GEORGETOWN, Guyana, CMC – Vice President Bharrat Jagdeo, saying “ I am not defending them,” said that the US oil and gas giant ExxonMobil, the operator at the Stabroek Block offshore Guyana, is not currently interested in purchasing the country’s carbon credits.
But Jagdeo told reporters it plans to invest in other measures to help offset its emissions.
“We raised this matter with them; they have not been positively inclined to do that,” Jagdeo said, noting that another US oil company, Hess, which is already purchasing Guyana’s credits, is paying a much higher price for those credits than what Guyana would currently get in the voluntary market.
A carbon credit is generally a tradable permit or certificate representing removing a certain amount of carbon dioxide from the environment. Since carbon dioxide is the principal greenhouse gas that harms the environment, it is tracked and traded like any other commodity.
Hess is one of the coventurers alongside ExxonMobil, searching for and producing oil in the country’s nascent oil and gas sector. Jagdeo told reporters that ExxonMobil’s decision not to purchase the credits, at least not yet, is just part of the company’s business model.
“Exxon says they are investing in carbon capture and storage, contributing to the fight against climate change. I am not defending them because they should be doing more globally and here.”
Jagdeo said that ExxonMobil has expressed interest in investing in mangrove restoration projects and reforestation efforts. But he said should the company subsequently decide to purchase those credits, it must be at competitive rates.
By the end of 2030, Guyana hopes to acquire an estimated US$750 million from the agreement signed with Hess.
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