Climate revenues accelerating climate adaptation, Amerindian development

– US$237.5M in carbon credit revenues received to date – Finance Minister

Guyana is making significant progress in climate adaptation and Amerindian development with resources earned from the landmark Low Carbon Development Strategy (LCDS) 2030 framework.

The revised strategy, led Guyana to secure the largest carbon deal globally, valued at US$750 million in 2022. The deal is part of the Architecture for REDD+ Transaction (ART) initiative and will see the nation earning revenues for its forest carbon from 2022 to 2032.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh has revealed that US$237.6 million in carbon payment has been received to date.

He made the disclosure during the reading of the 2025 National Budget on Friday at the Arthur Chung Conference Centre (ACCC) themed, “A Secure, Prosperous and Sustainable Guyana”

“Mr speaker, the climate revenues earned under the LCDS 2009 and LCDS 2030 are today accelerating investments in both climate adaptation and mitigation,”Dr Singh informed the National Assembly.

Currently, several pieces of critical infrastructures for climate adaptation are being constructed, including high-level discharge drainage systems in Regions Three, Five and Six, costing $23 billion (GYD).

Over 40 sluices and drainage structures are being rehabilitated, and equipment for maintenance have been purchased to the tune of $9.3 billion.

To aid Guyana’s transition to renewable energy, Dr Singh noted that the resources are also funding the installation of 33 megawatts of solar power in various locations, including in Bartica, Linden and Essequibo, costing some $15.1 billion.

“All financed, Mr. Speaker, with our climate revenue earned under the climate adjustment plan,” he underscored.

He reiterated the government’s commitment to allocating some 15 per cent of total LCDS earnings, to support social and economic development of Amerindian communities.

This commitment saw $9.5 billion of climate revenues already been distributed to more than 242 villages over the past two years.

He stated, “These villages have already received, over the past two years, $9.5 billion…representing Mr Speaker, 19 per cent of the earnings received to date, not 15; more than the minimum promised.”

Dr Singh further informed that this funding has supported over 800 projects in more than 242 villages, focusing on the development of the agriculture, tourism, transport, education, and other sectors.