The Guyana government, through People’s Progressive Party (PPP) General Secretary Dr. Bharrat Jagdeo, has voiced disappointment in the outcomes of the United Nations Framework Convention on Climate Change’s COP28 conference.
The conference concluded recently, and Dr. Jagdeo highlighted several concerns.
While acknowledging some progress in discussions on mitigating climate change, Dr. Jagdeo expressed displeasure that discussions on Article 6, which could benefit forested developing countries, did not advance as expected.
He emphasized the potential benefits of advancing carbon markets, creating incentives for forested countries to raise funds through market mechanisms, and preserving their forests for sustainable development.
Dr. Jagdeo cited Guyana as an example, referring to the historic $750 million carbon credit sale to Hess Corporation in 2022, illustrating how developing countries could balance forest preservation and economic development.
Another point of disappointment for Dr. Jagdeo was the omission of commitments from richer countries to provide climate adaptation funding to smaller nations.
He highlighted the removal of language regarding predictable long-term financing from the COP28 text, leaving smaller countries without sufficient funding for adaptation.
Dr. Jagdeo also expressed dissatisfaction with the just under $500 million Loss and Damage fund agreed upon, considering it insufficient.
He referenced estimates from the Global Centre for Adaptation, suggesting that approximately $7 trillion is needed to fully realize net-zero goals by 2030.
Guyana entered COP28 with expectations of establishing an orderly and affordable transition away from excessive fossil fuel use, securing accessible climate finance for the developing world, and taking actions to preserve tropical forests and advance sustainable land use.
Dr. Jagdeo’s remarks reflect the government’s concerns and expectations regarding global efforts to address climate change, emphasizing the importance of collaboration and financial commitments.
Reporting for NCN News, Josiah Williams