Compensation For Preservation

GUYANA’S Low Carbon Development Strategy (LCDS) 2030 outlines a comprehensive policy for sustainable development in the decade through 2030.
It builds on the first LCDS which was launched by former President, Dr Bharrat Jagdeo in 2009.

The material aspects of the aforementioned vision were realized on Friday when President, Dr Irfaan Ali, announced that the Hess Corporation will pay Guyana US$750M for saving the rainforest through a special carbon-credits scheme.

A carbon credit is a generic term for any tradable certificate or permit representing the right to emit a set amount of carbon dioxide or the equivalent amount of a different greenhouse gas, which can be traded if the full allowance is not used.
Hess will buy 2.5 million carbon credits annually, covering 2016-2030.

The US$750 million payment is the minimum amount the country is expected to receive from Hess because if carbon credits increase on the international market, Guyana will earn more.
During the recently concluded United Nations’ Conference of the Parties (CoPs) 27 in Egypt, President Ali noted: “With an estimated storage of 19.5 billion tonnes of carbon dioxide equivalent, the economic value of the ecosystem services which our forests alone provide have been estimated at between US$40 to 54 billion annually.”

The LCDS 2030 aims at harnessing Guyana’s unique advantages to create a new low-carbon economy, built on the platform provided by the Monitoring, Reporting and Verification System (MRVS) and other areas of enhanced capacity in Guyana.

The LCDS will also support a programme involving government, civil society, private sector, and Indigenous Peoples and local communities in advancing research and development in ecosystem services and functions, as well as localised community-level development.

Since 2009, Guyana also ratified the 2015 Paris Climate Agreement under which 197 countries — including Guyana — agreed to pursue development pathways that are aligned with stabilising global temperatures at 1.5 degrees Celsius above pre-industrial levels.
Guyana became the first country to get special carbon credits issued to it by the Architecture for REDD+ Transactions (ART).

ART is a global initiative that seeks to incentivize governments to reduce emissions from deforestation and forest degradation (REDD), as well as restore forests and protect intact forests.
Global well-being continues to be damaged by climate change, including in Guyana where extreme weather events are destroying livelihoods and damaging the economy. Early 2021 saw catastrophic flooding, the social and economic damage is likely comparable to the 2005 flood which affected close to 37 per cent of the population and caused economic damage equivalent to 60 per cent of GDP. The hinterland also experiences drought conditions, including a very serious episode in 2015.

The government intends to create an ecosystems economy which balances the following: low-impact mining and forestry to enhance employment and income-generation opportunities; forest- climate services through which the value provided by Guyana’s forests to the world is recognised; Guyana’s next generation of ecosystem services such as water management, and biodiversity protection. Protected Areas will be expanded, and partners will be sought for the International Centre for Biodiversity Research.

Working with local and international partners, including the University of Guyana, the LCDS will support the establishment of an International Centre for Biodiversity Research (and potentially expanded ecosystem services). This centre will connect research work at national and local levels, and provide networking facilitation.

Despite its modest size, Guyana boasts globally extraordinary levels of biodiversity. The country is home to more than 900 species of birds, 625 strictly freshwater fishes, 250 mammals, 250 amphibians, and 210 reptiles, for a grand total of at least 2,285 vertebrates.

The government has set out to ensure that these resources are valued, conserved, managed and appropriately leveraged for social, economic and environmental benefits at the national level whilst meeting international obligations. This is intended to be articulated through the expanded LCDS.

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