Home Environment Beyond carbon credits: Guyana establishing new biodiversity centre with Harvard, Oxford

Beyond carbon credits: Guyana establishing new biodiversity centre with Harvard, Oxford

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Guyana’s ambitious environmental plans are expanding with the Irfaan Ali-led government engaging the Harvard and Oxford Universities on the establishment of an International Centre for Biodiversity.

The country is also pushing for the creation of a market for biodiversity credits.

This new centre, according to President Dr. Irfaan Ali, will help support Guyana’s efforts to protect and restore critical ecosystems.

It is also expected to expand the country’s offer of nature-based solutions beyond carbon, the President said as he addressed the 12th Parliament this week.

“The next phase of technical work on sustainable urban development, water management, and biodiversity conservation will be complete in early 2025 and will pave the way for further stakeholder engagement and consultation,” he said.

Dr. Ali added that the country would push for the creation of a market for biodiversity credits as well.

So why is Guyana now focused on its biodiversity?

About 85% of the country’s landmass is covered in pristine forests. That’s about 18.5 million hectares of forests that help to trap about 19.5 billion tonnes of carbon dioxide equivalent, the measure for harmful greenhouse gas emissions that contributes to the climate crisis.

COP28: Guyana argues that payments to save animals, plants in its forests are also needed

And though the country is calling for forest-saving funds, through its new jurisdictional (or national coverage) carbon credits venture that falls under its Low Carbon Development Strategy (LCDS), it believes that it should also get paid to continue protecting the biodiversity found in those forests and for further research to find what hasn’t been found yet.

“As the model (the LCDS) is implemented over the years, we know that there must be a value attached to biodiversity,” Guyana’s President Dr. Irfaan Ali said in Dubai at last year’s UN climate talks, COP28.

At the Parliament, the President said the new biodiversity centre is part of Guyana’s contribution to a Global Biodiversity Alliance it is also pushing.

Pres. Ali announces launch of Global Biodiversity Alliance at UN General Assembly

“The areas of focus of the alliance would be creating a market for biodiversity credits, scaling biodiversity conservation, debt swaps, accelerating biodiversity bonds, blueprint for biodiversity taxonomies, promoting nature positive action.

“The Blavatnik School of Government at Oxford University will be working with the GBA to help develop the financing models and mechanisms envisioned above,” he said.

For Guyana, protecting biodiversity is important. The LCDS further notes that biodiversity and related resources contribute “tremendously” to Guyana’s economy particularly in the forestry, fisheries and wildlife sector.

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