Friday, October 2, 2009

Funds flowing to this country from its proposed (LCDS) will be subject to stringent accountability measures-Jagdeo

President Bharrat Jagdeo last night reiterated that international funds flowing to this country from its proposed Low Carbon Development Strategy (LCDS) will be subject to stringent accountability measures and urged business firms to seize looming opportunities in the climate change battle.

The LCDS logo at the entrance to the GuyExpo 2009 exhibition site.

At the opening of the annual GuyExpo at the Sophia Exhibition Complex in Georgetown, he said that contrary to some rumours spread particularly by some politicians, “we have always made clear that forest payments will not be administered by my office.”

He assured that the investment fund likely from putting Guyana’s forests in the service of the global climate change cause will be under the full oversight of the National Assembly with monitoring by an international financial institution, most likely the World Bank.

All funds will be audited and an annual report will transparently lay out for all to see how the REDD (Reduced Emissions from Degradation and Deforestation) fund is being invested, President Jagdeo stated.

1 comment:

  1. SO what does this say about current funds? Anyway, it should be told how's the entrepreneurs and staff would be compensated from seizing their operations in the Forests. what industries or govt unemployment benefits are in place to absorb the loss both directly and indirectly of employment from mining, logging etc. How much would it cost, and how effective it is, to monitor the forest? what if it is difficult to monitor and funding is witheld ...what would be the consequences to the guyanese economy? what will we build with, imported cement and wood products from the carbon producing, well industrialised wealthy countries? Sounds like someone who drives $10 gas to save $1 on detergent.