Guyana has made significant progress in utilizing funds earned from the sale of carbon credits for development, particularly in Amerindian communities.
Vice President Bharrat Jagdeo provided an update, stating that 500 projects are currently under implementation across 242 Amerindian communities, utilizing 15% of the Carbon Credit funds paid in the first year.
The government has changed the model for distributing funds to communities, resulting in shorter times for people to benefit.
The new system aims to build local capacity for managing funds while ensuring intended benefits are realized.
Vice President Jagdeo highlighted the buy-in from villagers, emphasizing that the projects being implemented in Amerindian villages have secured community support.
Out of the initial $150 million US dollars received from the carbon credit sale, $22.5 million was allocated to the 242 Amerindian villages for funding development projects of their choice.
The total expected from the sale of 30% of Guyana’s certified carbon credits is $750 million US dollars.