Former Colombian President Ivan Duque emphasizes the economic and environmental significance of Guyana’s forests, highlighting their equivalence to the nation’s burgeoning oil sector. As leaders, scientists, and Indigenous representatives prepare for the inaugural Global Biodiversity Alliance Summit in Guyana, attention will focus on innovative financing methods for conservation, such as debt-for-nature swaps and biodiversity credits.
Duque points to Guyana’s remarkable position as a leader in low-carbon development, possessing 85% forest cover, which acts as a carbon sink. He underscores the potential monetary value of the country’s capacity to absorb carbon, suggesting that, if priced properly, it could rival the value of Guyana’s oil reserves, estimated at $11 billion annually.
This dual-role of forests and petroleum positions natural resources not just as economic assets but as vital contributors to social transformation in Guyana. Duque argues for the need to recognize these natural assets as immensely valuable, advocating for a ‘gross biodiversity product’ approach to reflect their worth.
The summit, set for July, aligns with Guyana’s Low Carbon Development Strategy (LCDS) 2030, which aims to balance economic growth with environmental preservation and supports local communities in sustainable practices. This pioneering strategy underscores Guyana’s commitment to aligning with global climate objectives and sustainability goals.
Source: guyanachronicle.com
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