Exxon could be another oil company paying Guyana for saving forests

With Hess Corporation, one of the co-venturers in the prolific Stabroek Block offshore Guyana, now paying Guyana at least US$750 million to preserve its forests over the next 10 years, it is possible for ExxonMobil Guyana to do the same.

President of ExxonMobil Guyana Alistair Routledge, on Friday, told reporters that buying carbon credits is a consideration for the company as it seeks to manage climate change concerns.

“ExxonMobil is looking at a lot of ways to manage climate change and this (trading carbon credits) is always going to be one of the considerations,” Routledge said at the sidelines of the Hess signing ceremony.

The oil and gas industry is deemed as a notorious emitter of carbon dioxide and other gases that harm the environment and result in the climate crisis, causing rising sea levels and other disasters.

Because of this, oil companies are looking for ways to balance or even cut back the harm done to the environment.

ExxonMobil, in January, said that it was aiming to cease harmful gas emissions from its assets by 2050.

Initial steps to achieve net zero by 2050 are included in the company’s plans to invest more than $15 billion by 2027 on lower-emission initiatives. Policies further accelerating the development and deployment of lower-emission technologies could provide ExxonMobil with additional investment opportunities.

Rouotledge said he could not comment on future engagements with Guyana’s government as it relates to purchasing carbon credits.

He, however, noted: “We’re delighted to see the progress, this is exciting news for Guyana.”