‘The Key to Faster Progress Is Finance’: VP Bharrat Jagdeo Urges World Leaders at COP31 to Back Forest Protection with Predictable Capital as Guyana Expects Over US$100M in 2026

By Marvin Cato | HGP Nightly News |

ANTALYA, TÜRKIYE / GEORGETOWN, GUYANA — Vice President Dr. Bharrat Jagdeo has called on world leaders at the United Nations COP31 Climate Summit in Antalya, Türkiye, to translate global pledges on forest conservation into predictable, scalable financial mechanisms—presenting Guyana’s jurisdictional carbon credit model as a proven blueprint for international climate action.

Addressing a high-level summit event on Wednesday, November 11, 2026—co-hosted by Guyana, Brazil, Norway, the Republic of Congo, and the United Kingdom—the Vice President warned that despite incremental diplomatic progress, global action to protect standing forests is not moving at the speed required to meet the 2030 target to halt and reverse deforestation.

Jagdeo emphasized that forest-rich developing nations cannot bear the economic burden of safeguarding ecosystems that regulate the global climate without reliable financial rewards, urging governments, private enterprises, and multilateral institutions to “stay the course” and expand market and non-market financing options.

Guyana’s Low Carbon Blueprint: US$750M Deal and Over US$100M Projected in 2026

Presenting Guyana’s track record under its Low Carbon Development Strategy (LCDS), Vice President Jagdeo detailed how the country has successfully decoupled economic growth from deforestation while generating substantial conservation revenue:

• From Bilateral Pledges to Jurisdictional Markets: Initially supported by a bilateral partnership with Norway worth up to US$250 million, Guyana scaled its conservation framework into global carbon markets. In 2022, Guyana became the first country in the world to be issued carbon credits for forest protection on a nationwide, jurisdictional basis.
• Landmark Corporate and Aviation Demand: Jagdeo highlighted Guyana’s landmark agreement with American energy firm Hess Corporation (subsequently acquired by Chevron), which committed to purchasing at least US$750 million in Guyanese carbon credits over a 10-year period. He revealed that the program is projected to generate more than US$100 million in 2026, bolstered by over 30 international airlines purchasing Guyanese forest carbon credits.
• Ultra-Low Deforestation & Indigenous Empowerment: While maintaining one of the world’s lowest deforestation rates at approximately 0.04 per cent, Guyana allocates 20 per cent of all carbon credit revenues directly to its 252 Indigenous villages. Jagdeo noted that these communities have utilized the funds to execute more than 3,000 local development and livelihood projects over the past four years.

“We will need that because despite our progress, action on forests is still not moving fast enough… We can draw strength from the growing recognition that forests matter not only for climate mitigation, but also for biodiversity, Indigenous peoples’ rights, land tenure, and sustainable development.” — Vice President Dr. Bharrat Jagdeo

Criticizing European Aviation Delays and Expanding Financing Tools

Outlining concrete proposals to accelerate global forest conservation ahead of the 2030 deadline, Vice President Jagdeo called for stronger political will, regulatory certainty in carbon markets, and sustained international partnerships:

• Critique of CORSIA Implementation Delays: Jagdeo criticized regulatory delays by several governments—pointing “notably [to] Europe”—in fully implementing the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), the global framework enabling airlines to utilize eligible, high-integrity forest carbon credits to meet emissions obligations.
• Diversifying Global Financing Mechanisms: Recognizing that carbon markets alone cannot close the global forest funding gap, the Vice President urged delegates to rally behind a broader suite of instruments—specifically endorsing Brazil’s proposed Tropical Forest Forever Facility (TFFF) alongside innovative debt-related conservation arrangements.

With nations facing mounting pressure to fulfill their commitment to halt and reverse global forest loss by 2030, Jagdeo maintained that the world already possesses both the technical experience and financial tools to succeed—provided world leaders match political rhetoric with sustained capital flows.