President Ali takes crusade for ‘frank, balanced’ discussion on oil & gas to Europe

The Prime Minister of Luxembourg Xavier Bettel and Prime Minister of Barbados Mia Mottley in conversation at the summit for leaders of the European Union and Latin America and the Caribbean. (Jose Cheddie/Office of the President photo)

While Guyana pursues rapid oil and gas development, the President pointed to its leadership on the environment. Guyana is part of the Amazon region and 85% of its land area is covered in forests.

Guyana has long pursued payments for keeping the rainforest and recently, under the Architecture for REDD+ Transactions – the United Nations mechanism on avoided deforestation – Hess Corporation agreed to purchase high quality carbon credits for a minimum of $750 million between 2022 and 2032. This funding will feed projects under the Low Carbon Development Strategy – the roadmap the country is using to preserve the forest while building the economy.

The credits Hess bought is only 30% of what Guyana can be issued and with growing interest from many partners, President Ali wants the European Union to buy into the carbon credit scheme and receive a commitment ahead of the next UN Climate Summit in the United Arab Emirates.

“When is the EU going to come onboard in terms of being a purchaser of carbon credit and contributing to this market?

“These are the real questions.”