Forest preservation integral to building sustainable development – President Ali
President, Dr Mohamed Irfaan Ali has once again highlighted that the preservation of the forest is integral to building sustainable development for many countries, as the Amazon Basin is the key to the existence of humanity globally.
The rainforest which is located in the Amazon basin is known as the ‘lungs of the world’ and is a key asset for the livelihoods of people and the economies.
The rainforest serves as a massive carbon sink, storing more than 150 billion metric tons of carbon, or more than ten years’ worth of worldwide emissions from fossil fuels.
The president made the remarks during his featured address at the 6th Annual Security Challenges in Latin America Forum, on Thursday.
According to President Ali, a framework is required immediately for the world to understand the importance of forests and their role in preserving the globe.
“So, we have to understand that some of the consequential effect of what is taking place there is to deal with the livelihood of people and the livelihoods of the economies. If the world values what the lungs of the world are, then what are we willing to do? What are we willing to invest? We have to attach a value to this basin if we are going to protect the basin,” he stressed.
Many islands in the Caribbean have lost over 90 per cent of their natural forest cover due to hurricanes, agriculture, urbanisation, and infrastructure related to tourism., among others.
He continued by saying that the biodiversity aspect of the basin is not only about protecting the forest but also its contents.
The president highlighted that cross-border collaboration, policy integration, defense structure coordination, cooperative monitoring, shared values, and a unified goal are necessary to secure five million kilometres across nine nations.
The head of state explained that to address the climate crisis, over 19 per cent of the gross domestic product (GDP) of each nation in Latin America and the Caribbean (LAC) must be aligned with sustainable, resilient, and decarbonised development goals.
This amounts to US$1,300 billion in annual spending on defence, infrastructure, and social spending in 2030.
The International Monetary Fund (IMF) estimates that the cost of mitigation and adaptation alone for LAC might reach $90 to $100 billion annually.
The predicted financing gap between 2021 and 2030 is $18 billion for losses prevention and response, and $51 billion for adaptation, as a result of these expenditures surpassing the region’s financial inflows.
“If we are not valuing the asset that we have to safeguard, where is the resource coming from? That is why Guyana has made the case that we need to have a market model that values the asset and generates revenue for the asset…So that these resources that are critically needed for the safeguarding of the society can be raised,” he said.
President Ali further explained, “It is within our reach. We need to collectively find that willpower to change the attitude of the world toward forests and to move this asset to the market for monetisation…So that we can work now on securing it and investing in the regrowth of this asset.”
Guyana is uniquely positioned in the Caribbean and the Amazon Basin, where it can use its abundant oil resources to achieve sustainable growth that is both responsible and environmentally friendly.
The Low Carbon Development Strategy (LCDS), which is currently in its second phase of implementation, serves as the foundation for Guyana’s growth. The LCDS for Guyana presents a vision for achieving environmental sustainability and economic development simultaneously.
Guyana also has one of the lowest deforestation rates in the world. Guyana’s forests sequester more carbon than they generate therefore making Guyana a ‘net carbon sink’. Guyana’s forests sequester approximately 154 million tons of carbon annually.
President Ali highlighted that countries should consider implementing some of the measures Guyana has already implemented to effectively protect its forest and marine ecosystems.
These measures include the sustainable use, management and conservation of terrestrial and ocean resources, construction of institutions to support sustainable development at all levels including in human capacities and actively pursuing innovative climate finance mechanisms and other initiatives.
The forum was themed, ‘Environmental Protection: Land Use in the Amazon Basin and Marine Conservation.’