Guyana holds keys to be prudent oil manager, climate change champion

Apr 23, 2022 News

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LCDS 2030 PT 2…

Kaieteur News – While Guyana is now one of the world’s most coveted oil and gas exploration hotspots on account of the 31 discoveries made offshore and its reserve of 10 billion barrels of oil in the Stabroek Block, she remains focused on being a model State to the rest of the world.
According to the Government of Guyana’s Low Carbon Development Strategy 2030, revenues earned from the exploitation of this resource will go towards ensuring the country’s social and economic needs are met while providing support for diversification and a low carbon energy transition.
The document outlines that oil and gas revenues will be used to fund increased social and economic investments, most notably in health and education, to enable all Guyanese to reach higher standards of living and wellbeing.
Diversification of the economy will involve support for physical infrastructure – including river, road and air transport networks; the national digital connectivity network; and repairing coastal and Hinterland climate protection infrastructure. It will also involve targeted support for agricultural expansion in non-forested parts of Guyana to enable Guyana to become self-sufficient in key agricultural products, as well as an exporter to the region and beyond.
Since the country recognizes the need to align the development of its oil and gas sector with global trends towards decarbonisation, the relevant authorities have every intention of achieving ambitious domestic targets to maintain its position as a net-zero economy.
ABOUT LCDS 2030
LCDS 2030 outlines how the Government of Guyana will accelerate economic growth and development in a non-polluting, low carbon way. It outlines how Guyana will utilize and monetize its natural resources such as its lush and pristine forests in a sustainable manner so as to combat the impacts of climate change.
The document also ensures the country’s world-class forests, biodiversity, water, and marine resources are valued for the vital contribution they make to the health of the planet.
The current draft that was launched by President, Dr. Irfaan Ali in late 2021 is undergoing a period of consultation with citizens on how the nation can re-double its efforts towards achieving the outlined vision, the roots of which can be traced back to 2009.
In 2009, Guyana had launched the first Low-carbon Development Strategy as a developing country, setting out a vision for inclusive, sustainable development, while simultaneously maintaining the country’s forests, about 85% of the country’s territory, to help meet some of the most urgent challenges the world faces.
There is no doubt that Guyana intends to stay true to the vision set out in 2009 which is to create a model low-carbon economy for the world.
Since 2009 however, local authorities have gained a greater understanding of the outsized contribution Guyana’s ecosystems make to the world’s health and economy, as well as its role as one of the world’s most important countries for biodiversity conservation.
Here are some interesting facts about the important role Guyana’s forests play as noted in the LCDS 2030.
• Guyana has the second-highest percentage of forest cover on earth and is working with partners to sustain 99.5% of that forest while building the foundation for a new low carbon, ecosystem economy. The government has said it expects to tap opportunities to access a market mechanism for forest climate services and other ecosystem services. This will enable Guyana to store 19.5 billion tonnes of carbon dioxide equivalent (the measure used for greenhouse gas emissions).

• Deforestation rates are among the lowest in the world and Guyana is one of only four countries in the world (and one of only two in the Amazon Basin) verified to have sustained a High Forest Low Deforestation (HFLD) state.

• Guyana is one of four countries which host the Guiana Shield, one of the most pristine rainforest landscapes in the world. The Guiana Shield stores around 18% of the world’s tropical forest carbon and 20% of the world’s fresh water.

• Guyana has already earned income for ecosystem services. Over the period 2010 to 2015, the Guyana Norway Agreement on climate and forests saw Guyana earning US$220 million which saw over 2,000 jobs created under the micro and small enterprise project; 180 communities and villages received funding to strengthen entrepreneurship in Amerindian village economies; the Amerindian Land Titling Programme advanced with 13 villages issued with Absolute Grants, bringing the total number of Absolute Grants to 109. Furthermore, 21 villages were demarcated, 19 were issued with certificates of title, bringing total Certificates of Title to 96. Additionally, more than 500 villagers were trained in Free Prior and Informed Consent (FPIC), mediation and awareness exercises. Importantly, the Guyana Norway Agreement provided financing for the rehabilitation of the Cunha Canal, provided finance for the first utility-scale solar project in Guyana, and is financing the establishment of 200 ICT hubs in hinterland and rural areas.

LCDS 2030 is currently undergoing a period of national consultation. Once this is completed, the LCDS will be finalised and then tabled in the National Assembly.

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