Guyana’s zero deforestation is a long-term investment opportunity – former Colombian President
Guyana offers a multitude of environmentally sound investment opportunities in the booming oil and gas industry, as well as the environmental boom of zero deforestation, conservation of nature and biodiversity, and sustainable housing, among other factors.
This was underscored by former President of Colombia, Ivan Duque, during day one of the Guyana Energy Conference and Supply Chain Expo at the Marriott Hotel, Kingston, Georgetown, on Monday.
The first investment opportunity which is the concept of zero deforestation will open the door to connect long-term investment with the development of a voluntary carbon credit market.
“Every dollar that is invested in Guyana, a country that has 85 per cent of its territory in tropical forests and jungle and non-deforestation is also contributing effectively. So that policy was adopted by this country a long time ago and it has been enhanced and reinsured by President Ali and his administration,” Duque told the gathering.
Another crucial investment opportunity is Guyana’s biodiversity asset.
He noted that Guyana, which is one of the most bio-diversified countries on the planet, can issue biodiversity bonds to get long-term financing for strategic projects and connect the work of corporations in helping to conserve the species.
“And that can connect that zero deforestation with a voluntary carbon credit market is also going to be a promised land for the next chapter of green financing globally, which will be the biodiversity credits that are hyper-connected with deforestation of nature and species. And this will also be a mechanism to elevate the access to finance through biodiversity bonds,” the former head of state underscored.
With this objective, he added that Guyana will be able to exchange those policies in a monetisable way to effectively achieve biodiversity credit.
It is expected that, by the year 2030, the biodiversity credit market will surpass $50 billion.
Duque also spoke about the energy transition that is being undertaken in Guyana, alluding to the expanded low carbon development strategy (LCDS) 2030 which focuses on the production of electricity in the country, moving from using heavy oil to natural gases and transitional fuel, and also connecting to renewables like water, solar and wind.
Having more clean energy for electricity production at a cheaper cost will allow the country to be more efficient in food production while achieving the region’s food security goal.
Guyana continues to invite the top eco-tourism corporations worldwide to have sites as well as to bring high-end tourism and foster the enjoyment of the national parks that will be triggered by complementary economies, that are also connected to the development of a strategic infrastructure.
The former Colombian President highlighted, “A dollar investment in Guyana is a greener dollar investment in other parts of the hemisphere. When you look at all these complimentary opportunities and ideas that are part of that low carbon development strategy.”
Sustainable housing is also another tremendous opportunity that Guyana has since many homes are conserving their electricity by using solar panels.
He also emphasised that Guyana has accelerated advancements in multiple products which are depicted at this year’s conference.
Guyana has also accelerated investments in roads, bridges, gas lines, and other areas.
These are examples of how Guyana is investing a substantial part of its resources in its human capital by allowing free access to education, while retraining and training its population with the requisite skills.
“But I think the decisions that have been adopted in terms of facilitating the contractual elements of infrastructure, are putting the economy into the fastest space ever in recent history,” Duque said.
The conference themed ‘Fuelling Transformation and Modernisation’ will run from February 19-22, at the Marriott Hotel in Kingston, Georgetown.