-at higher prices

-by Celestine Chacon

Guyana’s carbon credit market is taking off with rising interest from global airlines.

This of course means increased revenue for our standing rainforest, a goal at heart of the government’s climate strategy.

Some 19 airlines are purchasing Guyana’s carbon credits at higher prices.

This was disclosed by Senior Director for Climate and REDD+ at the Ministry of Natural Resources Pradeepa Bholanath, in conversation with President Irfaan Ali.

“Over the last 18 months we have seen sales to over 19 airlines at prices that have gone beyond the levels we have sold our carbon credits for under our existing agreement,” she said.

Bholanath stated that the country recorded its highest carbon credit earnings just last month, following its recognition under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).

“Guyana has just February of this year received its most latest tranche of forest carbon credits, the highest level of issuance of 9 million credits through the ART program,” she added.

Since Guyana’s credits meet system requirements, airlines are buying them to offset emissions, a trend Bholanath expects to accelerate.

These credits are linked to Guyana’s forest conservation efforts to reduce deforestation emissions, with 7.14 million certified units issued through the Architecture for REDD+ Transactions (ART).