Guyana’s ecosystems provide over US$15.2 billion in economic value annually, President Dr Mohamed Irfaan Ali announced on Wednesday while speaking at the opening of the Global Biodiversity Alliance Summit underway at the Arthur Chung Conference Centre (ACCC).
The head of state said that this is glaring evidence that forests are worth more standing than destroyed.
He unveiled new research from McKinsey & Company and Conservation International, which showed that 96 per cent of this value comes from non-market ecosystem services, like clean air, water, carbon storage, and biodiversity.
“The forests of Guyana, not being cleared, not being sold, not being converted, are providing more economic value by standing than they would if destroyed. This is the very essence of a nature-positive economy,” President Ali.
The research estimates that genetic resources alone, like plant compounds with medicinal potential, are worth $8.4 billion annually, while existence and bequest values, or what people are willing to pay to preserve nature, add another $3.6 billion.
Despite this enormous value, President Ali noted, global funding for biodiversity remains severely inadequate, with only $200 billion invested annually, far short of the $700 billion needed to meet global biodiversity targets.
“Let us be clear: this is not just an environmental imperative. This is an economic revolution.”
The Global Biodiversity Alliance, launched under Guyana’s leadership, is built on three convictions:
- Biodiversity is the infrastructure of life
- Measuring it is essential for action
- Investing in it is a necessity, not a luxury
Its five pillars include:
- Achieving the 30×30 conservation goal
- Integrating biodiversity into national and corporate planning
- Unlocking innovative finance like biodiversity credits and green bonds
- Empowering Indigenous Peoples and Local Communities
- Establishing global biodiversity tracking tools
The Global Biodiversity Alliance Summit ends on Friday, July 25.
