Avoiding global deforestation is foundational to the Paris Agreement’s aim of limiting the global average temperature rise to well below 2°C and was one of the major commitments made at the COP26 climate summit, where more than 130 countries, including Guyana, pledged to end deforestation by 2030.
On December 2, 2022, Hess Corporation and the government of Guyana announced a historic agreement that will serve to support Guyana’s efforts to save the country’s vast forests and provide capital to improve the lives of Guyana’s citizens through investments made by the government as part of Guyana’s Low Carbon Development Strategy 2030. The agreement is one of the largest private-sector forest preservation agreements in the world.
As Guyana’s partner in this agreement, Hess will purchase high-quality carbon credits for a minimum of USD 750 million between 2022 and 2032 directly from the government of Guyana. This multiyear agreement is for the purchase of 37.5 million high-quality REDD+ carbon credits (current and future issuance) that are independently verified to represent permanent and additional emissions reductions. REDD+ (reducing emissions from deforestation and degradation) is a global conservation mechanism created by the Conference of the Parties to the United Nations Framework Convention in support of the Paris Agreement.
