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Govt. commits $2B in mining revenue to protected areas trust fund
Members of the Board of Trustees and other stakeholders with Natural Resources Minister, Robert Persaud, shortly after the announcement yesterday.
In what it described as a ground-breaking move towards improved environmental stewardship, the Government of Guyana yesterday announced that the country will contribute approximately US$10M (G$2B) in mining revenues to the National Protected Areas Trust Fund.
This announcement was made by Minister of Natural Resources and the Environment, Robert Persaud, at the first Board of Trustees meeting of the National Protected Areas Trust Fund. According to the Minister, the country has recently made significant strides in establishing a National Protected Areas System, with the endowment geared to further support efforts to conserve the country’s natural heritage.
According to the Ministry, the announcement also underscores the Government’s commitment to the Low Carbon Development Strategy (LCDS) and the conservation of biodiversity in Guyana.
The Protected Areas Trust Fund is called for under the Protected Areas Act 2011, and is the latest major component of the country’s multifaceted approach to protected areas development to come on-stream. The Fund is separate and apart from the Protected Areas Commission, is managed as a corporate body by a six-member Board of Trustees. The trustees were nominated by the Government, the Private Sector Commission, the University of Guyana, the National Toshaos Council, and non-governmental donors.
“To date, the NPATF has also received commitments of US$5.3M from the Government of Germany, and US$3.5M from Conservation International’s (CI) Global Conservation Fund. The NPATF will function primarily as an endowment fund, where the funds received, will be invested in various secure international markets to ensure a steady and attractive rate of return, competitive with similar trust funds.”
The revenue generated by these investments; will then be used to implement management plans, strengthen monitoring and enforcement in protected areas, support sustainable community enterprises, biodiversity conservation, and environmental education and awareness.
Guyana established its Protected Areas System with the passing of the National Protected Areas Act in 2011. This was quickly followed by the creation of new protected areas, the Protected Areas Commission and interventions aimed at improving the management of the system. The Protected Area System is made up of the Kaieteur National Park, Kanuku Mountains Protected Area, Shell Beach Protected Area, Iwokrama Rainforest, the Zoo and Botanical Gardens and other urban parks.
According to the Ministry, with the contribution of US$10M by the Government to the NPATF, Guyana joins a select group of countries that have made similar commitments to their Protected Areas financing. “However, unlike many of the countries in the region, Guyana has taken the novel approach of using proceeds from the extractive sector to support protected areas management, and in doing so, further reaffirms Guyana’s deep and abiding commitment to finding the balance between conservation and development.”
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