General Secretary of the PPP, Dr. Bharrat Jagdeo, confirmed that Guyana will continue its pursuit of the voluntary market for the sale of forest carbon, emphasizing the potential for earning billions of dollars once market conditions improve.
Despite no progress in advancing carbon markets at COP28, Guyana, recognized as a global leader in forest management, remains committed to the voluntary market mechanism.
Dr. Jagdeo emphasized the country’s proactive approach to securing climate finance independently rather than relying solely on the global system.
The decision to seek climate finance independently was rooted in the country’s efforts to address climate change and maintain its standing rainforest.
In November 2009, under Jagdeo’s presidency, Guyana and Norway signed a climate and forest partnership, securing a commitment of US$250 million for rainforest preservation.
In the past year, Guyana sealed a 15-year deal with Hess Corporation, generating US$750 million from the sale of carbon credits, with a significant portion allocated to indigenous communities.
Currently, Guyana possesses the potential to raise at least US$2.5 billion from its carbon credits over the next decade.
Dr. Jagdeo, however, emphasized the country’s continued advocacy for fairer prices for carbon credits in the global market.
Guyana’s vast forest cover, spanning 18.4 million hectares, stores over 19.5 gigatonnes of carbon and annually removes approximately 154 million metric tonnes of carbon dioxide from the atmosphere.
Dr. Jagdeo’s announcement underscores Guyana’s commitment to leveraging its forest resources for both environmental preservation and economic benefit.