President Ali urges greater participation by EU towards achieving climate security

Recognising the need for increased involvement of countries within the European Union (EU) on issues surrounding climate change, President, Dr. Mohamed Irfaan Ali on Tuesday issued a stern call for these states to participate in the carbon credit market.

President Ali was at the time addressing the European Union-Community of Latin American and Caribbean States Summit 2023 (EU-CELAC) in Brussels, Belgium.

The head of state posited that there must be a stronger commitment from the more developed countries to play a larger role in offering financing, to ensure that the United Nations’ Sustainable Development Goals (SDGs) can be achieved.

“On the issue of climate financing, we have heard a lot…but I want us all to agree today that enhanced advocacy and representation of the [Sustainable Development Goals] and to have a stronger voice and representation in financial institutions is of optimum importance,” Dr. Ali stressed.

Further, the president called for the EU and CELAC to have a “joint energy strategy,” which will pave the way for plans to be put into action.

“Here in the EU and CELAC, where is our joint energy strategy? What is the role of natural gas in the transition? Are we willing to have a frank, balanced approach on a discussion of oil and gas?… We cannot say that we want to find a common solution and lock out the producers of hydrocarbon from the discussion, this is not in our interests,” the president asserted.

With Guyana already providing climate change leadership on the global front, the president encouraged the countries to get on board as purchasers of carbon credit and contribute to the fight against climate change.

“These are the real questions before us,” he emphasised.

Guyana received its first payment for carbon credits under an agreement with Hess Corporation, a North American company participating in the oil and gas industry, which will see Guyana earning US$750 million at the end of 2030.

The payment is a result of the Government of Guyana’s continued recognition of the important role that Guyana’s forest plays in the development of the country, as well as combatting climate change globally.

Guided by the ground-breaking Low Carbon Development Strategy (LCDS) 2030, Guyana has set out a vision for monetising the climate and ecosystem services provided by its standing forest, while accelerating the country’s economic development along a low carbon trajectory.