The Georgetown Chamber of Commerce and Industry (GCCI) congratulates the Government of Guyana on its recent agreement with Hess Corporation, a consortium partner in Guyana’s offshore oil sector, for the sale of $750 million worth of carbon credits. In attendance at the event to commemorate the agreement were key stakeholders including His Excellency, Dr. Mohamed Irfaan Ali; President of Guyana, Dr. Bharrat Jagdeo; Vice President of Guyana and John Hess, Managing Director of Hess Corp.

The sale of carbon credits which covers ten years 2022-2032, will see Guyana being compensated for keeping its rainforests intact. GCCI understands that the purchase by Hess will be for 2.5 million credits per year for the years 2016-2030. The purchases will occur in the period 2022-2032.

GCCI applauds the government for making Guyana the first country to complete the ART process (Architecture for REDD+ Transactions) for generating high-integrity, Paris Agreement-aligned carbon credits that will allow Guyana to access market-based finance to continue to implement forest stewardship strategies.

Following the 2009 Norway REDD+ agreement and COP27, GCCI sees this second agreement as an indication that highly developed nations are increasingly recognizing the value of forest climate services. We are also pleased to note that 30% of the $750 million will be allocated to Indigenous Amerindian communities as outlined in the Low Carbon Development Strategy 2030.

With rising sea levels, warmer temperatures, and more adverse weather conditions, climate change is evident. In June 2021, Guyana experienced severe flooding in several regions, adversely affecting the agriculture and infrastructure sectors and compromising food security. This agreement assists Guyana in building its resilience to climate change and transitioning to a sustainably stable economy.