Guyana stands committed to carbon neutrality, sustainable development – President Ali

President Dr Mohamed Irfaan Ali emphasised the significant impact of Guyana’s climate adaptation efforts on the global stage, reaffirming the government’s commitment to achieving carbon neutrality.

He made these remarks during an interview on Trinidad and Tobago’s Morning Brew.

Given Guyana’s strategic location in the Amazon basin and its extensive forest coverage, the country plays a crucial role in the global fight against climate change.

The Amazon basin is often referred to as the ‘lungs of the world’, accounting for roughly 20 per cent of the world’s oxygen. Within this context, President Ali said Guyana is playing a leading role in forest management, and securing the lungs of the world.

“The forests of Guyana store 19.5 gigatonnes of carbon, but also the carbon dioxide that the forest captures. So outside of the storage we have carbon capture.“

“And then you look at the richness of the biodiversity in a world where, in the last 50 years, we have lost more than 60% of our biodiversity and ecological services, then you understand in totality the value of Guyana’s forests to the world,” the president explained.

In light of this, President Ali stressed the necessity for the developed world, particularly carbon emitters to take decisive action in supporting the battle against climate change.

This requires substantial investments in climate adaptation endeavours, a cause for which the government has consistently advocated.

Additionally, Guyana is already showcasing a distinctive model for monetizing natural assets in a manner that fosters sustainability and carbon neutrality, the president highlighted.

In December 2022, the country signed the historic multi-year agreement with Hess Corporation, which resulted in the country purchasing 2.5 million carbon credits annually for the years 2016-2030.

This means that Guyana receives payments for maintaining its forest cover. These funds are then directed towards sustainable development projects, such as coastal defence, renewable energy and resilient agriculture systems.

The indigenous communities already receive 15 per cent of the funds garnered from this agreement. Over 800 projects are currently underway in these communities as a result of this initiative.

Recently, the country’s carbon credits were deemed eligible for use by airlines, for the initial phase of the International Civil Aviation Organisation’s (ICAO) global emission reduction program, CORSIA.  

According to President Ali, these achievements make it clear that Guyana is striving to build a more resilient future in the face of climate change.

“The type of policy and type of framework that we have built for the management of our forests and also for the deployment of forests as an important tool for climate change, has captured global attention and perhaps…” he said.

He said that Guyana  is one of the leading forces in sustainable forestry management but more importantly, on developing the model through which forests will be an important part of the future in terms of climate change.

The president also pointed to the Low Carbon Development Strategy (LCDS2030), which is the cornerstone of Guyana’s climate change efforts. The LCDS focuses on preserving the country’s vast rainforest, a significant carbon sink.  

It is with this guideline that the government is pursuing economic development through the use of its oil and gas resources while ensuring that Guyana maintains its environmental credentials.

“For us, the management of the forest is not only about climate change and the environment, it is deploying this great national asset, this natural asset, on the market to earn revenue to build out an economy that would lead to sustainable development,” the president further stated.

The Guyanese leader reiterated that the aim is to ensure the implementation of policies to prevent land degradation and protect forests while ensuring livelihoods and sustainable agriculture are preserved.