GUYANA had been able to earn about US $212 million by saving its forests through a 2010 landmark partnership with Norway and within another few months, the country could begin earning millions again.

This is according to Pradeepa Bholanauth, the Senior Director for Climate and REDD+ at the Ministry of Natural Resources who highlighted the key components of Guyana’s updated Low Carbon Development Strategy (LCDS) during a recent virtual forum.

As per this strategy, Guyana plans to maintain its forests, continue its advocacy for greater earth-saving climate actions, pursue more renewable energy projects and secure financing for low carbon development and sustaining livelihoods.

The LCDS was first introduced in 2009 and it nested on the Guyana/ Norway agreement. Over a 10 year period, the US$212 million sum was disbursed.

“Within the context of that endeavour, we were able to have a lot of programmes advanced,” Bholanauth told the recent forum.

These programmes include Amerindian Land Titling efforts, Information and Communication Technology (ICT) projects and small business loans. In fact, based on information Bholanauth provided, some 224 low carbon loans for small businesses and 591 low carbon grants were provided.

And now, Guyana is pursuing a similar strategy of getting payments to preserve its forests and then using those payments to advance local developmental efforts. This time, however, Guyana is eyeing payments from several countries and possibly even companies.

“Within the next six months, we would see the completion of our audit process to enter into the voluntary carbon credit market,” Bholanauth said.

This audit process will allow the country to certify the value of its forests. Guyana is currently rated as having the world’s second highest per capita first cover with some 85 per cent of the country covered in forests.

For context, too, a carbon credit is a kind of tradeable permit or certificate that represents the removal of a certain amount of carbon dioxide from the environment. Since carbon dioxide is the principal greenhouse gas that harms the environment, it is tracked and traded like any other commodity.

Guyana’s total forest cover holds carbon in unusually high density (up to 350 tons per hectare) and stores some 5.31 gigatons of carbon. If countries or companies voluntarily buy into Guyana’s offering, the country could garner enough money to implement aspects of the LCDS.