Hess Corporation, together with the Government of Guyana, earned the annual Energy Transition Initiative Award from the Association of International Energy Negotiators (AIEN) for leadership in creating a sustainable energy future.
The award presentation described a landmark Carbon Credits Purchase Agreement through which Hess will purchase US$750 million of carbon credits between 2022 and 2032 from Guyana as part of Hess’ commitment to supporting global efforts to address climate change and achieve net zero Scope 1 and 2 greenhouse gas emissions on an equity basis by 2050.
Through the agreement, Hess purchased high-quality verified carbon credits from the government. The arrangement protects Guyana’s forests, supports the company’s climate strategy, and provides capital for Guyana’s development as part of Guyana’s Low Carbon Development Strategy.
Hess’ carbon credits could ‘offset’ Stabroek Block emissions for a decade | OilNOW
CEO John Hess said, “Development of Guyana’s oil and gas resources is important to meet the world’s growing demand for affordable and secure energy, which is essential to ensure a just and orderly energy transition. We are pleased to support the country’s efforts to advance sustainable development and enhance the quality of life for the people of Guyana.”
Also, part of Hess’ environmental and social governance (ESG) strategy in Guyana is a major healthcare initiative being spearheaded by Mount Sinai Health System. Hess announced a commitment of US$32 million in July to a nationwide program to revolutionise public healthcare in Guyana.
AIEN is an independent not-for-profit professional membership organisation that supports international energy negotiators.
The awards were presented for work done in 2022. At last year’s AIEN ceremony, Hess, with its Stabroek Block co-venturers in Guyana, ExxonMobil and CNOOC, were awarded the Discovery of the Year Award for the Whiptail oil discovery announced in July 2021.
To learn more about Hess’s Guyana REDD+ Carbon Credit Purchase Agreement, click here.
