Could a sustainable commercial forestry sector help Equatorial Guinea?

“Developing a sustainable commercial forestry sector that focuses on domestic value-added processing would help Equatorial Guinea meet both its economic diversification and forest preservation commitments,” said Aissatou Diallo, Resident Representative for Equatorial Guinea.

How will GEF-funded climate mitigation work in Equatorial Guinea?

This first ever GEF-funded climate mitigation project tackles the key sector of Equatorial Guinea’s economy. The country’s current focus is on increasing hydrocarbons and large-scale power for exportation, but this intervention is expected to prompt a paradigm shift towards smaller-scale investments to boost production for local consumption.

Will Equatorial Guinea reinvest oil revenue into agriculture?

Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy in the years of oil bonanza has diminished potential for agriculture-led growth. However, the government has stated its intention to reinvest some oil revenue into agriculture.

How much oil does Equatorial Guinea produce per day?

As of 2013, Equatorial Guinea's proven oil reserves were put at 1.1 billion barrels (204×106 m3); oil production was estimated at 420,000 barrels per day (67,000 m3/d) in 2005 and 316,000 barrels/d in 2012, of which crude oil accounted for over 90%3.

Does Guinea have a wind power system?

Guinea, in particular on Bioko Island This Component is intended to address the lack of experience with other renewable sources of energy, in particular solar and wind energy. Being located near the equator with a low wind speed regime, the economic wind potential may be limited, although attractive wind speeds would be available at Annobón.

What are the main components of economic growth in Equatorial Guinea?

Forestry, farming, and fishing are also major components of GDP. Subsistence farming predominates. Although pre-independence Equatorial Guinea counted on cocoa production for hard currency earnings, the neglect of the rural economy in the years of oil bonanza has diminished potential for agriculture-led growth.