Wednesday, June 19, 2024
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HomeBusinessClimate / EnvironmentGuyana: Green investments to be made from carbon credit sales

Guyana: Green investments to be made from carbon credit sales

GEORGETOWN, Guyana, (DPI) – The revenue generated by the recent sale of Guyana’s carbon credits will facilitate a number of environmentally-friendly investments across Guyana, according to the Low Carbon Development Strategy (LCDS) 2030 fact sheet, a consultation will be held in order to determine the details of the LCDS 2030 objectives which are prioritised for investment.

However, highlights from the LCDS 2030 include numerous national and multi-community programmes.

One of these is a transformative investment in renewable and low-carbon energy on, and near the coast to ensure the modernisation and decarbonisation of Guyana’s national electricity grid.

While electricity demand can grow five-fold over the next few years, these investments seek to ensure gas emissions stay essentially flat, while electricity prices are halved.

Linden and the Essequibo Coast will also be connected to the main national grid for the first time.

Transformative investment in renewable energy isolated grids will also be explored, with each isolated grid – Lethem, Mahaica, Bartica, Kwakwani, Matthew’s Ridge, Port Kaituma, and Mabaruma – receiving most of its power from renewable energy by 2030.

For villages and communities in remote areas, existing programmes for solar power and mini-grids will be accelerated so that by 2030, all hinterland villages will be electrified using the best technology for their situation.

Major investments will also be made towards protection against climate change and biodiversity loss, including sea defence enhancement, strengthening the network of canals and irrigation, and building climate-resilient agriculture.

Additionally, the government will offer support for job creation in agriculture and fisheries, tourism, manufacturing and services, as well as improving the job creation and economic value of sustainable forestry and low-income mining.

Under this initiative, new markets will be opened up for certified, sustainable forest products.

Through the expansion of telemedicine, smart hospitals and expanded focus on hinterland healthcare, as well as improving climate and environmental literacy within the education system, investments will be made in health and education.

A new International Centre for Biodiversity Research, with associated opportunities for increased research and development work by national and international institutions, will also be created.

The government will also expand the country’s protected areas, in keeping with the global ‘30 by 30’ biodiversity goal.

New revenue stream for village-led plans

Amerindian and titled lands and extensions represent 12.7 percent of the forested areas in Guyana.

Therefore, in line with the revenue-sharing mechanism designed during the seven-month national consultation on LCDS 2030, a dedicated 15 percent of revenues will be available for community/village programmes for indigenous peoples and local communities as set out in Village Sustainability Plans.

These plans are created by the villages themselves. In some cases, they may be new plans, whereas in others they may be updates to pre-existing plans.

The dedicated 15 percent of revenues will be supplemental to investments received under national and multiple-community programmes.

Village plans must be produced in accordance with existing village-led decision-making processes and principles of FPIC (Free, Prior and Informed Consent), as set out by LCDS 2030.

Despite the inevitable varying of village plans, previous experience has suggested that villages will likely prioritise areas such as community infrastructure, communications, livelihood opportunities, nature and the environment, education and health.

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