PRESIDENT Dr. Mohamed Irfaan Ali will today witness the signing of Guyana’s first sale agreement on carbon credits.

The historic event will be held at the Baridi Benab, State House.

This announcement was made one day after Vice-President Dr. Bharrat Jagdeo said that Guyana will be the only country in the world that will boast the Architecture for REDD+ Transactions (ART) credit.

At the time he was addressing a packed room at the Guyana Oil and Gas Energy Chamber’s Annual Awards and Induction Ceremonial Dinner.

“We quickly worked on an expanded Low-Carbon Development Strategy, and, in 2020, the US and others, through the LEAF Coalition and then the Architecture for REDD plus transaction was established, and we made an application for them to certify our credit. We had gone to the market already; we had a request for proposals.

We have received those, and the first sale will take place. So that will be credit all the way from 2016, because those were the legacy credit that we applied for and hopefully it will bring in billions of US dollars,” he was quoted as saying in a Department of Public Information (DPI) newsletter.

Dr. Jagdeo noted that there is need for the oil-and-gas resources to help on the adaptation side, so that Guyana can be more climate resilient.

He reminded his audience of the government’s support for net zero and the removal of subsidies from fossil fuel production and air decarbonisation, the newsletter stated.