‘Innovative’ carbon agreement good for Guyana- Iwokrama

See below the full press release from Iwokrama:

The Iwokrama International Centre for Rain Forest Conservation and Development extends warmest congratulations to His Excellency President Irfaan Ali, the Government and the people of Guyana on securing an innovative carbon credit agreement with Hess Corporation. The new agreement is the world’s first under the Architecture for REDD+ Transactions (ART) initiative, and The REDD+ Environmental Excellence Standard (TREES) system.

It is important to note that accreditation under the TREES process includes the quantification, monitoring, reporting and verification of Greenhouse Gas (GHG) emission reductions and removals from REDD+ activities at a jurisdictional and national scale, which is assessed and verified by international third-party auditors. Guyana’s success in this process is a significant and signal achievement.

Indeed, the landmark Low Carbon Development Strategy (LCDS) initially launched in 2009 was innovative in demonstrating the value of forest services in combating climate change while concurrently providing economic returns that maintain livelihoods and contribute beyond traditional means of the timber trade, to the gross domestic product (GDP). Of equal importance is the substantial financial benefits provided by the agreement to the local communities – the true stewards of Guyana’s forests. The wider scope LCDS 2030 to include blue carbon and other natural assets exemplifies the every increasing prominent role forests and the environment hold on the national agenda.

Dane Gobin, CEO of Iwokrama, noted “these are exciting times for Guyana as it continues to mobilize its forest services in the fight against climate change”. The 1,000,000 acre Iwokrama Forest is an integral part of Guyana’s demonstration of how tropical forests can be conserved and utilized sustainably for local, national and global benefit. Mr Gobin contends that the Guyana – Hess agreement signals, finally, recognition by the private sector of the substantial value of ecosystem services and the urgent need to sustain them.