Three new institutional capabilities to be established
Low-Carbon Development Strategy…
To ensure successful execution of the Low-Carbon Development Strategy that was launched by President Bharrat Jagdeo on Monday last, Guyana will have to develop three institutional capabilities Office of Climate Change, a Low carbon Strategy Project Management Office and a Guyana Low-Carbon Finance Authority.
The Office of Climate Change (OCC) will consolidate and streamline existing efforts to encompass, among other things, the Forest Monitoring, Reporting and Verification (MRV) system and related capabilities.
It will also be responsible for the co-ordination of engagement with multilateral processes and negotiations including the United Nations Framework Convention on Climate Change and Reduce Emissions for Deforestation and Degradation.
This office will be established within the Office of the President to support work on climate adaptation, mitigation and forest conservation.
The OCC will be the entity with overall coordinating responsibility for ongoing national consultations on the Strategy and related stakeholder engagement processes.
The Low Carbon Strategy Project Management Office (PMO) is aimed to drive key projects as part of strategy. Personnel in this office will report directly to the President.
The PMO will serve to attract high-calibre, experienced managers into project management positions to drive the most critical elements of the Low-Carbon Development Strategy.
Its focus will be on executing a limited number of critical projects, including implementation of hydropower and priority adaptation measures, and working alongside the Guyana Office for Investment (GO-Invest), to attract sector-leading investments in low-carbon economic sectors
To build local management capacity, the PMO will recruit locally and be assigned project officers from related agencies to work with managers in support of each programme.
When executing on specific projects targeting sector investments, the PMO will provide significant support for GO-Invest to strengthen Guyana’s current investment capabilities.
The other office, the Guyana Low-Carbon Finance Authority (GLCFA), will manage forest payments and to reduce the cost of capital on other essential investments.
This office will collect, manage and monitor forestry payments and work with GO-Invest addressing the challenge in attracting investors to Guyana who are willing to underwrite their investments in low-carbon sectors.
The GLCFA might interface with a new international tropical forest-funding agency.
In the near term, starting this year, it is proposed that a multilateral financial institution be established to enable bilateral partners, starting with Norway, to provide performance-based forest payments.
The mechanism will act to ensure the appropriate fiduciary oversight of funds, where contributors can have confidence that appropriate transparency and fiduciary oversight is in place, and where Guyana can have confidence that payments will be predictable and performance-driven.
Disbursement to the GLCFA will be in accordance with strict performance agreements, using information from the internationally verifiable MRV system. Once it receives forestry payments, the GLCFA will continue to enable full transparency on the disbursement and use of funds within Guyana, and be subjected to strict control and an external audit.
On Monday last, President Bharrat Jagdeo, launched Guyana’s low carbon development strategy towards promoting economic development, while at the same time combating climate change.
While doing so, he called for a platform on which developing countries like Guyana are not seen as mere recipients of aid, but as equal partners in the search for climate solutions.
The launch of the strategy represented the start of an aggressive round of consultations, three months long, with all stakeholders, and a robust public relations campaign, before the government adopts it.