–country’s forest credits in high demand as operators look to meet global emission targets
— local climate director says

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

Bholanath, during an appearance on the Tea on the Terrace programme hosted by President Dr. Irfaan Ali, explained that the country received its latest tranche of forest carbon credit in February. It was the highest in the country, with issuance standing at nine million credits under the ART-TREES programme.

“Each of these credits have been awarded CORSIA label, which means it’s eligible for use by airlines in offsetting their emissions. We’re really pleased to report that over the last 18 months, we have seen sales to over 19 airlines,” she said, adding: “19 airlines at prices that have gone beyond the levels that we have sold our carbon credits for under our existing agreements, so at higher prices, and it’s an accelerated momentum.”

The demand for Guyana’s credits is expected to grow further as airlines move to meet global emission reduction targets set out by the United Nations.

“Four years ago, we wouldn’t have thought that we would have cemented our place so solidly in this private sector segment that really is showing not just innovativeness, but bold action being taken by airlines and uniting with nature-based solutions that we in Guyana have been the lead in providing to the world,” Bholanath added.

Guyana had officially entered the Architecture for REDD+ Transactions (ART) TREES programme back in 2021. This allowed the country to earn payments for climate services, with revenues supporting the Low Carbon Development Strategy, including direct investments in Indigenous communities across the country.