By Faith Greene
Copyright guyanachronicle
— to supports carbon markets, forest conservation and reforestation
THE Delegation of the European Union to Guyana, in collaboration with the Global Green Growth Institute (GGGI), officially launched the ‘Driving Greater Climate Finance Uptake Through Improved Frameworks, Methods, Capacity and Enhanced Awareness of Payment for Ecosystem Services (PES)’ project.
The launch was held on Friday at the Guyana Forestry Commission’s Multiplex on Water Street, Kingston, Georgetown, and is being executed by GGGI in collaboration with the Government of Guyana.
The GGGI is also working in close partnership with the Ministry of Natural Resources and its affiliated agencies.
Funding for this project was provided by the EU in the sum of £1.2 million. The project endorses international efforts such as the United Nations Decade on Ecosystem Restoration (2021–2030) and complements Guyana’s Nationally Determined Contributions (NDCs), while also aligning with the European Union’s Multiannual Indicative Programme (EU MIP).
It was said that the project will enhance Guyana’s capacity to access and use carbon finance through better planning, pilot carbon capture and storage technology, and data-driven approaches that support reforestation, restoration and Payments for Ecosystem Services (PES). It will also support enabling policies, legal frameworks, and strategies to foster and utilise innovative financing tools.
This finance project seeks to address several challenges of low reforestation and restoration, which are caused by various interconnected barriers, including limited funding, low understanding of climate finance mechanisms, the absence of a comprehensive restoration plan, and the need for tested, nested project approaches to enable scalability and attract private sector support.
Some of the project outcomes and targets set include enhanced Government capacity to access carbon finance, improved enabling environment for reforestation and restoration, and improved climate finance awareness.
In his feature remarks, Commissioner of the Guyana Forestry Commission, Edward Goberdhan stated that this initiative adds to the EU’s support to Guyana in a number of areas, more specifically, in the area of support of the implementation of the EU’s Forest Law Enforcement Governance and Trade (FLEGT) programme, which encompasses a number of elements in the sustainable management of the forest, forest protection and forest conservation.
“This project will add to the legal and sustainable management of the forest, and we are happy at this junction that the EU has once again lent its support to the Government of Guyana through the GGGI initiative,” the Commissioner said.
Additionally, he stated that the project falls directly in line with the Government’s vision of the Low Carbon Development Strategy (LCDS).
The project aims for a five per cent increase in carbon credits and restored areas, mobilising US$5 million, and training 100 officials on land degradation.
It will also strengthen the environment for restoration by developing national plans, a nested REDD+ roadmap, and private sector engagement strategies to secure at least one private partner in reforestation.
Guyana’s forests cover more than 84 per cent of its land, and serve as a critical carbon sink, with significant ecological, cultural and economic value, providing essential global ecosystem services, including biodiversity conservation, carbon storage, water regulation, and climate resilience.
