Emergent will start marketing Guyana’s carbon soon – Jagdeo

…says carbon credit payments among issues Guyana will raise at COP26

As Guyana prepares to make its mark at the COP26 summit in Glasgow, Scotland, Vice President Bharrat Jagdeo has revealed that Emergent Finance Accelerated Incorporated will soon commence work towards marketing Guyana’s carbon credits on the world stage.

He made this revelation during a press conference on Monday, where he spoke about the marketing process and expressed hope that over the next few months the process of seeking proposals from various players in the market desirous of investing in these credits would kick start. In fact, Jagdeo said that he would be meeting with the group that will market the country’s carbon.
“You know the marketing arrangement has an upside to us too. Because although it gets underwritten at $10 a tonne, if it’s sold for higher, we still get the higher price, of course deducting admin costs. And the US, I think UK and Norway endorse this. This group, I think they’re putting some money into it.”
“So, we’re hoping over the next four months or so, we will be looking to finalise all these arrangements and work the markets, see all the people who will be interested and then we will probably get the proposals through Emergent. But whatever we put in, it is going to be underwritten at $10 a tonne,” Jagdeo explained.

Back in April, President Dr Irfaan Ali had announced that Guyana signed a letter of intent with US-based non-profit organisation (NGO), Emergent Finance Accelerated Inc, to market the country’s carbon credits through a credit contract – a deal that could earn the country millions of US dollars.
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 other nations that have low emissions such as Guyana. Guyana’s 18.4 million hectares of largely pristine forest stores approximately 5.31 gigatons of carbon.
Meanwhile, Jagdeo explained that Guyana’s position headed into COP26 includes calls on the developed world to improve access to climate finance for smaller states. He noted that Guyana has already raised concerns about this issue with various institutions. Payment for climate services is also an issue on Guyana’s agenda.
“We have argued that the other mitigation options, particularly fossil fuel for transport and for burning fossil fuel, these have seen massive sums flowing into renewables. And the development of a non-combustion engine.”
“Engines that would … are non-polluting for vehicles. Given that forest and deforestation contribute about 16 to 20 per cent of greenhouse gases, that is land use and forestry, then you would never achieve a 1.5-degree climate target without addressing that emission source,” he said, explaining some of Guyana’s other positions.
COP26 is slated to run from Sunday to November 12 and will see the attendance of many Heads of State. President Ali arrived in Scotland to participate in convention on Sunday. The President, who left Guyana on Saturday morning, was received by a representative of the Queen upon his arrival in Glasgow, Scotland.
President Ali’s schedule includes delivering several addresses at key high-level climate summits, participating in several international roundtable discussions and partaking in bilateral meetings with other Heads of State and Government officials.
Already, he has met and engaged with Jamaica’s Prime Minister, Andrew Holness; St Lucia’s Prime Minister, Phillip J Pierre and the Bahamas’ Prime Minister, Philip Davis, on their way to Scotland.
The President is coming off weeks of activism in favour of Small Island Developing States (SIDS) and climate change and it was he who launched the national consultation process for the expanded LCDS 2030 last week. (G3)