– President Ali tells 78th UN assembly, stresses need for financial reform

By Naomi Parris

DESPITE global efforts to address climate change, many countries are far behind in achieving international goals, making them unrealistic.
This is according to Guyana’s President Dr. Irfaan Ali, who on Wednesday delivered a candid address at the General Debate of the 78th United Nations (UN) General Assembly in New York.
He maintained that while the issue of climate change has been acknowledged, countries like Guyana continue to bear the brunt of the phenomena despite not contributing to the crisis.
He therefore contended that these states should not be the only ones to carry the burden.
“Small Island Developing and low-lying coastal States like Guyana are among the hardest hit and require adequate financing to address the attendant effects,” Dr. Ali said.
Previously, several commitments, including a pledge of US$100 billion per year, were made by developed countries to support climate change efforts. These commitments have not yet been fulfilled.
As the climate threats now grow increasingly, the Guyanese Head of State questioned, “How much longer must developing countries wait for these commitments to be fully delivered?
Guyana currently has the second-highest forest cover per capita in the world and is recognised globally to have net zero emissions. The country for decades has been championing forestry preservation.

“Net zero” is a term that means achieving a balance between the carbon emitted into the atmosphere and the carbon removed from it. This balance — or net zero — will happen when the amount of carbon added to the atmosphere is no more than the amount removed.
The country is currently utilizing its resources to mitigate the effects of climate change.
“Technology, capacity and financing are key for developing countries to build the relevant energy mix and the share of renewable energy needed. Guyana is using revenue from oil and gas resources to finance its transition to renewable energy, notwithstanding our already globally recognised net-zero status,” the President said.
President Ali believes Guyana presents a balanced strategy in harnessing its resources while providing equitable services to its people.
“My country, Guyana, is blessed with the best of both worlds, that is, the ability to lead on climate change and the use of our expansive oil and gas reserves to contribute to the advancement and development of our country and region.”
INTERNATIONAL FINANCIAL REFORM
President Ali noted that leaders have to now direct their energies to a more balanced approach towards ‘net zero’ in a realistic environment.
And international financial reform will be crucial in meeting these global targets.
“As custodians of a rainforest the size of England and Scotland combined, we are of the view that the lack of financing for standing forests suggests they are worth more dead than alive.”
“That is why we support the expansion of financial mechanisms that appropriately value the environmental services provided by forests including through the carbon market,” he added.
The existing financial architecture he said is incapable of addressing current global challenges.
However, with a balanced approach and adequate financing, the Guyanese Leader believes that the goals can be met in a realistic environment.
He further outlined serious measures, which include a cut in fossil fuel production; incentivising the introduction of renewables at scale; exploring advances in technology in using carbon capture and storage; cutting deforestation and land degradation and; introducing measures to curb demand for energy to address the climate phenomena.
Dr. Ali also cited a number of international publications and reports that suggested that in excess of billions of dollars will be needed for global targets to meet.