Vice President Dr. Bharrat Jagdeo announced during a press conference that the government is not in a hurry to sell Guyana’s remaining carbon credits, despite significant interest from various markets.
Currently, 70 percent of Guyana’s carbon credits are attracting attention, and the government aims to explore the available opportunities before finalizing any agreements this year.
Dr. Jagdeo highlighted that while there is substantial interest from potential buyers worldwide, the market has softened following events at COP28.
The government is carefully evaluating options and considering the current market conditions.
In December 2022, Guyana entered a historic multi-year agreement with Hess Corporation, marking its first-ever such deal.
Under this agreement, Hess Corporation will purchase 2.5 million carbon credits annually for the period 2016-2030.
The agreement is expected to generate US$750 million in revenue over ten years, supporting developmental projects in Amerindian communities and contributing to Guyana’s climate adaptation efforts.
This cautious approach reflects the government’s commitment to maximizing the benefits from carbon credits while navigating the dynamic global market.