Suriname wants to position itself as a leader in carbon trading as part of its broader transition to renewable energy. The country is preparing to venture into the offshore oil production industry with its first development, Gran Morgu. Even so, the country aims to balance this with strict, clean energy goals.
Foreign Affairs Minister Albert Ramdin emphasized the country’s commitment to sustainability and economic diversification while at the Suriname Awareness Symposium.
“As we embark on this transformative journey in the energy sector, we must also consider the other side of the coin…carbon trading,” Ramdin said.
Ramdin noted that Suriname has vast renewable energy potential, including hydro, solar, and wind power.
“We must leverage them to build a cleaner, more resilient future,” he stated. He stressed that transitioning to renewables is not just an environmental necessity but also a strategic economic move to enhance energy security, create jobs, and attract investment.
The carbon trading industry forms a key aspect of Suriname’s energy strategy, according to Ramdin.
In September 2023, Suriname launched its carbon credit trading scheme under the Paris Agreement. The nation aimed to sell credits generated from its vast rainforests, known as internationally transferable mitigation outcomes (ITMOs), which adhere to United Nations guidelines. An initial target of 1.5 million credits at US$30 each was set.
Guyana is the other Caribbean Community (CARICOM) country involved in carbon credit sales. Guyana 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.
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 tropical forests for climate resilience and environmental sustainability (TREES) credits to Guyana for 2016-2020. The government then entered an agreement 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.
