In what has been seen as a historic move, the Amerindian communities across Guyana are poised to receive US$112 million for the sale of carbon credits
This follows an agreement that was signed on Friday under the newly inked agreement with Hess Corporation for the sale of the country’s carbon credits.
Vice President, Dr. Bharrat Jagdeo says the latest decision is in keeping with a commitment that 15 percent of the proceeds from any sale of forest carbon will go to Amerindian communities, in both forested and non-forested areas.
The VP explained that Guyana will be receiving $187 million, as payment for what is termed the ‘legacy period’ (2016-2020). For the period 2021 to 2025, a payment of $250 million is expected; and for 2025 to 2030, $350 million, under the agreement.
“It is truly transformative and it moves us closer to two objectives that we were working on for 15 years, where the world will value more forest carbon and we’ll move closer to a compliance market, even now with this major deal we hope that the voluntary market, the prices would go up in the voluntary market was hovering at some abysmally low levels and this one major deal will have global resonance and make a major change,” Dr. Jagdeo said.
Another direct benefit of the Amerindians is the aspect of the Low Carbon Development Strategy (LCDS) 2030, notably from renewable energy and climate adaptation and mitigation projects.
Meanwhile Chairman of the National Toshaos’ Council (NTC), Derrick John, who was also part of Guyana’s delegation to the recently concluded COP27 has welcomed this landmark achievement.