Forests are important in order for the world to develop a pragmatic solution to climate change. This is according to Senior Director within the Ministry of Natural Resources with a focus on Climate and REDD+, Pradeepa Bholanath.
She made this point during her presentation at the International Energy Conference and Expo 2023 on Thursday.
“The World Economic Forum, in its report in September 2022, stated that deforestation is responsible for nearly 15 per cent of global CO2 emissions. So that means that if we were to try to tackle climate change frontally, there is no complete solution to climate change without forests being part of that conversation. And in Guyana, we have a significant forest coverage to boast of…. Guyana’s forests can store 19.6 Gigatons of CO2,” she said.
Noting that 15 per cent of global carbon dioxide [CO2] emissions are caused by deforestation, she pointed out that Guyana’s forest coverage and carbon capture are important, as they could play a major role in fulfilling 15 per cent of the climate solution that can come from action on the forest.
She said historically, the value of the forest was not given clear attention or recognised in monetary terms, however, fortunately, this has changed significantly over time.
Last December, the government and Hess Corporation announced an agreement for Hess to purchase high-quality carbon credits for a minimum of USD $750 million between 2022 and 2032, directly from the government.
The agreement will support Guyana’s efforts to protect the country’s vast forests and provide capital to improve the lives of citizens through government investments as part of the Low Carbon Development Strategy (LCDS) 2030.