Indigenous communities in Guyana will this year receive a total of $4.725 Billion from the sale of Carbon Credits to the Hess Corporation.

Vice President, Bharrat Jagdeo made the announcement today as he met with Indigenous Leaders from more than 240 villages at the Arthur Chung Conference Centre.

The $4.725B represents 15% of the sale of the Carbon Credits to Hess Corporation for 2023.   

“In the first year, this year 2023, we have received US$150M, the 15% share of that, the Amerindians, is US$22M, which is $4.725B,” the Vice President explained

He disclosed further that the Indigenous Communities both in the Hinterland and on the Coast will receive a minimum of $10M and as much as $35M.

The sums, he said, were arrived at based on consultations with the Indigenous Communities and the National Toshaos’ Council (NTC).

“We discussed with the NTC and with many of you in the regional setting, and individually, what would be a fair formula, and we agreed that a minimum that a village or a community should get from this year, from their share is $10M….Based on the application of the formula, based on population and size, you are going to see how much money the communities are getting, ranging from $10M to some communities, their share of the 15% this year, would be $35M,” the Vice President said.

The Indigenous Leaders were brought to the capital city to set up their bank accounts to facilitate the transfer of the money. They were urged to use the funds prudently to advance developments in their villages in the areas of education and health.

Over a 10-year-period, Guyana is expected to receive a minimum of US$750M from Hess Corporation for the sale of high-quality carbon credits.

“Of the US$700M in the next 10 years, the Amerindian Communities will be entitled to a US$112.5M or $23.6B, that is what your share of only 30%. Remember when we sell more, if we sell the other 70%, you are going to get 15% of that too. So, it will run into a significant sum of money, over US$300M you’ll be getting from that alone, if we get the same terms,” the Vice President further explained.   

The sale of Carbon Credit forms a major part of the Government’s Local Carbon Development Strategy (LCDS) 2030 which is designed to monetize the country’s climate and ecosystem services.

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