Carbon credit sales dipped

Aug 20, 2024 News

President Mohamed Irfaan Ali

…but Govt. ups allocation to Amerindians by US$700,000.

Kaieteur News – President Mohamed Irfaan Ali on Monday announced a US$700,000 increase in Carbon Credit Funds for some 242 Amerindian Villages.

The announcement was made during the opening Ceremony of the National Toshaos Council (NTC) Conference annually held at the Arthur Chung Conference Centre Liliendaal, Greater Georgetown.

During his feature presentation Ali said that this year a total of US$87.5 million in revenues was received from “Carbon Credit Sales and pointed out that it is less than what Guyana had received in 2023.

Last year Guyana received US$150 million from Hess Corporation- one of ExxonMobil’s partners in the lucrative Stabroek Block- following a US$750M multi-year deal the government signed with the oil company for one third of the country’s Carbon Credits”. The government had handed out 15 percent of that amount (US$22.5 million) to Amerindian Villages.

With Carbon Credit Sales revenues decreasing this year by some 41.6 percent, Ali noted that a similar 15 percent allocation for the villages will mean less money for the indigenous people. “…But because we are a government that care and love you, because we are a government that believes in giving more and not less, we have taken a decision to allocate 26.5 percent of the total earnings this year to you, although the agreement is 15 percent.”, Ali told the Toshaos on the opening day of the conference.

While 26.5 percent is a significant increase in percentage from 2023, the actual revenues that the 242 Amerindian Villages will receive in 2024 has not increased by much. “We do not want you to get less than what you had so we have increased the percentage this year to 26.5 percent ensuring that you get no less than what you got last year, US$23.2 million or GYD$4.84 billion, directly transferred to your villages,” Ali further explained before adding: “Isn’t this love? Let me hear you, isn’t this love?”.

An increase from US$22.5 million (GYD 4.7 Billion) to US$23.2 million (GYD$4.84 billion) means that the Amerindian Villages will only receive US$700, 000 (only GYD$140 million) more than they did last year.

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carbon credits, Guyana, National Toshaos Council, President Ali

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