Friday, June 13, 2025
spot_img
spot_img
HomeBusinessEco EnergyGuyana to sign first agreement on carbon credits

Guyana to sign first agreement on carbon credits

GEORGETOWN, Guyana, (DPI) – Guyana will sign its first sale agreement on carbon credits on 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 reiterated the government’s support for net zero and the removal of subsidies from fossil fuel production and air decarbonisation.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img
spot_img
spot_img

Caribbean News

CAF highlights the recognition given to SP Ventures for its sustainable investment in Gênica

The Latin American Private Equity Investment Association ( LAVCA) awarded SP Ventures the Environmental Responsibility Award at the 2025 Deal Awards for its investment in Gênica , a leading Brazilian...

Global News

Global output of key food commodity crops on course for new records – FAO Food Outlook

Noting risks, report examines impacts of avian influenza, changing trade patterns since 2022, fish fraud, and shipping industry’s net-zero goals ROME – FAO’s latest assessments...