Pres. Ali wants Guyana’s carbon credit price to be US$70 per tonne on global market

Aug 31, 2023 News

Kaieteur News – In the global arena of environmental economics, Guyana emerges as a steadfast advocate for equitable compensation for carbon credits, as it continues to press for a substantial increase in the prevailing carbon credit pricing. President Irfaan Ali, in a recent discourse held at the University of Guyana, articulated the nation’s resolute ambition of driving the carbon credit price to a remarkable $70 per tonne.

During this thought-provoking dialogue, President Ali engaged in a conversation with former British Prime Minister, Tony Blair, concerning the intricate balance between developmental aspirations and the imperative to safeguard the world’s rainforests.

Highlighting a significant financial gap that currently poses a challenge, President Ali spotlighted the pressing need for $2.3 trillion to fulfill the crucial Sustainable Development Goals by 2030. This financial hurdle gains further prominence against the backdrop of insufficient returns from carbon credit sales on the global market.

Amidst the bounty of natural resources bestowed upon Guyana, President Ali expounded on the country’s predicament: the presence of vast standing forests juxtaposed with a lack of viable markets for these forest ecosystems. He accentuated the inevitable human need for sustenance and development, emphasizing the urgency of addressing the prevailing carbon credit pricing conundrum.

President Ali said, “The carbon price must be US$70 per tonne. It is not even US$7. And that is why the market is so important. We have to fix that fundamentally.”

To grapple with this fundamental issue, President Ali called for a united regional effort to rectify the pricing mechanism. He noted that without such collaborative action, the ongoing dilemma of balancing developmental pursuits and ecological preservation will persistently haunt nations across the region.

Elevating the discourse, President Ali posed a formidable question: How can the international community collectively agree to set the carbon credit price at a resolute US$70 per tonne? He challenged the world to make this momentous decision in pursuit of net-zero emissions, marking a crucial step towards addressing the climate crisis.

In this poignant exchange, former Prime Minister Tony Blair also underscored the monumental educational and inspirational potential embedded within Guyana’s rainforests. Blair commended Guyana’s formidable credibility on the global stage for its ardent commitment to forest conservation, a rare attribute in the ongoing battle against climate change.

He hailed Guyana as a leader poised to make a significant impact in the upcoming United Nations Climate Change Conference, popularly known as COP 28. Scheduled to convene in Dubai, United Arab Emirates, this pivotal event carries the potential to reshape international climate discussions.

Moreover, Blair lauded Guyana’s pioneering Low Carbon Development Strategy (LCDS), heralding it as a beacon of hope to dispel the purported dichotomy between development and environmental protection. He called for harnessing the momentum from COP 28 to propel the LCDS towards an even more robust future.

Beyond its economic significance, Guyana’s verdant rainforests hold an intrinsic value that transcends borders. Encompassing a sprawling 18.4 million hectares, these forests harbor an astonishing 19.5 gigatonnes of carbon and annually absorb 154 million tonnes of carbon dioxide, contributing to the global fight against climate change.

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carbon credit, global, Market, President Irfaan Ali, Tony Blair

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