Guyana: President Irfaan Ali witnessed the signing of the historic agreement between the Government of Guyana and Hess Corporation, which will see the US-based company purchasing high-quality carbon credits for a minimum of US$750m over a period of 15 years.
The multi-year agreement is for a total of 37.5 million REDD+ jurisdictional carbon credits (current and future issuances), which will amount to 2.5m per year back-dated from 2016 to 2030.
The payment will, however, be made between 2022 and 2032.
The total amount of credit would be approximately 30 per cent of Guyana’s available credits.
President Ali said the signing is “historic for corporations, the voluntary market, industries, countries and forested countries. Guyana has, once again, demonstrated that it could be done, and it will be done with hard work, commitment, strategic planning, positioning, and vision”.
The credits will be on the Architecture for REDD+ Transactions (ART) registry and will be independently verified to represent permanent and additional emissions reductions under ART’s REDD+ Environmental Excellence Standard 2.0.
Guyana became the first country this week to get special carbon credits issued to it by the ART.
At today’s event at State House, President Ali was joined by Prime Minister, Brigadier (Ret’d), Mark Phillips; Vice President, Dr Bharrat Jagdeo; other senior members of the Government; CEO of Hess Corporation, John Hess and members of the Diplomatic Corps among others.