Vice President, Dr. Bharrat Jagdeo said on Thursday that ExxonMobil Guyana and CNOOC need to increase their local contributions to climate mitigation in a manner that matches their Stabroek Block partner, Hess Corporation.
During his presser today, he emphasized, “Locally, Exxon is not doing enough on the climate side…We had (better) movement with Hess through that arrangement. And the same thing with CNOOC, they’re not doing enough.”
He pointed to Hess’ significant investment in purchasing Guyana’s carbon credits as a notable example of proactive climate action. According to Jagdeo, “Hess made a massive investment here with the purchase of these carbon credits. But it’s not been mirrored by CNOOC or Exxon.”
Last January, Guyana received US$75 million from Hess for carbon credits, with further payments totaling US$150 million for 2023. This financial injection was part of a broader strategy under Guyana’s Low Carbon Development Strategy (LCDS) 2030 to leverage the country’s forest resources to combat climate change while promoting sustainable economic growth.
Responding to questions about the adequacy of current climate mitigation projects, including sea defenses and canals, Jagdeo acknowledged their importance but tempered expectations about their ability to prevent all climate-related events. He stated, “I doubt it would stop every climate-related event,” citing challenges such as occasional flooding due to intense rainfall and the historical vulnerability of coastal areas below sea level.
Guyana’s LCDS 2030 represents a pivotal framework guiding the country’s efforts to balance economic development with environmental sustainability. The strategy seeks to monetize the climate and ecosystem services provided by Guyana’s forests while enhancing resilience against climate impacts, particularly along its vulnerable coastal regions.
