Norway Makes First Payment to Guyana Emissions Reduction Fund

Forests of Essequibo, north of Kurupukari, Guyana. Norway handed over its first payment worth some USD30 million to the Guyana REDD+ Investment Fund. Photo by: Nicholas Laughlin / CC BY-NC-SA Nicholas LaughlinCC BY-NC-SA

Norway has made its first payment of some USD30 million to an investment fund that seeks to reduce emissions from deforestation and forest degradation in Guyana.

The Guyana REDD+ Investment Fund, which was established over the weekend, is the financial mechanism for the ongoing cooperation between Guyana and Norway on climate change. 

Under the agreement between the two nations, Norway will pay Guyana for limiting its greenhouse gas emissions from deforestation and forest degradation. Guyana, in turn, will use the payment it receives to implement its low-carbon development strategy. Norway is expected to pay some USD250 million through 2015 depending on Guyana’s performance.

The World Bank acts as a trustee to the fund.

About the author

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    Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.