The remaining 85 percent of earnings from the sale of carbon credits, a value of US$127.5 will be utilised to meet the most urgent priorities of low carbon development, as well as climate adaptation and mitigation interventions outlined by the LCDS 2030. Recognising the urgent need to address the impacts of climate change, support will be given to various climate adaptation initiatives, including the construction of two major canals in Regions 5 and 6, the rehabilitation of 20 sluices in Regions 2, 3, 4, 5, and 6, as well as the procurement of pumps and excavators.
The LCDS 2030 has so far delivered on key priorities. Guyana continues to be a leader in the world on forests, with Guyana’s Low Carbon Development Strategy 2030 showing real results in climate finance with carbon credits sales for the period 2016 to 2030 already earning Guyana US$750 million. Investments from Guyana’s climate programme are not only benefitting the coastal communities but hinterland communities as well. In addition, Guyana has maintained forest cover at over 85 percent, and has recorded the lowest rate of deforestation since 2010, being recorded for the year 2022 with a rate of 0.036%. Even with Guyana’s accelerated development in all corners of the country, we have not only maintained forest, but we have further strengthened our progress in this area.