Over US$112M to go to Amerindian communities from sale of carbon credits
The Government has announced that 15 percent of all funds earned through the sale of Guyana’s carbon credits will go directly towards Amerindian development.
Vice President Dr Bharrat Jagdao has stated that from this initial sale of carbon credits to the Hess corporation, Guyana’s Amerindian community will receive a minimum of US$112 million to use as they see fit for development in their respective communities.
“It is truly transformative and it moves us closer to two objectives that we were working on for 15 years, where the world will value more forest carbon and we’ll move closer to a compliance market, even now with this major deal we hope that the voluntary market, the prices would go up in the voluntary market were hovering at some abysmally low levels and this one major deal will have global resonance and make a major change,”
With Guyana set to earn at least US$750 million from the first sale of carbon credits, with intentions to sell many more in the coming years, 15 percent of all future revenues will also be given to Amerindian communities.
The Government has emphasised the crucial role played by the Amerindian community in leading Guyana’s battle against climate change.
It has been just about a year since national consultations for the revised Low Carbon Development Strategy (LCDS) 2030 were launched and over this period numerous meetings were held with Amerindian communities.
The Government further assured that future sales of carbon credits will fund equitable access to health and education to Amerindian communities across Guyana, even in the most remote locations.