New forest payments deal shows Guyana’s leadership on climate action- PSC

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 the Government and Hess Corporation for Guyana to be paid a minimum of US$750 million between 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 Block Offshore Guyana, can do to demonstrate leadership and action in the fight against climate change.

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).