Guyana is ‘pioneer’ in carbon market – World Bank rep

Diletta Doretti, the Resident Representative of the World Bank Group, and Joseph Williams, the Coordinator of the Caribbean Development Bank’s Sustainable Energy—Economic Infrastructure Division, discuss financing for sustainable development during Day Three of the 2025 Guyana Energy Conference and Supply Chain Expo (Photo: February 20, 2025)

World Bank Representative for Guyana and Suriname, Diletta Doretti recently described Guyana as a “pioneer” in the carbon market.

She also noted that the World Bank is keen on supporting countries and private sector players in the voluntary carbon market.

“Guyana has really been a pioneer because they started way before anyone else,” Doretti said during a panel discussion at the recent 2025 Guyana Energy Conference and Supply Chain Expo.

15 years on, Guyana sees ‘amazing results’ from forest-saving deal with Norway

About 15 years ago, a groundbreaking agreement was signed in the heart of Guyana at a village called Fairview, setting the stage for a global model of forest conservation – one that would see millions of US dollars being earned by the country simply for not cutting down the forest.

The 2009 deal between then President Dr Bharrat Jagdeo and Norway’s Minister of Environment Erik Solheim pledged US$250 million to Guyana in exchange for conserving its vast rainforest, marking one of the world’s first forest-saving initiatives.

Guyana first country that can earn money for saving rainforest under special system

Today, Guyana’s efforts at earning from standing forests has extended to the sale of carbon credits, with US$750 million recently earned from a deal with American firm Hess. A portion of these funds is earmarked for indigenous communities to support long-term sustainable projects. Guyana has the world’s first jurisdictional carbon credits.

Doretti said Guyana’s riches aren’t just oil and gas, but its trees and carbon markets. And she said the World Bank is keen on supporting Guyana.

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