GUYANA has once again made its mark on the world stage when Minister of Natural Resources Vickram Bharrat presented the country’s innovative climate-finance model at the recent Amazonian Forever Summit held in Belem, Brazil.

A press release from the ministry noted that Minister Bharrat took centre stage to share Guyana’s ground-breaking approach to balancing economic development with environmental sustainability. At the heart of this approach lies the country’s Low Carbon Development Strategy, which has garnered international attention for its effective ecosystem valuation of forests.

During his address, Minister Bharrat highlighted Guyana’s impressive progress in climate action, particularly noting the country’s success in maintaining a low deforestation rate. This achievement underscores Guyana’s commitment to preserving its vast rainforests, while pursuing economic growth.

The minister detailed the evolution of Guyana’s climate-finance model, explaining how it transitioned from relying on international public finance to embracing a market-based mechanism with private finance. He announced that Guyana has earned US$224 million under a bilateral agreement with the Government of Norway, based on verified results in forest conservation and sustainable management.

In a significant development, Minister Bharrat revealed that Guyana recently finalised a market-based agreement for the sale of carbon credits worth over US$750 million. This landmark deal not only validates Guyana’s approach, but it also sets a precedent for other nations seeking to monetise their conservation efforts.

Looking ahead, Minister Bharrat outlined the priorities for Guyana and the broader Amazon region in upcoming international forums. He emphasised the importance of the Conference of Parties meeting (CoP 16) of the Convention on Biological Diversity, scheduled to be held in Colombia later this year, and the UNFCCC Meeting (CoP 30), set for Belem, Brazil in 2025. These platforms will be crucial for highlighting the importance of climate finance, forest protection and the preservation of vital ecosystems, including watersheds and biodiversity.

The minister stressed the need for a scalable, replicable, and sustainable model for climate finance that aligns with a low-carbon development approach. He positioned Guyana’s model as a potential blueprint for other nations to follow, showcasing how a small country can make a significant impact on global climate action.

This presentation at the Amazonian Forever Summit marks a pivotal moment in regional co-operation on climate issues. By sharing its successful model, Guyana is not only asserting its leadership in sustainable development, but it is also encouraging other Amazonian countries to adopt similar, innovative approaches.

As the world grapples with the urgent need for effective climate action, countries such as those in the Amazon will continue to collaborate. The international community will undoubtedly be watching closely as Guyana continues to refine and implement its ground-breaking climate-finance model.