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Tuesday, December 6, 2022
HomeBusinessGuyana poised to sell eco-system services valued at US$5.4 billion annually

Guyana poised to sell eco-system services valued at US$5.4 billion annually

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(Demerara Waves) President Irfaan Ali on Thursday made it clear that Guyana was tapping into the multi-trillion dollar oil and gas sector to invest in the social sectors, technology, infrastructure while eventually hoping to rake in billions of dollars annually from the sale of carbon credits.

The document states that the Emission Reductions Purchase Agreements (ERPAs) for the sale of carbon credit would be made public and would be “independently audited.” Studies estimate that the economic value that Guyana’s eco-system services provide to the world are up to US$5.4 billion annually.

Sources, however, project Guyana’s actual earnings from such services would be about US$300 million.

The LCDS provides for credits to be issued under the Guyana Carbon Registry and any other structure that is associated with the Guyana credit issuance.

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