–to share extensive knowledge on forestry preservation, carbon market, President Ali says

GUYANA is expected to host a side event at the upcoming United Nations Climate Change Conference/ Conference of the Parties of the UNFCCC also known as COP 28.
This was according to President, Dr. Irfaan Ali, during a recent press conference, following his return from the European Union (EU)-Community of Latin American and Caribbean States (CELAC) Summit in Brussels, Belgium.

The Head of State said that both the presidents of the Inter- American Development Bank (IDB) and the World Bank have signalled their support of the country’s venture at the conference slated to be held from November 30 – December 12 in Dubai, United Arab Emirates (UAE).

“Guyana will be hosting a side event at COP 28 with UAE and we are hoping that the EU will be a partner in that also,” Dr. Ali said.
The country will provide guidance on its extensive knowledge of forestry preservation and the carbon market.
“It will be a very, very high-level, high-profile programme in which we will present our leadership on the forest and present the formula and the strategy, through which forestry is the leading role on the climate change agenda,” the Head of State said.

This year’s conference is being held with a view to building on previous successes and paving the way for future ambitions to effectively tackle the global challenge of climate change.
According to the United Nations, this year’s conference will see the 28th session of the Conference of the Parties (COP 28), the 18th session of the Conference of the Parties serving as the meeting of the Parties to the Kyoto Protocol (CMP 18), and the fifth session of the Conference of the Parties serving as the meeting of the Parties to the Paris Agreement (CMA 5).

GUYANA’S CARBON SALE
In December 2022, the Architecture for REDD+ Transactions (ART) issued the world’s first TREES credits to Guyana.
This marked a milestone, as it was the first time a country was issued carbon credits specifically designed for the voluntary and compliance carbon markets for successfully preventing forest loss and degradation — a process known as jurisdictional REDD+.

Following the completion of an independent validation and verification process and approval by the ART Board of Directors, ART issued 33.47 million TREES credits to Guyana for the five-year period from 2016 to 2020.
This paved the way for a historic agreement between Hess Corporation and the Government of Guyana, whereby the oil giant opted to purchase about one-third of all Guyana’s credits (issued and anticipated) up to 2030.

The agreement will generate a minimum of US$750 million for Guyana over the coming decade and represents a major milestone on the journey towards a vision first set out in 2007.
During a recent interview, Guyana’s Vice-President, Dr. Bharrat Jagdeo, disclosed that the country’s carbon credits have been attracting more global buyers.
Carbon credits, also known as carbon offsets, are permits or tradeable licences that represent the removal or reduction of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere.

While the sale of the carbon credits had garnered mixed reactions with some complaints being made that the funds were inadequate, Dr. Jagdeo contended that a look into the global voluntary market showed that the country received a good deal for its lush rainforests and environmental stewardship.
He further explained the arrangement can provide far more money if credits increase in value when traded in secondary marketplaces.
A way to value the carbon trees store is by issuing forest carbon credits by independent verification organisations.

Companies can purchase these tradable credits as a way of recognising that carbon stored in forests is one aspect of the solution to achieve a global climate, where one tonne of carbon dioxide has been decreased, avoided, or sequestered for every carbon credit.
Over 200 Indigenous communities in Guyana are slated to benefit from the sale of carbon credits.