President Dr. Irfaan Ali says Guyana is sacrificing billions of dollars (One Guyana dollar=US$0.004 cents) in order to keep its forests which are almost the size of England and Scotland combined, to help protect the earth by storing gigatons of harmful gases.
“If the world is to work in a fair manner, forget about oil and gas. Our forests stand at US$195 billion dollars, from a carbon perspective,” President Ali told a virtual forum organized by the Global Business Leadership Forum.
The forum was chaired by Deodat Maharaj, the executive director of the Barbados-based Caribbean Export Development Agency, and was moderated by Rhonda Binda, Vice President, Government Affairs and Social Impact, Madison Square Garden Entertainment Corporation and Gary Mar, president, and chief executive officer of the Canada West Foundation.
Guyana’s forest stores about 21.8 billion tons of carbon dioxide, which, if cut down, would release all of that gas into the atmosphere, causing further harm to the environment. As a result, the Caribbean Community (CARICOM) country has kept its forests intact, cutting down less than 0.005 percent of the trees.
He said it is this system that has allowed local authorities to confirm that Guyana has the world’s second-highest level of forest cover, an estimated 85 percent of the country’s landmass.
He said this expansive forest cover could earn Guyana that US$195 billion if countries or companies buy into the project.
Over a decade ago, Norway was the first to buy into Guyana’s offer, signing a deal for US$250 million, once deforestation rates remain intact.
President Ali said beyond the value of the carbon stored, the forest and trees themselves yield enormous value, noting for example that the total wood that could be harvested from Guyana’s forest is valued at about US$500 billion.
“We harvest only 400,000 cubic metres of wood – not even close to 50 percent of our annual allowance,” Ali told the forum adding that if all mining areas were used, there could be about US$34 billion in gold, and an estimated one billion US dollars in bauxite. He said significant sums could be garnered from quarrying activities too.
President Ali said because the country is intent on protecting its forests, much of these potential revenues are sacrificed, informing the delegates that the updated Low Carbon Development Strategy (LCDS) is designed to earn the country payments for maintaining the forests.
He said these payments, as done before, are expected to fund sustainable development efforts, including hinterland development.
In addition, the payments are seen as crucial to helping Guyana mitigate the impact of climate change.
“We don’t want the world to know us as an oil and gas magnate. We want the world to know us as a country with a well-diversified economy that is pushing people’s prosperity and one that is bringing the country together and working towards economic prosperity,” Ali said, noting also Guyana’s efforts at being in the forefront of the regional food security agenda that could result in Guyana producing more food, satisfying both the local and regional multi-billion-dollar food market.
CMC/
