-President Ali says, announces plans to intensify talks on economic modelling for biodiversity, climate and ecological services
-calls on EPA to be more proactive

IN the coming years, Guyana is set to earn more money for conserving its vast forest and biodiversity, President Dr. Irfaan Ali has said.

Dr. Ali during an address at an event held by the Environmental Protection Agency (EPA) on Sunday evening, explained that while the country has already embarked on an ambitious venture to earn money for its forest through the sale of carbon credits, the continued and advanced conservation of the country’s plant and wildlife could see more revenue being generated.

“One of the important plans of our economy in the future would be ecological services, climate services and biodiversity services. These are three sets of services that Guyana would offer globally that will carry a price tag,” the Head of State said.

In an effort to address the climate crisis, Guyana introduced the first Low-carbon Development Strategy (LCDS) of any developing nation in 2009. The strategy outlined a vision for equitable, sustainable development while also preserving the nation’s forests, which make up roughly 85 per cent of its land mass.

In that same year, Norway and Guyana had agreed to collaborate in order to develop a model advancement payment for forests.

The country’s then President, Bharrat Jagdeo and Mr. Erik Solheim, Norway’s Minister of the Environment and International Development, signed a deal that called for Norway to pay Guyana for forest climate services.

This approach has enabled the country to conclude transactions of almost US$1 billion in payments for the climate services provided by Guyana’s forests, of which US$227 million stemmed from the bilateral deal with the Government of Norway, and an additional US$750 million from the sale of ART-TREES credits made in 2023.

Through its LCDS Guyana has set out a model to balance economic development alongside conserving the country’s forests and biodiversity, while being compensated for same.

“Already we see our carbon trade has taken on a life of its own. In just four years, less than four years, we have managed to regain our position globally as a lead thinker, a lead activist and lead innovator on forest and forest issues,” President Ali said.

For those who may not know, the voluntary carbon market gives companies, non-profit organisation, governments, and individuals the opportunity to buy and sell carbon offset credits.

A carbon offset is an instrument that represents the reduction of one metric tonne of carbon dioxide or greenhouse gases or emissions.

Currently, Guyana has commenced engagements with several commercial airlines to secure a market within the aviation sector for its certified carbon units.

Guyana became the first country to receive CORSIA (carbon offsetting and reduction scheme for international aviation) eligible credits for airlines. The standards required for the aviation sector under CORSIA were established by the International Civil Aviation Organisation (ICAO).

ECONOMIC MODELLING
As the country continues to pursue the ambitious venture of earning money for its forest, President Ali noted that the EPA would have to be more proactive.

“The EPA would find itself not only as part of the regulatory body and the oversight mechanism in all the development projects and all the oil and gas projects, but importantly as we build out this plan of the economy which is ecological and climate services, the EPA will have to continue to expand its wings.”

He noted that soon discussions would be centred on developing an economic modelling for biodiversity services and ecological services.

“There is no formula; there is no modeling as yet globally. And we have to do a lot of this thinking work. We will have to do a lot of this theoretical work, positioning these as important services globally.”

He added: “We have already committed to the world that we are going to take on this responsibility and that would require the EPA in its policy orientation to develop this ability so that we can now move one-step further in the expansion of the plank of development in climate service.”