Given Guyana’s success with monetizing the value of the services provided by its trees, the country is now on the pathway to formulating the next financing solution for nature, in this context, biodiversity. This was recently noted by former President of Colombia, Iván Duque during an interview on United for Biodiversity: The Alliance Podcast.
The podcast platform was launched last week by the Government of Guyana to raise awareness about the Global Biodiversity Alliance Summit. Led by President, Dr. Irfaan Ali, the event will be held at the Arthur Chung Conference Centre from July 23-25.
During his appearance on the podcast, Duque expounded on the importance of biodiversity to the planet. Commenting on an October 2024 World Wildlife Fund report, it was noted that over half of the world’s GDP (55%) – or an estimated US$58 trillion – is moderately or highly dependent on nature and its services. Yet, the current economic system values nature at close to zero, therefore driving unsustainable exploitation.
Duque said the world can no longer afford inaction on this front, especially when one considers the worsening impacts of climate change impacts. The former President was keen to note that Guyana is uniquely positioned to champion this biodiversity fight and create a global alliance of like-minded stakeholders. The former President said, “I think we have to see the potential of a country like Guyana in this cause because of its Global Biodiversity Product, it’s huge.”
He added, “You have endemic species, you have 95% of the country in tropical forests, low deforestation, and a Low Carbon Development Strategy that has been here for more than a decade.”
Duque said Guyana is therefore one of the few countries in the world where a dollar invested is a greener dollar than may be invested elsewhere. He said the stakes get even higher when a value is defined for the efforts that go into protecting the nation’s biodiversity.
He said, “… I think this is something that would be great for Guyana because if you have the possibility of building biodiversity credits…with clear indicators, then it will become a way in which Guyana can massively mobilize resources.”
Duque said this is expected to be one of the key points raised at the summit which will formalize the Global Biodiversity Alliance and promote the 30×30 Goal which calls for conserving at least 30% of the planet’s lands and oceans by 2030.
Other expected outcomes include a joint declaration reaffirming commitments to biodiversity protection, financial agreements ensuring resources for conservation efforts, and an Action Plan 2025, outlining a five-year roadmap with measurable goals.
