Call for carbon credits

Guyana’s President Bharrat Jagdeo closed the Commonwealth Business Forum on 22 November 2007, with a call to allow countries with large swathes of untouched forests to earn carbon credits.

The President said that 20 per cent of all carbon emissions come from cutting down trees.

“Cut down a forest, and you get money. But if you don't cut it down then there is no money for you,” he stated.

Carbon credits enable countries that reduce carbon-dioxide emissions below a target level to sell the saved emissions as credits to a company or country that has not met the target level. It aims to reward small poorer states whose emissions are often much lower than many developed countries.

The Guyanese leader stressed the need for consensus between the Heads of Commonwealth member states, the private sector and civil society when combating climate change.

“As Heads of State, we often implement policies based on technical advice. It would be good to see policies based on feedback from the private sector and civil society too,” he said.

James Mulwana, the chairperson of the Steering Committee of the Commonwealth Business Council (CBC), said the Commonwealth can help trade and investment by facilitating regular interactions amongst member states both regionally and continentally.

About 1,100 participants took part in this year’s Commonwealth Business Forum. Presidents Yoweri Kaguta Museveni of Uganda, Paul Kagame of Rwanda, Umaru Yar'Adua of Nigeria and Jakaya Kikwete of Tanzania all spoke at the three-day event. The theme for the forum was: ‘The Untapped Potential: Building Partnership with East Africa, the Commonwealth and the Global Economy’.

Mohan Kaul, Director-General and Chief Executive of the CBC, said that a report containing key recommendations from the Council would be presented to Commonwealth Heads of Government at their biennial meeting.

The report contains seven key recommendations to the Heads of Government:

• Supporting the CBC's proposal for a Commonwealth Carbon Trust to provide information and assistance to member countries and their private sectors on measures directed to combat climate change.

• According priority to increasing intra-African trade and to support the specific measures identified to facilitate more efficient trade between countries in Africa.

• Prioritise access to financial services for all segments of the population and establish an effective regulatory environment for the micro-finance industry, with the CBC offering to develop an index on financial access to assist work in this area.

• Development and implementation of a clear and comprehensive local content policy in consultation with stakeholders, with measures including identification of qualified smaller contractors, information databases on suppliers, and simple, transparent contract award processes.

• Encouraging participation in international multi-sectoral efforts and to declare their determination to work together to take appropriate measures to eradicate the production and distribution of counterfeit medicines in the Commonwealth.

• Endorsement of a proposed meeting to review Aviation Liberalisation Policy and encourage participation by the relevant ministries.

• Support fully developed national private-public partnership networks in order to underpin enabling legislation and to support collaboration for capacity-building in infrastructure development.

Key Links:

• Sustainability
• Country Profile: Uganda