Vice President, Dr. Bharrat Jagdeo highlighted Guyana’s unique position as an emerging oil-producing but carbon-negative nation during his recent press briefing at Office of the President. He emphasized the country’s strong credentials in this dual capacity as it gears for the upcoming 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28).
Dr. Jagdeo also reminded of Guyana’s commitment to raising ambitions on climate change within CARICOM.
The Vice President said, “CARICOM’s position, which is well known, has been focused on the existential threat of climate change to the region and the need for adaptation funding and funding for loss and damage. These are the key issues for CARICOM.”
He continued, “In our case, we have focused more on supporting CARICOM but also adding our own dimensions. We have argued that there should be incentives globally to preserve forests and that there should be a just transition in the global arena.”
Also, Jagdeo reaffirmed Guyana’s dedication to its revised Low Carbon Development Strategy (LCDS), initiated in 2009. This strategy, which began yielding results through carbon credit sales, supports national development with a special focus on indigenous communities.
Jagdeo also outlined Guyana’s push for increased financial incentives for forest carbon, akin to incentives for other globally traded carbons. He specifically pointed to the importance of advancing Article 6 of the Paris Agreement at COP and integrating forests into the compliance market. Guyana’s initial success in selling 30% of its forest carbon has already contributed significantly to adaptation funding and community support.
As Guyana gears for COP next week with a substantial financial backing from carbon credits, Jagdeo emphasized the country’s credibility. Despite being an emerging oil producer, he said Guyana maintains a stance against fossil fuel subsidies, advocates for early disbursements, and supports technology to reduce the carbon footprint in the oil and gas sector.
