Govt exploring money-making avenues through sale of carbon credits -President Ali
Recognising that there is wealth to be gleaned from the stewardship of Guyana’s forests, the Government is exploring multiple avenues of selling carbon credits to secure value for its people. These include discussions for a new deal with Norway, and intent for a United States non-profit organisation to sell Guyana’s carbon credits on the open market.
His Excellency, Dr. Mohamed Irfaan Ali made this disclosure during a press briefing today in the Baridi Benab at State House.
“To advance our participation in the carbon market, we have signed a letter of intent with Emergent Finance Accelerated Inc., a US based non-profit organisation, to sell our carbon credit through credit contract. This Agreement has the potential of earning us hundreds of millions of US dollars annually.”
President Ali said Guyana would earn at least US$10 per carbon credit unit, minus the expense incurred to place the credits on the open market. He said simple productions would show that Guyana could earn significantly from this venture.
“In relation to the Norway agreement, you know we had some resources that were left there from the last agreement that is being programmed now, in renewable energy and also, discussions on a new agreement are well underway. We have not gone out of the discussion stages yet, but they are fairly advanced.”
The President said the planned expansion of the Low Carbon Development Strategy is the platform through which Guyana’s development pathway would be developed.
He noted that this was reinforced at a Commonwealth Heads of Government Americas roundtable discussion hosted by HRH Charles, the Prince of Wales on how to advance green recovery post Covid, and initiatives to be taken for consideration at the 26th UN Climate Change Conference of the Parties (COP26) later this year.
Vice President, Dr. Bharrat Jagdeo had said the Government intends to tap into the Guyana REDD+ Investment Fund to pay for upcoming solar power generation projects. This forms part of the PPP/C Government’s plan to diversify the local energy mix.