In November 2009, former President Bharrat Jagdeo and the former Minister of the Environment and International Development of Norway, Hon. Erik Solheim, signed a historic Memorandum of Understanding (MoU). In the agreement, Norway has committed in providing Guyana up to US$250M by 2015 for avoided deforestation once certain performance indicators are met. This agreement represents the first international commitment of financial support to the LCDS and was the first partnership of its kind between a developed and developing country. The payments are made based on performance reported by Guyana in the Annual Progress Reports.
Under the MoU, the guidelines for receiving payments and the obligations that Guyana must meet are specified in the accompanying Joint Concept Note (JCN). The MoU is now being implemented and the Government of Norway had since deposited US$150 million, in three tranches, in the World Bank for Guyana.
Norway has committed to providing Guyana up to US$250M to 2015, depending on Guyana’s delivery of results as measured against indicators of enabling activities and of REDD+ Performance.
Financial support will be channelled through a multi-contributor financial mechanism (the Guyana REDD+ Investment Fund, GRIF) for which the World Bank acts as Trustee. The commitment from Norway does not correspond to the maximum funding that Guyana expects to receive as forest payments, or Economic Value to the Nation. As indicated in the LCDS, the financial transfers accruing to the country are expected to scale up until the EVN is reached, but can happen only with the participation of other countries.
Receiving Payments from Norway
Payments from Norway are made performance-based against the two sets of indicators agreed under the MoU. The Office of Climate Change (OCC) and the Guyana Forestry Commission (GFC) are the two agencies responsible for preparing Guyana's reports on Indicators of Enabling Activities and REDD+ Performance Indicators respectively. The Governments of Guyana and Norway have agreed to have these reports independently verified and assessed as part of the process for receiving payments. Having satisfied the Indicators of the MoU, Guyana has already received five sets of performance based payments totalling US$ 190 million. The OCC and the GFC and currently in the process of preparing reports to facilitate the sixth tranche of payments.
The leaders of the United Kingdom and Ethiopia will head up a new high-level group launched by Secretary-General Ban Ki-moon yesterday, intended to mobilize financing swiftly to help developing countries combat climate change. The Copenhagen Accord reached at December’s United Nations conference in the Danish capital aims to jump-start immediate action on climate change and guide negotiations on long-term action, with developing countries to be given $30 billion until 2012 and then $100 billion a year until 2020.
It also includes an agreement to working towards curbing global temperature rise to below 2 degrees Celsius and efforts to reduce or limit emissions.
President Jagdeo yesterday met with Australian Prime Minister Kevin Rudd, British Prime Minister Gordon Brown, and Nepal Prime Minister Madhav Kumar, as efforts continue for leaders to work towards a favourable outcome of the Copenhagen Climate Meeting.Among the key issues discussed was the need for some of the major economies of the world to come on board with emission cuts and the issue of financing for developing countries.
An international campaign to force the financial sector to pay for saving the planet from global warming was boosted on Wednesday last when France joined Britain in championing a new global regime of taxes on financial market transactions (so-called Tobin taxes).The billions in potential proceeds would be earmarked for long-term measures to tackle global warming.
Guyana has been building a coalition with other tropical forest countries for next week’s crucial global climate change summit in Copenhagen, Denmark, President Bharrat Jagdeo has announced in Trinidad and Tobago.Guyana and Papua New-Guinea will be co-hosting an event during the summit and this country has been binding with Suriname, Belize, Gabon, the Democratic Republic of the Congo and others in the run-up to Copenhagen, he said during a lecture Monday at the St. Augustine campus of the University of the West Indies (UWI).
QUOTE:“Guyana is at the forefront of the REDD negotiations…It’s a test case for REDD. Given the challenges in Guyana, good governance, transparency and strong oversight must be the watchwords of any deal. This meeting gives us a chance to find out if Guyana’s plan will really work.” - Dr. Rosalind Reeve, Forest Campaign Manager at Global Witness.
PRESIDENT Bharrat Jagdeo yesterday cleared up several misconceptions about this country’s Low Carbon Development Strategy (LCDS) at a meeting in London hosted by the campaign group Global Witness.
In an unprecedented display of cooperation between developed and developing countries on climate change, eighteen Heads of State gathered at UN headquarters in New York to publicly express their commitment and support for REDD – Reducing Emissions from Deforestation and Forest Degradation in developing countries.They asserted that the new climate change agreement to be negotiated in Copenhagen must address in an effective and equitable way the role of forests as a mitigation option.
PRESIDENT Bharrat Jagdeo is supplementing the international lobby for Guyana’s climate change model in more interviews with leading global media agencies and newspapers.He has been interviewed by Reuters, one of the largest news agencies in the world, the American TV network CNN, and has met the Editorial Board of the prestigious New York Times on the sidelines of the special climate change summit called yesterday by United Nations Secretary-General Ban ki-Moon.
NEW YORK, Sept 21 (Reuters) - The president of Guyana wants to turn his country into one of the world's most environmentally progressive countries by preserving vast swaths of tropical rain forest -- if rich nations pay for it.To help prevent climate change, Bharrat Jagdeo told Reuters in an interview, he could keep intact some 37 million acres (15 million hectares) of mostly untouched rain forest in the South American country by being paid an annual fee of up to $580 million .