–institution’s Vice-President for Latin America and the Caribbean says, commends country for global forest conversation leadership

THE World Bank’s Vice-President for the Latin America and Caribbean Region, Carlos Felipe Jaramillo has said that the international financial institution is interested in the good learning practices that Guyana has to offer on its efforts to combat the effects climate.

Guyana has been at the forefront of discussions related to climate change, food security, and international peace and security on the global stage.
Regarding climate change, the country’s landmark Low-Carbon Development Strategy (LCDS) 2030 is a testament to its commitment to not just discussing the topic, but also presenting actionable solutions for sustainable development.

The LCDS, in a nutshell, is a framework intended to map the path of a new growth trajectory in a non-polluting way.
Vice-President Jaramillo, during a meeting with Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr. Ashni Singh, on Wednesday commended the Government of Guyana on its global leadership in forest conservation, and for supporting global climate change mitigation, noting that the Bank continues to be interested in the good learning practices that Guyana has to offer on climate efforts.

The LCDS 2030, according to the official website, sets out four inter-linked objectives for Guyana, the first three of which were the basic objectives of the LCDS since 2009, and the fourth was added to reflect new local and global realities: Value Ecosystem Services; Invest in Clean Energy and Stimulate Low-Carbon Growth; Protect Against Climate Change and Biodiversity Loss; and Align with Global Climate and Biodiversity Goals.

Reflecting on the meeting with Vice-President Jaramillo, Minister Singh said it served as an opportunity for dialogue on Guyana’s Low-Carbon Development agenda, human capital development, and opportunities for partnership between the government and the financial institution in other areas in line with its expanding and evolving capacity.

Elaborating on Guyana’s exemplary climate credentials, Dr. Singh highlighted the important role of Guyana’s forests in national development and in combatting climate change globally, and in serving to mobilise resources from domestic assets.
He said that Guyana’s first LCDS led to an agreement with Norway in 2009, thereby earning the country US$220 million for climate services rendered.

The second-generation LCDS 2030, which prioritises the evolution of the sale of forest climate services, saw Guyana being the first country to be issued jurisdiction-scale carbon credits, followed by the announcement of the world’s first sale of such credits.

In 2022, after being awarded the first jurisdiction, Guyana sold 37.5 million carbon credits for US$750 million, to be paid during 2022-2032 (a third of the credits Guyana will receive over 2016-30), one of the largest transactions in the world.
More recently, Guyana made the world’s First Paris Agreement Corresponding Adjustment for ART-Issued TREES Carbon Credits, allowing for the authorisation of carbon units for use in the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).