Billions more for Indigenous communities from carbon credit payments

Indigenous communities across Guyana continue to receive designated funds from carbon credit earnings, but they are receiving more than the promised 15% allocation, according to Vice President Dr. Bharrat Jagdeo.

In the first year the funds were distributed to Indigenous communities, 2023, a total sum of US$22.7 million (or about G$4.75 billion) was distributed to more than 200 Indigenous communities.

Last year, the sum was US$23.27 million. Jagdeo announced at this year’s National Toshaos Council (NTC) Conference that the communities will receive US$23.27 million again this year.

“… although we have received less this year, we have kept the US$23.27 million to give to the communities.

“We did not want, because of lower receipts this year, to change the allocations to the villages,” he told the Toshaos gathered at the Arthur Chung Conference Centre, Liliendall, Georgetown.

Billions in carbon revenues helping Amerindian communities with economic, social, cultural advancement

Guyana earns from the sale of its carbon credits, a venture that came about after Guyana became the first country to be issued carbon credits on a jurisdictional or national scale. The credits serve sort of like coupons that you exchange for something tangible. The money is paid to the communities from the second phase of the Low Carbon Development Strategy, called LCDS 2030. This strategy is the plan by which the government intends to develop Guyana while upholding its promise to protect the natural environment.

The money the Indigenous communities are getting is separate from the billions that go into the development of the communities through the Ministry of Amerindian Affairs, which is especially set up to spearhead the development of Guyana’s Indigenous people.

And per the LCDS, the communities are to receive 15% of whatever earnings Guyana rakes in from the sale of carbon credits. The remaining 85% is for national development projects, like mega canals to help with flood protection efforts.

Jagdeo, however, explained that over the past two years, the government was disbursing more than 15% of the funds to the Indigenous communities.