Carbon credit funding for Amerindian development up to 4.84B – President Ali announces

In a significant move for Amerindian and hinterland development, more than 242 Amerindian, riverine, and remote villages will benefit from a notable increase in its carbon credit allocation totalling $4.84 billion.

President, Dr Mohamed Irfaan Ali made the announcement when he delivered the feature address at the opening of the National Toshaos Council (NTC) Conference, at the Arthur Chung Conference Centre (ACCC).

Guyana has signed an agreement with Hess Corporation, purchasing 30 per cent of the country’s forest carbon over ten years.

Amerindian villages have since been benefitting significantly under the government-crafted Low Carbon Development Strategy (LCDS) 2030, which has dedicated 15 per cent of total revenues earned under this mechanism, towards enhancing Amerindian livelihoods.

President Ali announced that the distribution of the carbon credit earnings will be increased this year.

“Because we are a government that cares for and loves you and believes in giving more, we have taken a decision to allocate 25.6 per cent of the earnings this year to Amerindian communities. This means GY$4.84 billion directly transferred to Amerindian villages,” he announced.

The LCDS was initially developed under former President, Dr Bharrat Jagdeo, and was later expanded by the current administration, following national consultations from October 2021 to July 2022.

It was agreed by the NTC, that 15 per cent of total revenues generated would be directly invested into the economies of these villages.

“Although the agreement is 15 per cent, we do not want you to get less than what you had, we have increased the percentage of this year’s earnings to 26.5 per cent, ensuring that you will get no less than what you had last year,” the head of state related to members of the council.

Since the allocation of $4.7 billion in 2023, the 242 villages across Guyana have implemented 811 transformative projects catering to sectors such as tourism, agriculture, infrastructure, industrial arts and crafts, and income-generating ventures, all aimed at advancing sustainable Amerindian livelihoods.

“Isn’t this trust? Isn’t this honour? Isn’t this dignity? Isn’t this recognition? Isn’t this belief? We did it because we believe in you. We recognise you. We honour you and… are committed to you,” President Ali underscored.