Guyana has commenced engagement with commercial airlines to secure a market within the Aviation sector for its certified carbon units. The South American nation historically became the first country to receive CORSIA (carbon offsetting and reduction scheme for international aviation) eligible credits for airlines.
This was according to a June 20 press conference by President Dr. Irfaan Ali.
He indicated “We have now had our credits certified for that matter. We have commercial discussions and engagement with airlines for the sale of Guyana’s eligible carbon credits for that market.”
The standards required for the aviation sector under CORSIA were established by the International Civil Aviation Organization (ICAO).
“As you know there are some new standards required for the aviation sector and in those new standards there will have to have carbon credit offtake,” President Ail highlighted.
The country has secured 7.14 million carbon units by Architecture for REDD+ Transaction (ART) for its low deforestation rate along with sustaining high levels of forest coverage for the year 2021. Those credits were issued under Phase 1 of CORSIA’s approved crediting program ART’s “TREES” standard.
According to the president, “This is high-quality credit.”
Guided by the Low Carbon Development Strategy 2030, Guyana aims to monetize its forest’s climate and ecosystem services while promoting low-carbon economic development. On December 1, 2022, ART issued 33.47 million TREES credits to Guyana for 2016-2020. The government then agreed with Hess Corporation to sell high-quality carbon credits for US$750 million. In 2023, Guyana received the first US$150 million, with US$22 million disbursed to 242 indigenous villages.
