Press release from Norway’s International Climate and Forest Initiative

Guyana’s largest ever solar power projects will be financed thanks to the country’s low deforestation levels, following a landmark forest partnership between Guyana and Norway.

The agreement signed today, June 22 on World Rainforest Day, between Guyana, Norway and the Inter-American Development Bank is a major step for Guyana’s green energy transition.

Guyana will use funds received for its low deforestation rates to finance eight large-scale solar energy projects. In total, the projects will provide 27,000 households with cheap, clean energy – benefiting approximately 70,000 people.

For years, the South American country has been one of the world’s leading countries on rainforest protection. While tropical deforestation rates remain high in some countries, Guyana – whose forest is about the size of England and Scotland combined – has successfully kept its forest cover of 85% and with only 0,05% deforestation.

– I am impressed by Guyana’s continued leadership to protect the country’s vital rainforests, and welcome their decision to use some of the of payments for maintaining a low deforestation to scale up solar energy generation, says Espen Barth Eide, Norway’s Minister of Climate and the Environment.

Since 2009, Guyana has received a total of NOK 1.5 billion (about USD220 million) as results-based payments from Norway. These funds have been invested in the country’s low carbon development, financing renewable energy, flood protection, green job creation, as well as land titling and development funds for indigenous peoples.

Guyana leapfrogs into solar energy future with Norwegian forest payments - BNamericas