The World Wildlife Fund (WWF) is preparing a study to determine the CO2 storage capacity of rainforests in Guyana, local WWF forestry officer Janice Boller told BNamericas.
"The project will be financed by WWF and carried out by the Guyana forestry commission. It will be launched in early 2009 and is scheduled for completion in early 2010," Boller said, adding the entity will announce the final investment figure shortly.
"The result of the project will be a comprehensive estimate of the country's carbon storage potential, which will be used to structure strong arguments to demand compensation for keeping the rainforests intact," Boller said.
Meanwhile, a preliminary WWF study estimates Guyana could earn more than US$57mn/y in carbon credits, as the international community seeks to increase the preservation of rainforests.
According to the study, the country's forests can provide abundant storage capacity of CO2, which could lead to significant economic gains on the carbon bonds market.
Guyana's decision to commit its rainforests to the global storehouse of carbon emissions is one of the reasons why the country was chosen by WWF to be one of 13 nations to receive assistance to develop its carbon credit capacity.
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