GUYANA’S carbon credit financing is supported by efficient systems to integrate the use of these funds into the national budgetary system.
Vice-President Jagdeo reported Guyana has been making significant financial advancement in the area of climate finance through the advancement of its programme on the sale of carbon credits.

According to him, the money will be used for crucial development and adaptation projects in the hinterland.
Guyana’s climate programme benefits communities across the entire country: 15% of carbon credit revenues are transferred directly to all 242 indigenous villages and communities in Guyana, which invest revenues in village plans put together at village meetings. In 2023, US$22.5 is being invested in over 500 livelihood projects, designed and implemented by villagers themselves.

A further US$125 million is being invested through multi-community and national programmes. In 2023, the priority has been starting an unprecedented programme of investment in Guyana’s climate adaptation network, protecting lives and livelihoods across the country.

The Vice-President said that the particular initiatives that will profit from the 85 per cent allocation are the expansion of the canal systems, the restoration of koker networks, and the upgrading of the water management capabilities in various areas.
Vice-President Jagdeo noted that “this commitment to strategic allocation of funds underscores Guyana’s dedication to addressing climate change and promoting sustainable development in the region.”

The government of Guyana has ensured that the Amerindian villages across the nation continue to receive money directly from the Low-Carbon Development Strategy (LCDS).
The President of Guyana, Dr. Irfaan Ali, and the chairperson of the National Toshaos Council (NTC), Derrick John, have both expressed satisfaction with how Amerindian people and villages have carried out their projects. These initiatives have benefitted up to 242 Amerindian communities from the carbon credit programme.

According to President Ali, with the cooperation and facilitation of the government, he is satisfied with the way in which the Amerindian villages have been using their monies. He also noted that it is up to the villagers themselves to decide what programmes are required, as described in their village sustainability plans. The President said, “This is the government’s way of ensuring that carbon credit financing from the national programme flows directly to support village development.”

He also noted that Amerindian villages, as a whole, design their programme of activities and what they want to invest in. “These decisions are made not only by the Toshaos (village leaders), but by the villagers themselves. They have their programme of activities, and I’m very confident, especially with the type of support we’re giving the communities in training and capacity building, that they’ll be able to do a good job of implementing it.”

In an interview with the Guyana Chronicle, NTC Chairman Toshao Derrick John of Moraikobai also lauded the design and operationalising of the programme, and the way the funds have been used by individual communities to improve lives at the village level.
In fact, Chairman John and several Toshaos shared their successes so far in developing village plans, and commencing the implementation of village projects.
The Toshaos noted that one of the main successes of the programme so far has been the efficient move from the point of issuing carbon credits in November 2022 to the first sale contract being initiated shortly after in December 2022, soon followed by the setting up of bank accounts and announcement of payments in February 2023, and the process for the development of village plans executed over the period March to July 2023. With the implementation of projects at the village level already commencing, from crediting to project implementation, it has spanned only 10 months.

He said, “As the National Toshao Council Chairperson, I’m very satisfied with projects that villages have implemented and invested their carbon credits in. We have a lot of early success stories. As the National Toshaos Council Conference commenced, we had a lot of success stories, where villages will be able to report on the progress they’ve made so far since they’ve received funds from the carbon credits. A lot of villages have invested in sustainable income-generating activities. Some are in eco-tourism; some in transportation services, livelihoods, and various other areas that are aimed at food security and social upliftment. Villages now have a predictable and sustained source of financing for themselves, by continuing to do what they have done so well for many years – protect the forests.”

(This is part of a weekly series on the LCDS.) The author can be contacted at cparkinson0206@gmail.com.