Guyana to get US$40M more from Norway this year - Finance Minister

Guyana to get US$40M more from Norway this year – Finance Minister

Jan 19, 2011 News

The second tranche of the funds for Guyana under the Memorandum of Understanding (MoU) that was signed with the Kingdom of Norway is expected to be placed in the Guyana REDD+ Investment Fund (GRIF) early this year.
This is according to Finance Minister Dr Ashni Singh who told the House on Monday last, during his budget presentation that “Early in 2011, we also expect to receive the second tranche disbursed by Norway, amounting to US$40 million, to lend further support to projects under the Low Carbon Development Strategy (LCDS).”
This follows the US$30 million that was disbursed last year but which is still to be released to Guyana.
Dr Singh told the House that Guyana’s leadership, advocacy and early action on climate change continues to receive international recognition and support, and 2010 saw several key accomplishments in this regard.
He said that Guyana remains active in negotiations under the United Nations Framework Convention on Climate Change (UNFCCC), through which a new international deal was shaped with respect to REDD+, as part of the Cancun climate summit.
“This decision recognises the role of forest conservation and sustainable forest management in mitigating climate change, making these activities eligible for climate financing, much to Guyana’s advantage…The Cancun decision also establishes an adaptation framework and a technology transfer mechanism to help developing countries adapt to the adverse effects of climate change and made provisions for climate financing of up to US$30B by 2012, and US$100B annually, by 2020.
He said that in 2010, President Bharrat Jagdeo was invited by the United Nations Secretary General to serve on a High Level Panel to examine climate financing.
The Panel has just concluded its work, which will guide future activities in assuring financial support for adaptation and mitigation in developing countries such as Guyana.
Dr Singh said that in 2011, Guyana will continue to advocate for a strengthening of the REDD+ decision to include market mechanisms for REDD financing, the raising of emission reduction targets by developed countries, and the operationalising of the administrative and financial mechanism to disburse the financing that was pledged.
The Finance Minister said that at the national level, government was able to further advance the LCDS and start implementation of the Guyana-Norway Agreement.
“In 2010, important progress was made with our bilateral and multilateral partners towards building an innovative model for payment for forest climate services…This has been a challenging process and, in the immediate term, designing this model has called upon the collective resources of all to try to adapt existing financial and other instruments to fit a model that emphasises delivery of results, while at the same time meets international standards for fiduciary, social and environmental safeguards, and is one which could be replicable for other forest countries.”
He added that in the future, it is the expectation that Guyana’s advocacy, leadership and negotiations at the international level will see refinement to this model until one is achieved that that is fully reflective of the principles of payment for climate services.
Dr. Singh said that in 2010, the first tranche of performance-based funds, approximately US$30M, was disbursed by Norway and deposited with the trustees into the GRIF.
“This was one of the first payments for forest climate services received by a developing country and represents a new economic opportunity for our country.”

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Guyana to get US$40M more from Norway this year – Finance Minister

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