By Radha Motielall
Earlier this week, the Architecture for REDD+ Transactions (ART) issued 7.14 million 2021 vintage carbon credits to Guyana, marking a significant milestone.
Guyana now holds the world’s first carbon credits eligible for use by airlines, fulfilling the requirements for their inclusion in the International Civil Aviation Organisation’s global emission reduction program (CORSIA) for the 2024–2026 phase.
Speaking at a press conference at Freedom House, Dr. Jagdeo expressed the government’s satisfaction in advancing this process, underscoring Guyana’s continuous efforts toward achieving full compliance in the carbon credit market.
Dr. Jagdeo, a key figure in this initiative, emphasized Guyana’s proactive approach in moving toward a full compliance market despite existing limitations.
He explained the government’s decision to adopt a phased approach, securing bilateral arrangements and the HESS deal to utilize the carbon credits while simultaneously advocating for a broader compliance market.
Highlighting the importance of a full compliance market, Dr. Jagdeo stressed the potential benefits for Guyana, including increased trade and escalating prices for carbon credits.
He assured that the government has mechanisms in place to ensure equitable sharing of benefits from any carbon credit trading in secondary markets.
In a significant development, Brazil’s President Lula Da Silva expressed interest in joining this initiative during talks on Thursday.
Consequently, Dr. Jagdeo will travel to Brazil to share Guyana’s progress and explore possibilities for future collaboration, underscoring the international recognition of Guyana’s efforts in carbon credit trading.
However, Dr. Jagdeo emphasized that Guyana’s sovereignty over its forests remains non-negotiable, reaffirming the country’s commitment to environmental protection.
The issuance of these carbon credits marks a significant achievement for Guyana and signals its commitment to sustainable development and environmental stewardship.