Economic model must be established to value biodiversity, standing forests

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–President Ali continues to champion after receiving prestigious ‘Wilson’ Award for outstanding efforts in environmental sustainability

THE establishment of an economic model is paramount to ensure that countries like Guyana are able to acquire adequate financial support to not just maintain its crucial biodiversity and standing forests but also enhance the lives of its people, President Dr. Irfaan Ali has said. Dr. Ali, who has been Guyana’s voice on the international stage for this and other crucial issues, was awarded by Wilson Center’s Latin America Programme for his efforts in environmental and biodiversity sustainability as well as climate action. Guyana has been a vocal advocate for the establishment of a global market mechanism to enhance the value of carbon credits, and leverage them as a significant revenue source. This call is rooted in the country’s proactive efforts to monetise its vast forest resources, which serve as vital carbon sinks, while promoting sustainable development and combating climate change.

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Florida on Thursday evening. At international fora like COP28, Guyana had urged world leaders to advance discussions on Article Six of the Paris Agreement, which pertains to market mechanisms for carbon trading. A robust global framework could stabilise carbon credit prices and incentivise greater participation from both buyers and sellers. This has been a recurring call by Guyana at different fora across the world. Guyana is being guided by its Low-Carbon Development Strategy (LCDS) 2030, which is an expanded and renewed framework for the country’s sustainable development through the year 2030. This strategy builds upon the original LCDS launched in 2009. Since 2009, when Guyana became the first developing country to launch such a strategy, it has managed to not only protect its forests, but to also create financial opportunities by trading carbon credits. Through a landmark deal with Norway, Guyana has received nearly US$1 billion in compensation for preserving its forests. Just last year, it sealed another major deal, selling ART-TREES credits for a minimum of US$750 million. These initiatives have shown that Guyana’s forests, part of the vast Amazon and the Guiana Shield, aren’t just valuable for their biodiversity, but also for their role in fighting climate change, storing nearly 20 gigatons of carbon dioxide. Now, with the country soon to establish an International Centre for Biodiversity in partnership with two of the world’s top universities, Harvard and Oxford, Guyana is looking to take these efforts to the next level, moving beyond carbon markets to create new opportunities for biodiversity protection. President Ali, during his address at the United Nations in September when he launched the Global Biodiversity Alliance on the world stage, stressed the urgency of moving beyond talk and into action, and reaffirmed his commitment to ensuring that Guyana leads by example. “Once again, the LCDS is powering our international diplomacy as a holistic, comprehensive, sustainable, resilient model for development and growth,” the President had said

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