Guyana continues to maintain its status as a carbon-negative country, according to Sarah Browne-Shadeek, Minister of Amerindian Affairs, who said the country’s forest-based climate model under the Low Carbon Development Strategy (LCDS) has also generated GY$14.4 billion (approximately US$69 million) in carbon credit revenues for Indigenous communities over the past three years.
“With above 85% forest coverage, Guyana is a carbon-negative country despite being an oil producer,” the Minister said, adding that “Between 15 and 26 percent of all annual carbon credit revenues received were directly transferred from Government to Indigenous communities in the last three years, representing $14.4 billion.”
The Amerindian Affairs Minister made the statement on April 20 during an interactive dialogue at the United Nations Permanent Forum on Indigenous Issues in New York City, which focused on climate action, Indigenous rights, and global cooperation.
According to Browne-Shadeek, the funds are channeled into Village Sustainability Plans that are designed and implemented by Indigenous communities, supporting self-determined development priorities.
“Over 200 Indigenous and hinterland communities have benefitted from these investments. Across the country, Indigenous villages are experiencing unprecedented growth in local economies through business development, eco-tourism, agriculture, infrastructure, and transportation, alongside expanded employment opportunities,” she said.
“Equally significant are the cultural and heritage initiatives funded through these resources, reinforcing identity and intergenerational knowledge transfer,” she added.
Guyana’s carbon finance framework is supported by major international agreements, including a US$750 million deal with Hess Corporation for 30% of its carbon credits, backed by nearly 20 million hectares of rainforest. The country has also issued 33.47 million credits under the Architecture for REDD+ Transactions (ART), certified under the TREES standard.
In June last year, Apple Inc. purchased 100,000 “vintage 2019” credits, which were retired in 2024 as part of its carbon offset portfolio.
Guyana is projected to remain a net carbon sink through 2030, even as offshore oil production expands beyond 900,000 barrels per day, with environmental assessments indicating forest absorption capacity continues to outweigh projected emissions from energy development.
Production comes from multiple offshore developments in the Stabroek Block, where four FPSOs are currently operating: Liza Destiny, Liza Unity, Prosperity and ONE GUYANA. A fifth FPSO, Errea Wittu, is under development to support the Uaru project.
ExxonMobil operates Guyana’s Stabroek Block with a 45% stake, with co-venturers Hess (30%) and CNOOC (25%). The oil major has discovered an estimated 11 billion oil-equivalent barrels there.
