Vice President, Dr. Bharrat Jagdeo recently provided reassurance regarding the meticulous management of Guyana’s carbon credit funds. He emphasized that there are robust mechanisms in place to ensure transparency and accountability in the allocation and utilization of these financial resources.
During a press conference on Thursday, Jagdeo disclosed that Guyana has been experiencing substantial financial gains through the sale of its carbon credits. These funds are earmarked for vital hinterland development and adaptation initiatives. To uphold transparency and accountability in their use, the proceeds from these credits will be funneled into a single, rigorously audited account.
President Jagdeo stated, “All of the resources have to be in a single account that would have audits, including international audits. So that’s where the funds would go, and they would have to be audited. And we’d have to demonstrate internationally that these audits are taking place.”
He went on to outline the allocation plan for these funds, highlighting that 15 percent will be directed towards supporting indigenous communities, with the remaining 85 percent primarily dedicated to climate change adaptation efforts. “So, the 15 percent that goes to the indigenous people, they will have accountability for that. And the 85 percent that remains, we said we want to use it mainly for adaptation.”
The Vice President also elaborated on the specific projects that will benefit from the 85 percent allocation, including the improvement of canal systems, the rehabilitation of koker networks, and the enhancement of water management capacity across various regions.
Jagdeo said this commitment to transparency and the strategic allocation of funds underscores Guyana’s dedication to addressing climate change and promoting sustainable development in the region.