Guyana cannot wait for climate funds from global mechanism

‒ Jagdeo says country pushing ahead on parallel tracks to advance development

Guyana needs funding to put in place climate resilient infrastructure – an undertaking that would take some US$2 billion, according to Vice President, Bharrat Jagdeo.

And he contends that waiting for climate or adaptation funds to come through global mechanisms is not an option for a country that is below sea-level, particularly given the sloth in the movement at the global level to ensure support is provided by the developed world, which contribute the most to climate change, to developing countries, the most affected.

He said, “The significant amount of funds required for adaptation is over maybe US$2 billion dollars just for flood control and water management, in Guyana’s case, which is our biggest vulnerability.

“…we can’t wait for climate funds or adaptations funds to come through the global mechanism. I think most country in the regions are waiting for that and it will be a long wait a hundred years. We don’t have time for that.

“…some of the climate funds will be used for that purpose, some will come from the oil and gas industry. …the proceeds will be used to do some of the things we’ve identified in our expanded LCDS. The initial LCDS focused on mainly the forests, the new one on biodiversity, on integrated water management, on adaptation, the marine economy, and so the significant amount of funds required for adaptation, over maybe US$2 billion in Guyana’s case, just for flood control and water management. That’s our biggest vulnerability.

Lobbying Unfccc

Further, with 70 per cent of its carbon credits still to be sold, Guyana is pushing negotiations with the United Nations Framework Convention on Climate Change (UNFCCC) to create room for a compliance market for carbon credits, as the country continues to levy the benefits of its vast forested area.

Jagdeo explained that after gaining US$220 million from its 2009 agreement with Norway to avoid deforestation, and selling 30 per cent of the country’s jurisdictional carbon credits last year to Hess Corporation for at least US$750 million, Jagdeo said the next step is a robust compliance market.

He said, “Globally we’re pushing the UNFCCC negotiations, to create that room. Because if we can have a compliance market there, the prices would escalate. We got really good prices at $15 per tonne of carbon for the 2016 to 2020 period, it will be $20 for 2021 to 2025 and $25 per tonne between 2026 and 2030. So those are good prices, compared to what is in the voluntary markets now. But it has the potential to go to $80, $90 per tonne. So potentially, this could become a $4, $5 billion deal, depending on if its traded upwards.

“If we can have a compliance market then the price [for carbon credits] would escalate. We got really good prices at US$15 per tonne of carbon credits for the 2016 to 2020. It would be US$20 for 2021 to 2025, and $25 be- tween 2026 and 2030. Those are good prices compared to what is in the voluntary markets now. But it has the potential to go to as much as US$80 to US$90 per tonne.”

The Vice President added, “…we are the only jurisdictional scale country certification in the world. Our forest carbon is the highest quality forest carbon in the world, because we’ve had 10 years of robust monitoring reporting, verification systems in place.

“…and that is why it has such a great value. We managed to sell 30 per cent of that to Hess for a minimum of US$750 million. Because if the prices move as is traded for the secondary markets, we would be able to share the upside. So, this is potentially at US$2 billion dollars deal….[The remaining] 70 per cent of our credit. We have a number of people who are trying to buy those credits. We are a bit cautious now but soon we will enter the markets further. These credits are CORSIA (Carbon Offsetting and Reduction Scheme for International Aviation) certified, and CORSIA is a compliance market.”

Guyana has more than 18 million hectares of forests, storing an estimated 20 billion tonnes of carbon dioxide equivalent. Last year, the Architecture for REDD+ Transactions (ART) issued REDD+ Environmental Excellence Standard (TREES) credits to Guyana, marking the first time a country has been issued carbon credits specifically designed for the voluntary and compliant carbon markets for successfully preventing forest loss and degradation – a process known as jurisdictional REDD+.

Onthe 53rd anniversary of Guyana becoming a Republic, President Dr. Irfaan Ali, charged that, despite challenges that threatened to take the country backward, there have been improvements and our nation is on a forward, transformational, trajectory.

However, at the same time, he stressed that this would not have been possible had democracy not prevail. The Head of State said: “This is why we must continuously safeguard our democratic gains.”

Seizure of power by fraud, not election; this is how one politician described fraudulent electoral processes of the 1960’s.

It is without a doubt that the controversial undertakings since polls closed on March 2, 2020 took place with the complicity of some staffers of the Guyana Elections Commission (GECOM) and the APNU+AFC Coalition. However, dealing with a compromised electoral machinery is not new for the People’s Progressive Party (PPP). This was seen prior to 1992. In his book, the West on Trial, Dr Cheddi Jagan, noted that the elections machinery was compromised, given that some elements were under the control of the PNC, in the 1960’s. As early as the 1960’s the use of Returning Officers by the PNC – the majority partner in what is now the APNU+AFC Coalition – was a tactic employed to subvert the will of the people. Dr. Jagan recorded that Returning Officers refused to allow stakeholders in the electoral process to view the list of applications for proxy votes – the reason being that proxy voting was one method used by the PNC to rig elections. In 2020, the Region 4 Returning Officer, before his March 13th declaration, refused to allow stakeholders in the electoral process to see the Statements of Poll he was using to tabulate results – documents that had different numbers from the GECOM-issued Statements of Polls in the possession of PPP representatives and other electoral process stakeholders. The process of verification and tabulating the results from an election is quiet simple. The Returning Officer reads out the the stakeholders (members from each party and observers), it is then agreed or disagreed on. If there is a difference in the recorded vote, then the Presiding Officer is called in to make any clarifications and/or even corrections. If this clarification is not clear a request for a recount can be made.

According to Dr. Jagan, the Elections Commission in the 1966 period merely served as an “instrument to rubber –stamp” the PNC’s decision and to “condone many irregularities” in the electoral process. What is clear is that, in 2020, with the present electoral legal and constitutional architecture, this cannot be allowed. The GECOM Chairperson, retired Justice Claudette Singh, has a responsibility, in accordance with the Constitution of Guyana, to maintain the independence and credibility of GECOM and to act in a manner that inspires public confidence and trust.

Elections rigging was brazen prior to 1992, when Guyana had its first free and fair elections, and the attempt in 2020 was the same. It was resisted then and will continue to be resisted now. As Dr. Jagan once put it, engaged in actions to taste the “seductive and politically rewarding adventure” of flirting with half-truths. Dr. Jagan once wrote: “The intention is to perpetuate the status quo (electoral fraud) by confusion and to transfer blame for failure from the PNC government to others.” The days of the PNC being the “paramount party” are over. No Guyanese, young or old, wants a return to the past.

All said, democracy is the pillar stone for a civilized society. The fight to protect our democratic gains will be one that continues, undoubtedly. After all, we keep what we fight for. It is said that if, we do not learn from history, we are doomed to repeat it. We as Guyanese must condemn this behaviour and take a stand for what is right – take a stand to defend our democracy. We must remain vigilant in these uncertain times.