Guyana sold carbon credits to 19 airlines under LCDS framework

Senior Director for climate and REDD+ at the Ministry of Natural Resources, Pradeepa Bholanath, said Guyana sold forest carbon credits to 19 international airlines over the past 18 months.

This marks a major milestone in the country’s Low Carbon Development Strategy (LCDS).

Speaking during the fourth episode of Tea on the Terrace, Bholanath explained that Guyana recently received its largest tranche of forest carbon credits to date, amounting to nine million credits under the ART-TREES programme.

“Over the last 18 months, we have seen sales to over 19 airlines at prices that have gone beyond the levels that we have sold our carbon credits for under our existing agreements,” she noted.

Each of these credits has received the CORSIA label, making them eligible for use by airlines to offset their emissions.

According to Bholanath, the international aviation sector has shown increasing interest in Guyana’s forest carbon credits.

She added that demand for Guyana’s credits is expected to grow further as airlines move to meet emission reduction targets under global climate agreements.

Guyana remains in a unique global position as a net carbon sink, meaning the country absorbs more carbon dioxide than it emits.

This allows Guyana to provide climate services to the world while also generating revenue through the sale of carbon credits.

These revenues are being reinvested into national development initiatives under the LCDS framework.

This includes solar power generation, hinterland electrification, drainage and irrigation projects, and programmes benefitting Amerindian communities. [DPI]