Guyana and Norway signed a landmark deal in 2009, wherein the Kingdom of Norway committed US$250 million to help Guyana with its forest conservation. One of the earliest collaborations of its sort, this one established a standard for rewarding developing nations for their environmental stewardship. In 2019, Norway released G$9.1 billion to the World Bank-run Guyana REDD+ Investment Fund (GRIF), thereby completing its final payment under a landmark forest protection deal. Guyana committed to upholding low rates of deforestation and putting mechanisms in place to protect the forest under the terms of this agreement. Numerous sustainable development projects around the nation have benefitted from the cash received.
In 2022, the Architecture for REDD+ Transactions (ART) issued the world’s first trees credit, enabling Guyana to enter into an historic agreement with Hess Corporation, whereby the oil giants opted to purchase about one-third of all Guyana’s credits.
In 2023, the country received its first payment of US$75 million (or G$15.6 billion) from the sale of carbon credits. Some 15 per cent of this was allocated to community/village-led programmes for indigenous peoples, while the remaining 85 per cent was allocated for adaptation measures outlined in the country’s Low Carbon Development Strategy.
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Publish date : 2024-08-17 21:45:00
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