Guyana and Norway yesterday signed an agreement that will see Oslo paying US$30 million ($6.2 billion) next year and potentially up to US$250 million ($51.7 billion) by 2015 for Guyana to preserve its forests.
Under the partnership, Guyana will accelerate its efforts to limit forest-based greenhouse gas emissions and protect its rainforest as an asset for the world. Norway will provide financial support to Guyana at a level based on this country’s success in limiting emissions. This will enable Guyana to start implementing its Low Carbon Development Strategy (LCDS) at scale, a joint statement issued through the Government information Agency (GINA) said.
The Memorandum of Understanding was signed in Fairview, Region Nine by President Bharrat Jagdeo and Norway’s Minister of the Environment and International Development Erik Solheim. The MOU shows the two countries determination to work together to provide the world with a working example of how partnerships between developed and developing countries can save the world’s tropical rainforests, GINA said.
“It will be impossible to defeat climate change if we don’t significantly reduce tropical deforestation,” President Jagdeo was quoted as saying. He added: “We said several years ago that the people of Guyana stood ready to play our part in determining how this can be done. We are delighted to work alongside Norway in searching for solutions that align the development aspirations of our people with the urgent need to protect the world’s tropical forests.”
The financial support from Norway will be channelled through a new fund, the Guyana REDD+ Investment Fund (GRIF). The Ministry of Finance will be responsible for the GRIF’s operations and a reputable international financial institution to be selected by Norway and Guyana will act as manager of the fund. The mechanism will ensure full national and international oversight of financial flows, according to the statement.
With deforestation accounting for about a fifth of all greenhouse gas emissions from human activities, Guyana’s LCDS sets out how this country can limit forest-based emissions, convert almost its entire energy sector to clean energy, accelerate the development of low-carbon economic sectors and address the huge challenges the country faces in adapting to climate change.
“Through this partnership we are building a bridge between developed and developing countries,” the statement quoted Solheim as saying. “We are giving the world a workable model for climate change collaboration between North and South. It’s not perfect, but it’s good and it will be improved upon as we learn and develop together,” he added. Solheim further said that saving the world’s remaining tropical forests is a crucial element in the battle against climate change and his country is proud to support Guyana’s contributions in this effort. “We are committed to contributing $30 million to support the Guyana REDD+ Investment Fund in 2010. Provided that the expected results are achieved and that other elements of the partnership fall into place, our support for the years up to 2015 could add up to as much as US$250 million,” he said.
Meanwhile, Jagdeo pointed out that addressing climate change can no longer be just about campaigning for action. He said that it must be about designing solutions and delivering results. “This will not happen as long as developing countries are treated as passive recipients of aid. Instead, we need to be equal partners in the search for solutions. When we find solution-oriented partners like Norway, we will not be found unwilling,” he stated.
The President said that the Informal Working Group on Interim Finance for REDD+ has set out a framework for others to join the two countries in achieving a 25% reduction in global deforestation and forest degradation by 2015 for less than 25 billion Euros. If successful, this would be the single biggest contribution to combatting climate change during this period.
The statement noted that three years ago Jagdeo had said Guyana might be willing to place its entire rainforest under long-term protection “to help in the world’s fight against climate change providing our peoples’ sovereignty is respected.” At yesterday’s signing, the President said “that goal just came closer.”
Norway has other forest protection projects in the Congo and Amazon basins and Tanzania. Until now, nations with high levels of forest cover have attracted less cash than worse performers promising to slow high rates of deforestation.
A deal to help protect tropical forests is due to be agreed to at the United Nations climate conference in Copenhagen, Denmark next month.