Guyana Norway Agreement 2009
The agreement between Guyana and Norway signed in 2009 is a significant milestone for both countries. The agreement aims to reduce emissions from deforestation and forest degradation, which account for approximately 10% of global greenhouse gas emissions.
Under the agreement, Norway pledged up to $250 million over five years to support Guyana`s Low Carbon Development Strategy. The strategy aims to promote sustainable economic development while preserving the country`s tropical forests, which cover nearly 80% of its land area.
The funds provided by Norway are tied to Guyana`s ability to reduce deforestation rates. The country has committed to reducing deforestation rates to an average of 0.05% per year by 2020. This target is ambitious, considering that deforestation rates in Guyana have historically been low, with an average of around 0.03% per year between 1990 and 2010.
The agreement also includes a mechanism for payments to be made to Guyana based on the amount of verified avoided emissions from deforestation and forest degradation. This payment system is designed to provide financial incentives for Guyana to maintain its forest cover.
The Guyana-Norway agreement has been praised as a model for other countries seeking to reduce greenhouse gas emissions from deforestation and forest degradation. The agreement has also led to increased international attention on the issue of tropical deforestation and the role it plays in climate change.
However, some critics have raised concerns about the agreement`s potential impact on indigenous communities in Guyana. There is a risk that these communities may be excluded from decision-making processes related to the agreement, or that the agreement may lead to displacement or other negative impacts on their livelihoods.
Overall, the Guyana-Norway agreement represents a significant step forward in the fight against climate change. The agreement demonstrates that it is possible to balance economic development and environmental protection, and that financial incentives can be used to promote sustainable forest management practices. As such, it provides a valuable example for other countries seeking to address the climate crisis.