US$500M to be pumped into climate adaptation for next 3 years – VP Jagdeo – Guyana Times
Vulnerable to the effects of climate change and the ripple effect on the country’s agriculture sector, Guyana will be allocating some US$500 million for climate-proofing within the next three years.
As per the 10-year agreement, the purchase of 37.5 million credits at US$750 million would see Guyana earning some US$150 million in 2023. Some 15 per cent of this sum was distributed to Indigenous villages, the remainder will be utilised for climate adaptation projects, such as sluices and canals among others.
Pointing out that the Hope Canal has proved instrumental in curtailing flooding in Georgetown and the East Coast of Demerara, Jagdeo outlined that a series of such structures will be built across the coast.
Climate adaptation measures, a necessary part of Guyana’s sustainable development plans as the fallout from climate change continues to be felt by the most vulnerable countries, could cost Guyana over US$2 billion.
The United Nations Global Roadmap sets out the target that the world must achieve net zero emissions by 2050. It involves balancing the amount of greenhouse gas produced and the amount removed from the atmosphere.
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