employment opportunities and allow Guyana to earn revenue. The Senior Minister with responsibility for Finance highlighted too that the updated LCDS will also incorporate Guyana’s status as a burgeoning oil and gas producer.

BLUE ECONOMY

During a recent interview with the Guyana Chronicle, Aiesha Williams, Country Manager for WWF-Guianas, Guyana office, welcomed the renewed focus on the LCDS, deeming it a “good step”.

Guyana, according to her, has a history of being a world leader in low-carbon, sustainable development. And, she emphasised that Guyana ought to continue expanding on these efforts.

“The Government’s focus on a blue economy aspect and expanding the LCDS is really important,” Williams said, explaining that this means freshwater and marine biodiversity will now also be included in Guyana’s conservation and sustainable development efforts.

Keen attention, she said however, must be directed towards ensuring that there are certain environmental safeguards in place to ensure that these sectors are not exploited indiscriminately.

Engaging indigenous communities and the private sector, she said, has to be an important part of the process of expanding the LCDS.