Guyana signs carbon credits deal today

Last Updated on Friday, 2 December 2022, 6:12 by Denis Chabrol

Guyana will sign its first sale agreement on carbon credits on Friday, December 2.

President Dr Mohamed Irfaan Ali will witness the signing at the Baridi Benab, State House.

Speaking at the Guyana Oil and Gas Energy Chamber’s Annual Awards and Induction Ceremonial Dinner on Wednesday, Vice President Dr Bharrat Jagdeo said Guyana will be the only country in the world that will boast the Architecture for REDD+ Transactions (ART) credit.

“We quickly work on an expanded Low Carbon Development Strategy and in 2020, the US and others through the LEAF Coalition and then the Architecture for REDD Plus transaction was established and we made an application for them to certify our credit.

“We had gone to the market already; we had a request for proposals, we have received those and the first sale will take place. So that will be credit all the way from 2016, because those were the legacy credit that we applied for and hopefully it will bring in billions of US dollars,” he explained.

Dr. Jagdeo noted too, the need for the oil and gas resources to help on the adaptation side, for Guyana to be more climate resilient. The vice president reminded of government’s support for net zero and the removal of subsidies from fossil fuel production and air decarbonisation.