President Dr Irfaan Ali on Friday challenged each biodiversity-rich member country of the Global Biodiversity Alliance (GBA) to develop one investment-ready biodiversity project before the alliance meets again next year.
This is one of three priorities the head of state set for the alliance over the next 12 months.
He outlined them as the Second Global Biodiversity Alliance Conference and Financing Forum got underway at the Arthur Chung Conference Centre (ACCC) in Liliendaal.
“I challenge all of the countries here, the biodiversity-rich countries, to work with the secretariat in developing projects that we can put out there to be financed…Let us challenge each of us to do one such project by the time we gather next year,” he said.
Highlighting Guyana’s own record, President Ali said the Low Carbon Development Strategy (LCDS) has mobilised more than US$500 million, first through a partnership with Norway and now through international carbon markets.
More than 250 villages and communities are benefitting from over 3,000 projects in livelihoods, infrastructure and services.
The three priorities set out by the president include bringing together the world’s best knowledge, science and innovation to develop new solutions; unlocking finance and investment for biodiversity; and demonstrating in practice that protecting biodiversity can create jobs, attract investment and strengthen national economies.
President Ali placed the challenge against a widening financing gap.
COP17 concludes today in Armenia, and its presidency reported that more than US$1.8 billion had been mobilised from governments, philanthropic organisations and investors.
This is far below the Kunming-Montreal Global Biodiversity Framework’s target of at least US$200 billion annually. The framework puts the overall annual financing gap at approximately US$700 billion.
He added that the economic incentives driving the destruction of nature remain largely unchanged.
The Guyanese leader urged the private sector across member countries to establish a joint investment vehicle for “biodiversity resorts” at each destination. These would be marketed under a single brand, with common values, regulations, and a shared platform.
“This is a massive private sector opportunity that we can explore together, bringing opportunity to the villages, the communities, and to our country at a different scale,” he said.
President Ali also called on policymakers to agree on special tax and fiscal incentives for investments that protect biodiversity.
Those incentives would form part of one common agenda across the alliance. He encouraged members to bring in artificial intelligence (AI) and quantum technologies to monitor ecosystems and drive scientific discovery.
The two-day conference is being held under the theme “Investing in Nature: Accelerating Biodiversity Finance for Sustainable Development.” [DPI]
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