Indigenous Communities to Receive $4.4 Billion from Carbon Credit Sales Despite Lower Revenues
By Antonio Dey | HGP Nightly News
GEORGETOWN, GUYANA – More than 240 Indigenous villages and communities across Guyana will receive $4.4 billion (GYD) this year from the sale of carbon credits, under the Low Carbon Development Strategy (LCDS) 2030 framework. This announcement was made by Vice President Bharrat Jagdeo during day two of the Indigenous Leaders’ Caucus at the Arthur Chung Conference Centre on Tuesday.
Despite a decrease in carbon credit revenues this year, Jagdeo assured Indigenous leaders that the government remains committed to maintaining financial allocations to their villages.
“This year, it’s over 21%, nearly 22% of the resources that you are getting,” Jagdeo said. “We did not want, because of lower receipts, to change the allocation to the villages.”
The Vice President emphasized that this represents more than 20% of the total proceeds from Guyana’s carbon credit agreement with Hess Corporation, signed in 2022. That deal is projected to deliver a minimum of US $750 million over ten years from the purchase of high-quality forest carbon credits.
Jagdeo also warned about external efforts to undermine Guyana’s LCDS 2030 agenda, saying:
“There are people around the world who don’t have an alternative, but every day they’re trying to block the low-carbon development funds. We are going to fight them robustly.”
In addition to the carbon revenue allocations, Jagdeo said that following discussions with President Irfaan Ali, the government will implement a housing improvement initiative in Indigenous communities. Each village will receive $3 million GYD to support vulnerable families with housing needs. An additional $1 million GYD will be allocated for sporting facility upgrades, along with road and bridge rehabilitation projects.
The carbon credit deal, hailed as a model for climate finance and forest preservation, directly supports community-led development projects in Indigenous areas, which collectively safeguard over 18 million hectares of tropical forest.
