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Guyana to lead charge among forested countries for monetisation of climate protection at COP 28

President Dr. Irfaan Ali

President Dr. Irfaan Ali has announced that Guyana will partner with the UAE at the next COP to lead the charge among forested countries to boost climate protection.

The 28th session of the Conference of the Parties (COP 28) convenes from November 30 to December 12, 2023 in the United Arab Emirates.

The COP is where world leaders convene to set goals and plans to achieve sustainability and encourage cooperation to address global issues.

President Dr. Irfaan Ali says Guyana is set to collaborate with the UAE next year in this regard.

“We will be coordinating and partnering with the UAE as they host the next COP to present Guyana’s forests and to lead efforts among forested countries to show that forested countries have an important role and part of a solution on the challenges of climate change and we need to value and monetise those solutions to benefit of the countries, the people and the world.”

Just a few weeks ago, Guyana historically became the first country in the world to sell a portion of its carbon credits.

A carbon credit is a tradeable permit that signifies the removal of specified amounts of carbon from the atmosphere. Carbon credits are realised when trees take in carbon from the atmosphere and store it in the tree and soil.

Guyana’s recent sale to the Hess Corporation accounts for 30% of our total carbon credits.

Guyana’s next step will be to arrange even more sales of our remaining carbon credits to other companies or countries.

Additionally, Guyana secured a five million euro grant from the European Union earlier this year for the protection of our forests.

President Ali, at the next COP, aims to empower other forested countries to do what Guyana has done, in garnering funds to fuel forest protection.

“In climate change we have an important responsibility with our forests and we intend to utilise this forest to the benefit of the world in contributing to the fight against climate change.


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