-President Ali says, emphasises economic value of biodiversity
PRESIDENT Dr Irfaan Ali has noted that countries protecting critical environmental resources must be fairly compensated for the services it provides to the world and called for a global system that places tangible economic value on biodiversity.
The Head of State made the call while recently delivering remarks at the Baker Institute’s Centre for Energy Studies’ “The Future of Guyana” conversation in Houston, Texas.
He stated that Guyana is actively pushing for market-based mechanisms that reward nations maintaining standing forests and safeguarding biodiversity.
Dr Ali noted that while Guyana continues to expand its oil and gas sector, it has simultaneously maintained one of the world’s lowest deforestation rates and preserved more than 85 per cent forest cover.
“Here is a country that is growing its oil and gas sector at unprecedented speed, but at the same time securing a standing forest better than anyone else in the world,” President Ali said.
He explained that Guyana has committed to keeping its forests intact, while also opening them to international monitoring and verification systems.
“Our carbon credits are certified at jurisdictional scale,” he said.
The President as such, emphasised the country’s efforts to ensure transparency and credibility in environmental stewardship.
However, he argued that global financing systems continue to disadvantage countries that have historically protected their natural resources.
“The world is ready to incentivise and pay countries that took down their forests and give them resources to replant the forests. But for those who kept this standing, you’re given a thank you note,” he said.
“That’s not how international economics work. That is not how countries survive.”
According to the President, Guyana is now advocating for stronger international frameworks that allow forest and biodiversity services to be monetised through market-based systems.
“We are saying that this needs to be monetised. A market-based mechanism must be developed,” he said.
President Ali noted that Guyana is co-chairing the Global Tropical Forest Alliance as part of efforts to advance international discussions on forest valuation and climate services.
Adding to this, the President also highlighted the growing importance of biodiversity protection, warning that the world has already experienced significant biodiversity loss over recent decades.
“We live in a world where 60 per cent of our biodiversity is already lost in the last 60 years,” he said.
He argued that biodiversity preservation must be viewed not only as an environmental issue, but also as an economic and developmental concern tied to industries such as healthcare, pharmaceuticals, research and indigenous heritage.
“Biodiversity is critical to the pharmaceutical industry, the healthcare, the research and development, the indigenous culture, the indigenous language,” President Ali stated.
Against this backdrop, he disclosed that Guyana has also taken a leading role in establishing the Global Biodiversity Alliance, bringing together governments, researchers, academia, and industry stakeholders to explore systems for valuing, and protecting biodiversity resources.
He went on to add that fragmented approaches to climate and environmental challenges are insufficient and called for greater global co-operation to create fairer and more practical solutions.
