Over 240 communities implementing 811 projects – Jagdeo

The content originally appeared on: INews Guyana
An $8M carbon-credit funded sawmill in Karrau Village which has provided employment opportunities (Photo: DPI)

A total of 242 Amerindian, riverine, and remote villages in Guyana are currently undertaking transformative projects worth $4.7 billion, funded by carbon credits under the Low Carbon Development Strategy (LCDS) 2030.

These initiatives span sectors such as tourism, agriculture, infrastructure, industrial arts and crafts, and income-generating ventures, all aimed at promoting sustainable livelihoods.

General Secretary of the People’s Progressive Party (PPP) Dr Bharrat Jagdeo

During a recent press conference, Dr. Bharrat Jagdeo, General Secretary of the People’s Progressive Party (PPP), expressed satisfaction with the positive impact of these projects.

“We’re extremely pleased with the implementation. The last report indicated that 811 projects were being executed in 242 villages, purely funded by the sale of carbon credits,” he stated.

The upcoming National Toshaos Council (NTC) Conference will feature further consultations on the allocation of an additional $2.7 billion in carbon credit funds to these villages.

“They will be notified about the new allocation for these villages. We are extremely pleased about the allocations,” Jagdeo added.

The LCDS, initially developed under former President Jagdeo and expanded by the current administration following national consultations from October 2021 to July 2022, was endorsed by the NTC. It was agreed that 15 percent of total revenues generated would be directly invested into the economies of these villages.

Guyana has signed a multi-year agreement with global energy giant Hess Corporation, which will purchase 30 percent of the country’s forest carbon over ten years.

Guyana has pledged to keep its rich forest intact under the Low Carbon Development Strategy (LCDS 2030)

Additional financial resources are expected once the remaining 70 percent of carbon credits are sold. While 15 percent of the LCDS 2030 funding goes directly to Amerindian villages, the remaining 85 percent is allocated to climate resilience and adaptation efforts.

This funding is further supplemented by government investments in health, education, housing, agriculture, and other essential social services, alongside the disbursement of Presidential Grants (PGs). Capital projects are also supported through the Amerindian Development Fund (ADF). (Department of Public Information)