Apple invests in Guyana’s climate credits

Tech giant Apple Inc. has purchased and retired 100,000 carbon credits from Guyana, a move hailed by Vice-President Dr. Bharrat Jagdeo as a significant boost to the country’s international environmental reputation.

The announcement was made during a press briefing Thursday last at Freedom House, where Dr. Jagdeo praised the deal for reinforcing the credibility of Guyana’s forest preservation efforts. “It’s really great that a big company like Apple sees that these are valuable credits. It brings great credibility to our product,” he remarked.

Apple is the second major corporation to invest in Guyana’s carbon credit programme, following a landmark agreement in 2022 with Hess Corporation, which committed to purchasing 37.5 million credits over a decade for a minimum of US$740 million.

Guyana’s carbon credits are issued under the Architecture for REDD+ Transactions (ART) and are among the first of their kind to be certified for both voluntary and compliance carbon markets. In 2022, ART awarded Guyana 33.47 million TREES credits for its efforts between 2016 and 2020 in preventing deforestation and forest degradation under the jurisdictional REDD+ mechanism.

These credits, publicly listed and serialised on ART’s registry, are available to international buyers and can be used to meet global climate commitments, such as those required by the International Civil Aviation Organisation’s CORSIA programme.

The sale of credits is part of Guyana’s broader Low Carbon Development Strategy (LCDS) 2030. Under this framework, 15 per cent of revenue from carbon transactions is allocated to Amerindian communities. According to Dr. Jagdeo, the initiative has already channeled approximately GYD $14 billion into over 4,000 community-led projects across Indigenous territories.

“They are entitled to 15 per cent, but… it’s more like 20 per cent that they have received over the last three years,” Dr. Jagdeo noted, adding that further disbursements are expected at next year’s National Toshaos Council meeting.

The remaining 85 per cent of carbon revenue is being directed toward national climate resilience efforts. These include coastal infrastructure improvements, enhanced water management systems, and the planned opening of 85,000 acres of agricultural land aimed at supporting small-scale farmers.

The Vice-President credited the People’s Progressive Party/Civic’s climate policy for these achievements, noting that the country’s ability to transform its natural assets into sustainable development resources sets a regional example.

With Apple’s involvement adding new prestige to Guyana’s carbon programme, officials are hopeful that more multinational companies will follow suit, further anchoring the country’s role in global environmental finance.