Guyana highlights LCDS model at Amazonia Forever meeting during IDB annual gathering

Guyana used a regional meeting of Amazonian finance ministers to showcase its Low Carbon Development Strategy (LCDS) 2030 as a model for balancing economic growth with environmental protection.

Senior Minister with responsibility for Finance Ashni Singh reaffirmed Guyana’s support for the Amazonia Forever initiative during a meeting held on the sidelines of the 2026 Annual Meetings of the Boards of Governors of the Inter-American Development Bank (IDB) and IDB Invest in Asunción, Paraguay.

The Amazonia Forever meeting brought together Ministers of Finance and Planning from Amazon Basin countries to review progress under the programme and renew commitments to sustainable and inclusive development across the region.

Singh told the gathering that the goals of the initiative align closely with Guyana’s LCDS 2030, the country’s flagship development framework designed to harness the economic value of its forests while maintaining one of the world’s lowest deforestation rates.

Guyana’s rainforest covers about 85% of its territory, making it one of the most heavily forested countries on earth. Despite the emergence of a major offshore oil sector, the country has maintained deforestation levels around 90% below the global average, allowing it to remain a net carbon sink.

The LCDS, first introduced in 2009 and expanded under LCDS 2030, seeks to create a new low-carbon economy by placing value on ecosystem services such as forest carbon storage, while investing in sustainable growth and climate resilience.

Guyana’s 18 million hectares of forest absorb roughly 154 million tonnes of carbon dioxide annually, significantly exceeding the country’s emissions.

Revenue generated from forest climate services and carbon credit markets is reinvested into national development priorities, including clean energy, climate adaptation, infrastructure and economic diversification.

The LCDS also includes a benefit-sharing mechanism aimed at supporting local communities. Around 15% of carbon credit revenues are allocated directly to Indigenous villages to fund projects identified through village-led development plans.

More than 1,300 village-led development projects have already been initiated across the country using these funds, supporting livelihoods, infrastructure and environmental management in forest communities.

During the discussions in Paraguay, Singh reiterated Guyana’s commitment to protecting its forests even as the country experiences rapid economic expansion driven by oil production.

The meeting also marked the formal handover of the presidency of the Network of Ministers of Finance and Planning of Amazonian Countries from Brazil to Ecuador, underscoring continued regional cooperation on climate action and sustainable development.

Guyana’s delegation included Navita Ramroop, Executive Director in the Caribbean Office of the IDB, along with Bernard Lord, Director of Projects at the Ministry of Finance, and Ronette Hetsberger, Senior Economic and Financial Analyst at the ministry.