PSC commends Govt’s historic Carbon Credits Deal

The content originally appeared on: News Americas Now

Black Immigrant Daily News

The content originally appeared on: INews Guyana
President Dr Irfaan Ali engaging PSC Chairman Paul Cheong (left) and other private sector stakeholders at Fridays signing of the historic Carbon Credits deal with Hess Corp

See below for a statement from the Private Sector Commission on Guyana’s Carbon Credits Deal with Hess Corp: 

The Private Sector Commission (PSC) wishes to commend the Government of Guyana on its visionary leadership which has resulted in Guyana becoming the first country to be issued carbon credits for successfully preventing forest loss and degradation under the REDD+ initiative.

The Commission strongly believes that the deal signed on December 2, 2022, between theGovernment and Hess Corporation for Guyana to be paid a minimum of US$750 millionbetween 2016 and 2030, is a demonstration of Guyana’s commitment towards global climate action.

Importantly, the deal shows what corporations like Hess, a partner in the Stabroek BlockOffshore Guyana, can do to demonstrate leadership and action in the fight against climatechange.

The PSC envisions that the funds to be provided from this historic agreement will realize the objectives outlined in the Low Carbon Development Strategy 2030 (LCDS).