Minister of Natural Resources Vickram Bharrat presented the country’s forward-thinking approach to climate finance at the recent Amazonian Forever Summit held in Belem, Brazil, from July 26 to 27. The summit, which gathered ministers and officials from various Amazonian nations, provided a platform for sharing strategies and solutions for sustainable development in the Amazon region.
According to a press statement, Bharrat highlighted Guyana’s pioneering Low Carbon Development Strategy (LCDS), which demonstrates how economic growth and environmental sustainability can coexist. Central to this strategy is the effective valuation of forest ecosystems, which plays a crucial role in Guyana’s climate finance framework.
Bharrat detailed Guyana’s progress in climate action, the release said, particularly its success in maintaining a low deforestation rate. He traced the evolution of the country’s climate finance model from its beginnings with international public financing to its current status, where it integrates market-based mechanisms with private sector investment, it added.
A significant highlight was the announcement that Guyana had secured US$224 million from a bilateral agreement with Norway, based on verified environmental results, the release said. Moreover, the minister revealed a recent milestone where Guyana finalized a market-based agreement with Hess Corporation, a partner in the Stabroek Block, for the sale of carbon credits valued at over US$750 million. To date, more than US$230 million of this revenue has already been received by the government. Bharrat underscored the importance of scalable, replicable, and sustainable climate finance models and lauded Guyana’s approach as a benchmark for future efforts, the release said.
Looking ahead, with the Conference of Parties (COP) meeting approaching, Bharrat outlined Guyana’s and the Amazon region’s priorities, the release stated. He emphasized the need to focus on climate finance, forest protection, and the preservation of vital ecosystems, including watersheds and biodiversity.
The Amazonian Forever Summit also marked the formal launch of the Amazonia Forever programme by the Inter-American Development Bank (IDB). This ambitious initiative aims to enhance financing, share strategic knowledge, and boost regional cooperation to foster sustainable, inclusive, and resilient development across the Amazon.
Amazonia Forever, introduced in July 2023 following a meeting of IDB governors from Bolivia, Brazil, Colombia, Ecuador, Guyana, Peru, and Suriname, will address key areas such as sustainable agriculture, forestry, the bioeconomy, infrastructure, and urban development. The programme will also emphasize the inclusion of women, indigenous peoples, Afro-descendants, and local communities, alongside efforts in climate and forest conservation and the strengthening of institutional capacities and the rule of law, the release said.
