Seeing the Forest for the Trees

A groundbreaking deal recognizing the economic value of intact forests will not only preserve a million acres of rainforest in Guyana but establish a precedent for future such arrangements.

2 minute read

March 28, 2008, 10:00 AM PDT

By Michael Dudley


"A deal has been agreed that will place a financial value on rainforests – paying, for the first time, for their upkeep as "utilities" that provide vital services such as rainfall generation, carbon storage and climate regulation.

The agreement, to be announced tomorrow in New York, will secure the future of one million acres of pristine rainforest in Guyana, the first move of its kind, and will open the way for financial markets to play a key role in safeguarding the fate of the world's forests.

The initiative follows Guyana's extraordinary offer, revealed in The Independent in November, to place its entire standing forest under the protection of a British-led international body in return for development aid.

Hylton Murray-Philipson, director of the London-based financiers Canopy Capital, who sealed the deal with the Iwokrama rainforest, said: 'How can it be that Google's services are worth billions but those from all the world's rainforests amount to nothing?'

Guyana, sandwiched between the Latin American giants Venezuela and Brazil, is home to fewer than a million people but 80 per cent of its land is covered by an intact rainforest larger than England. The Guiana Shield is one of only four intact rainforests left on the planet and at its heart lies the Iwokrama reserve, gifted to the Commonwealth in 1989 as a laboratory for pioneering conservation projects.

Iwokrama, which means "place of refuge" in the Makushi language, is home to some of the world's most endangered species including jaguar, giant river otter, anaconda and giant anteater.

The deal, drawn up by the international firm Stephenson Harwood, is the first serious attempt to pay for the ecosystem services provided by rainforests."

Friday, March 28, 2008 in The Independent (UK)

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 16, 2025 - Diana Ionescu

Green vintage Chicago streetcar from the 1940s parked at the Illinois Railroad Museum in 1988.

Chicago’s Ghost Rails

Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

July 13, 2025 - WTTV

Blue and silver Amtrak train with vibrant green and yellow foliage in background.

Amtrak Cutting Jobs, Funding to High-Speed Rail

The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

July 14, 2025 - Smart Cities Dive

Worker in yellow safety vest and hard hat looks up at servers in data center.

Ohio Forces Data Centers to Prepay for Power

Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

July 18 - Inside Climate News

Former MARTA CEO Collie Greenwood standing in front of MARTA HQ with blurred MARTA sign visible in background.

MARTA CEO Steps Down Amid Citizenship Concerns

MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

July 18 - WABE

Rendering of proposed protected bikeway in Santa Clara, California.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant

A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.

July 17 - San José Spotlight