The Guyana Government has announced a significant increase in the share of revenue from its carbon credits deal with Hess Corporation allocated to Indigenous communities. Despite a drop in total earnings from the deal this year, the government is ensuring these communities will receive more than they did in 2023.
Close-up of indigenous people of Guyana planting seedlings. AI generated picture.
President Dr Irfaan Ali revealed that the government would increase the Indigenous share of the carbon credits revenue to 26.5% in 2024. This decision comes as Guyana is set to earn $87.5 million from the Hess deal this year, down from $150 million in 2023. The increase in percentage ensures that Indigenous communities will receive $23.2 million in 2024, surpassing last year’s $22.5 million allocation.
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The Hess Corporation’s agreement, signed as part of Guyana’s Low Carbon Development Strategy (LCDS), commits to purchasing 750 million carbon credits between 2022 and 2032. Last year, 242 Indigenous villages benefited from the funds, enabling the launch of over 800 transformative projects across various sectors, including eco-tourism and agriculture.
President Ali emphasised the government's commitment to Indigenous development, highlighting the importance of trust, honour, and recognition in this increased allocation. The boost in funding reflects the government’s dedication to ensuring that these communities continue to thrive and benefit from the country’s natural resources.
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