Guyanese can rest assured that the funds from the sale of carbon credits are still intact, and Guyana will continue to benefit from these through several developmental initiatives.
This is coming from General Secretary of the People’s Progressive Party, Dr Bharrat Jagdeo during his Thursday press conference at Freedom House, Robb Street, while responding to questions about the acquisition of Hess Corporation by Chevron for US$53 billion and whether this would affect the arrangement between Hess and Guyana for the purchase of carbon credits.
The PPP GS said numerous international reports have mentioned Guyana which demonstrates Guyana’s progress and the importance of the country on the global supply of crude oil. Dr Jagdeo also said it represents that Guyana is an attractive investment destination.
Chevron will be a lucrative partner with Guyana and the deal indicates Chevron’s plans to continue boosting investments in fossil fuels as oil demand remains strong, he added.
This move by the major oil company, Dr Jagdeo added, is an indication that fossil fuel is still a viable and profitable venture. Further, it recognises that the world’s energy demands will still call for crude oil as renewable energy sources are developed and implemented on a wide scale.
In December 2022, Guyana and Hess signed the carbon credit deal which will see legacy carbon credits being sold for US$750 million, of which 15 per cent or US$112 million will go directly to indigenous communities to fund their development.
Story by Josiah Williams, NCN