Now that Guyana is an oil-producing nation, the People’s Progressive Party/Civic (PPP/C)’s flagship low carbon emission initiative is scheduled for an overhaul. The PPP/C government back in 2009, launched its Low Carbon Development Strategy (LCDS), aimed at placing Guyana’s economy on a low carbon, sustainable development trajectory, while simultaneously combating climate change.
The LCDS, amongst other thing, sought to protect and maintain the forests in an effort to reduce global carbon emissions and at the same time, attract payments from developed countries for the climate services that the forests provide to the world. One of these countries is the Kingdom of Norway. Guyana has since received several over US$250M for its efforts.
But now, the country is an oil producing one, and that strategy must be updated.
“Later this year, we will prepare an expanded LCDS to take into account the opportunities and challenges that have emerged since the document was first produced, and to expand it into a comprehensive development strategy. Of course, this will incorporate the fact that we are now an oil producer,” says Minister within the Office of the President with responsibility for finance, Dr Ashni Singh, during his presentation of Guyana’s $383.1B Budget for 2021.
