Guyana signs first sale agreement on carbon credits

Guyana has signed its first sale agreement on carbon credits.

President Dr. Irfan Ali announced today that the Hess Corporation, based in the United States, will contribute US$750 million to the conservation of the Amazon rainforest through a special carbon credit scheme.

Dr Ali says the company, which is devoted to exploring oil, gas, and energy solutions will buy 2.5 million carbon credits annually, covering the period 2016–2030.
Earlier this week, Vice President Bharrat Jagdeo said Guyana will be the only country in the world that will boast the Architecture for REDD+ Transactions (ART) credit.

ART is a global initiative that seeks to incentivize governments to reduce emissions from deforestation and forest degradation, as well as restore forests and protect intact forests.

A total of 33.47 million credits, known specifically as REDD+ Environmental Excellence Standard (TREES) credits, are available to buyers.

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