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5.6. This energy transition is expected to undergo three stages:
• In the period 2022 to 2027, a combination of natural gas (300 MW) and the 165 MW Amaila Falls Hydro plant will be added to the Demerara-Berbice Integrated System (DBIS), coupled with a major expansion of solar power, with batteries, on the rural networks.
• From 2027 to 2032 there will be continued replacement of HFO, with the expansion of wind and solar and the commission of Guyana's second hydro plant (to be identified before 2025).
• From 2032 onwards, future expansion will be determined by prevailing market conditions, but it is likely that battery and hydrogen technology will be sufficiently advanced to enable solar and wind to provide new capacity increases while contributing to further downward pressure on electricity prices.

5.9. Guyana's economy remains susceptible to the negative effects of climate change and global warming which significantly impact the economy. Guyana's coastland where most of the country's economic activities occur lies below sea level. Changes in climate and weather patterns continue to negatively affect most economic activity including the agricultural sector and business. Therefore, the Government has put policies to combat climate change at the core of its programme and play its part in the fight to mitigate the negative impacts of climate change. Guyana integrated its rainforest in a global carbon credit scheme within the United Nations Framework Convention on Climate Change (UNFCCC), under the proposed REDD mechanism (Reducing Emissions from Deforestation and Degradation) and has been at the forefront of the global climate change advocacy. In this regard, Guyana as a potential provider of environmental services and such activities could help to secure revenue to allow addressing adaptation needs, such as improved sea defence and drainage, while creating other non forestry related opportunities.

5.16. Guyana notes with pride that it has a very robust and strong system for forest management and forest governance. The Forest Sector is governed by a suite of legislation and policy documents. Two key policy documents are the National Forest Plan (NFP) and the National Forest Policy Statement (NFPS). These documents were updated and received Cabinet approval in 2018. The main programmatic areas of the NFP are as follows:
• Deriving development benefits from the forest (ECONOMICS).
• Conserving, protecting and sustaining the forest (CONSERVATION).
• Governing the forest to ensure current and future benefits (GOVERNANCE).
• Building human and institutional capacity for management of activities in the forest (CAPACITY).

5.17. Guyana and by extension the Guyana Forestry Commission (GFC) places high emphasis on forest governance in support of sustainable forest management. In 2014, the Government of Guyana commenced negotiation of the EU FLEGT Process with the aim of signing a Voluntary Partnership Agreement (EU VPA). The EU FLEGT – VPA as it is commonly referred to is aimed at strengthening forest management and legality hence reducing illegal logging, developing capacities for strong forest governance and increasing trade through access to niche and sensitive markets. (...)

5.18. Forest covers over 80% of Guyana's landmass at an estimated 18.5 million hectares of forest. The forests provide a range of services and have a rich biodiversity. The economic value of Guyana's forest ecosystems is estimated to be over USD 40 billion annually. The forest protects against climate change. Since the launch of Guyana's first Low Carbon Development Strategy (LCDS 2009) Guyana has been pursuing payment for Forest Carbon Services. Extensive work has been done on the platform to access these services and to date, Guyana has developed a World Class Monitoring Reporting and Verification System (MRVS). Guyana, through the GFC is now pursuing a market based mechanism for payment of forest climate services. Extensive development and progress have been made in this area in 2020 and continuing in 2021 through the ART – TREES Programme (Architecture for REDD+ Transactions). This is an integral part of the recently launched draft of Guyana's Low Carbon Development Strategy 2030.

5.20. In 2019, the Guyana Forestry Commission commenced a National Forestry Inventory (NFI) Programme. Forest Inventory is an important tool for planning and resource allocation purposes. An NFI was deemed necessary for Guyana in order to boost the planning capability of the forestry sector and maximize the potential of our rich, tropical, multiple use forests; where the core of the project relies on extensive field work to collect empirical forest resource data in 12.3 million hectares of State Forests. (...)

5.21. It is envisioned that upon completion of NFI, the forestry sector will be revolutionized in terms of sustainable forest management and allocation, yielding economic, social and environmental benefits for a diversity of stakeholders. Data collected from NFI will be analysed to produce much needed forest resource statistics and comprehensive reference databases that will directly enable evidence-based forest management and planning. NFI will also fulfil GFC's national commitments to the National Forest Plan and Policy Statement 2018 which emphasizes the need for resource inventory under Policy. The programme will be completed in 2022.

11. (...) . In addition, beverages sold in non returnable containers attract an environmental levy of GYD 10 per unit. (...)

Box 1.2 Natural Resource Fund (NRF): (...) The purpose of the NRF is to decouple the inherent volatility in oil revenue from public expenditures, maintain economic competitiveness, facilitate intergenerational transfer of wealth, and ensure the availability of funds for national development priorities, including the building of an inclusive green economy.
(...)
An emergency withdrawal in the aftermath of a natural disaster requires a supplementary appropriation bill, with a detailed account of the expected expenditures, for consideration by the National Assembly. (...)

Source: Bank of Guyana, Annual Report 2020.

2.8. Guyana supports a multilateral trading system that promotes the fair and equitable participation of all countries in international trade. As a small developing country that is vulnerable to climate change and the consequent economic shocks, Guyana believes that unilateral trading interests should always be subject to multilateral considerations where the interests of small fragile economies must always take centre stage. (...)