In a candid reflection on the recently concluded COP28 in Dubai, Guyana’s Vice President, Dr. Bharrat Jagdeo, has expressed deep disappointment, particularly highlighting the stagnation in advancing Article Six of the Paris Agreement, which deals with compliance in the carbon market.
Jagdeo emphasized, “We thought that advancing the carbon markets would create greater incentives for countries that are forested to ensure they can raise money through the market mechanism to outcompete alternate use and therefore preserve their forests.”
Despite Guyana’s commitment to championing market-based mechanisms for forest conservation, Jagdeo lamented a setback in securing global support, citing a longstanding struggle since 2007. He underscored the importance of recognizing forests as vital assets, not mere museum pieces, and expressed frustration with the lack of financial commitment from the global north.
Addressing Guyana’s stance, Jagdeo detailed the country’s independent pathway, anticipating $750 million in the next decade through carbon credit sales. He emphasized allocating 15% of this sum to advance Amerindian development, with the remainder dedicated to adaptation and climate resilience infrastructure.
Despite global recognition of the need for climate adaptation mechanisms in smaller countries, Jagdeo bemoaned the absence of a commitment to long-term, predictable financing at scale, particularly for financially constrained nations.
On the positive side, the ‘Loss and Damage’ Climate Fund saw advancement, but Jagdeo criticized the pledged funds as inadequate, with a bureaucratic disbursement mechanism. Additionally, COP28’s push for a transition to renewables drew skepticism from Jagdeo, who deemed it wishful thinking without substantial investment and a reduction in fossil fuel demand.
The Vice President’s critique highlighted the complexities and challenges facing developing and forested nations in the global effort against climate change.
