$2B spent on climate mitigation in Reg 3, plans afoot for other regions – VP Jagdeo

– says NDIA has already presented plans to residents of flood-prone regions

Approximately $2 billion has been spent on climate mitigation measures in Region Three (Essequibo Islands-West Demerara), with Vice President Bharrat Jagdeo revealing that the People’s Progressive Party/Civic (PPP/C) Government also has plans for other flood-prone regions.
During his recent press conference, Vice President Bharrat Jagdeo was questioned about the Government’s plans to spend money on climate mitigation measures. He explained that monies from Guyana’s US$750 million sale of carbon credits to Hess Corporation, are available for use and the National Drainage and Irrigation Authority (NDIA) has already provided plans to residents.
“Funds for adaptation from the sale of carbon, the first sale of the 30 per cent, so those funds are now in a bank account. And we’ve already had almost a year and a half of consultations on some of the infrastructure work we’ve had to do. In some of the regions, to address flooding or irrigation.”
“I met, maybe a year and a half ago, with people from the Pomeroon and Region Two, Three, Five, and Six. These were at the Convention Centre, at which the NDIA made presentations highlighting some of the projects we would embark upon in these communities to address water management,” he said.
At the same time, however, Jagdeo made it clear that they are not waiting on the carbon funds to spend money on climate mitigation. In fact, money has already been spent in Region Two (Pomeroon-Supenaam), and further, an additional two pontoons and excavators will be procured. It is here that he revealed approximately $2 billion has meanwhile been spent in Region Three already, to prepare the region for possible floods and other occurrences.
“We didn’t await the receipt of these funds. For example, in the Pomeroon, we went ahead and awarded a contract to dredge the mouth of the Pomeroon. Which was causing issues there. And we bought two excavators with pontoons which were given to the communities in Upper and Lower Pomeroon, to be managed by the communities. To deal with the impoldering of their lands and putting in drainage systems there.”
“The plans are there. And we’ve already started implementing many of those. In the canal area, you would see a lot of work being done already. About $2 billion have been spent in Region Three, on structures and pumping capacity now, that would ensure the flooding that takes place around the canal area, is alleviated. We’re doing the same in Regions Five and Six,” Jagdeo said.
Guyana signed a contract with Hess Corporation in December 2022 which will see the nation earning US$750 million within a ten-year period. While 85 per cent is being invested in multi-community and national priorities, 15 per cent ($4.7 billion) is allocated towards Amerindian development.
To date, a number of villages have had their plans approved and already begun implementing their projects. Some villages will use the grants to develop their tourism and agriculture sectors while others are using the money to fund projects that empower women.
The 33.7 million credits sold to Hess Corp is just 30 per cent of the carbon sink contained in Guyana’s vast forest cover. The country’s more than 18 million hectares of forest is estimated to store approximately 20 billion tonnes of carbon dioxide equivalent.
In the meantime, the remaining 70 per cent of Guyana’s carbon credits are currently attracting interest from several markets, and Vice President Jagdeo had previously said that Government is now exploring these opportunities.
A carbon credit is a tradable permit or certificate that allows the holder of the credit the right to emit a stated tonnage of carbon dioxide or an equivalent of another greenhouse gas. Countries and companies that exceed their permitted limits can purchase carbon credits from nations that have low emissions such as Guyana.
The deal with Hess came on the heels of Guyana being the first country to receive a certification of more than 33 million carbon credits by the Architecture for REDD+ Transactions (ART) on December 1, 2022. (G-3)