WHEN the PPP/C administration, under the presidency of then-President, Dr. Bharrat Jagdeo, way back in the early 2000’s, took a decision to take the country along the path of a Low Carbon Development trajectory, it was greeted with skepticism by some opposition elements.

That did not, however, deter the PPP/C administration from pursuing its green developmental agenda, one in which there is the right balance between economic development and environmental sustainability.

The idea of taking advantage of the sustainable utilisation of our forestry resources was first mooted in the mid 1990’s when former President, Dr. Cheddi Jagan argued the case for compensation by the international community for our standing forests.
But it was former President and now Vice-president, Dr. Bharrat Jagdeo who, as it were, took the bull by the horns and made compensation a front burner issue not only for Guyana, but also for the rest of the world.

His strong and relentless advocacy for sustainable use of forest resources earned him the title of “Champion of the Earth,” a designation which no doubt gave him an enhanced voice and receptivity from among those who occupy the corridors of big power environmental politics.
Now, thanks to his strong advocacy together with that of President, Dr. Irfaan Ali, Guyana will now receive the minimum of US$750 million from the sale of carbon credits (forest preservation) to HESS Corporation.

There are a few misguided elements who are attempting to create a false and misleading perception of operatives in the oil and gas industry using carbon credits to pay their way out of environmental hazards. This view is based primarily out of ignorance or an attempt at deception. In actual fact, the agreement is a win-win situation for both parties.

The fact is that this agreement between Hess Corporation and the Guyana Government is historic and highly significant. Guyana now has the distinction of being the first country to benefit from the issuance of the REDD+ Environmental Excellence Standard (TREES) credits specifically designed for the voluntary and compliant carbon markets for successfully preventing forest loss and degradation, a process referred to as jurisdictional REDD+.

Speaking at the signing ceremony, President Ali hailed the contribution of Vice-President Jagdeo and his far-reaching vision and efforts in lobbying for financing for climate change.
The signing ceremony was the result of years of advocacy, and in the words of President Ali, is not only bold and innovative, but also indicative of the leadership role played by Guyana on a very critical and important global issue.

The importance of the forest and its significance in the fight against climate change has consistently been championed by Guyana and more specifically Vice-President Jagdeo, a view shared by Chief Executive Officer of Hess Corporation, John Hess, who credited the landmark agreement reached to the hard work put in by Dr. Jagdeo.

“It has been a long walk coming over 15 years,” the Vice-President said, added: “This is why we are so pleased today; we are evolving closer to the compliance market.”
There are going to be the pessimists and naysayers in our midst who would seek to throw cold water on this monumental achievement. But credit must be given where it is due, namely to the hard and diligent work by our Vice-President whose visionary leadership on this matter is now paying dividends.