By Caribbean Times -November 7,2023
Guyana is the first country to deploy large-scale carbon on the international market as the CARICOM country seeks to advance its climate security. It is the first country to sign an end-user agreement with Hess Corporation and a bilateral agreement on the sale of carbon with the Kingdom of Norway. Guyana’s forest, which is the second-largest forest cover globally, stores 19.5 gigatonnes of carbon, and the country has released its Low Carbon Development Strategy (LCDS) 2030, which is an enhanced version of the LCDS 2009, taking into account several local and international developments that focus on investments in clean energy to stimulate low-carbon growth, protection against climate change and biodiversity loss.
Last December, the government and Hess Corporation announced an agreement for Hess to purchase high-quality carbon credits for a minimum of US$750 million between 2022 and 2032.
