Green Fiscal Policies pivotal in implementing GSDS

─ will facilitate reduction of ecological footprint

─ improve efficiency of public spending

DPI, Guyana, Thursday, March 14, 2019

The implementation of Green Fiscal Policies plays a pivotal role in the implementation of the Green State Development Strategy (GSDS), Vision 2040.

This is according to the United Nations Environment Senior Economic Affairs Officer, Dr. Joy Kim.

Speaking to the Department of Public Information (DPI) after a recently concluded workshop on the role of green fiscal policies on Wednesday, Dr. Kim explained that this will facilitate the reduction of the “ecological footprint” by utilising natural resources efficiently.

The Senior Economic Affairs Officer said, “through the reforming of fiscal policies, it can actually improve the efficiency of public spending and help motivate behavioural shifts among producers and consumers while we use our natural resources smartly and reduce environmental externalities.”

Stakeholders being engaged during the Green Conversations

[In the photo, from left] Manager of the Green Fiscal Policy Network, Dr. Tatiana Falcao and United Nations Environment Senior Economic Affairs Officer, Dr. Joy Kim as they address the participants during the Green Conversations

One such way to reduce environmental externalities is through the introduction of a carbon tax which will see consumers and producers paying for their carbon emissions.

“You’re consuming fossil fuels for example… You become the polluter to the extent that you are emitting carbon dioxide, so the whole idea behind carbon pricing is that you attach a price on carbon at a certain level in the production chain,” Manager of the Green Fiscal Policy Network Dr. Tatiana Falcao simplified.

The technical workshop held, on Wednesday, at the Cara Lodge Hotel saw representatives from various ministries engaged in sessions which dealt with the role green fiscal policies play, how they can be implemented and their impacts.  During the evening, the UN Environment representatives facilitated a green conversation at the Pegasus Hotel Guyana where they engaged a wider cross-section of stakeholders on green fiscal policies.

The GSDS is a 20-year strategy which aims at improving the lives of all Guyanese. While it was built on the Low Carbon Development Strategy (LCDS) which focused primarily on the protection of the forest, the key objectives of the GSDS include managing the natural resources wealth, supporting economic resilience, green inclusiveness and economic diversification.

Anara Khan

Images: Keno George