Hess Signs $750M REDD+ Carbon Credits Deal with Guyana

Reflorestation

Hess Signs $750M REDD+ Carbon Credits Deal with Guyana

Hess Corporation, an American company, has made an agreement with Guyana to purchase REDD+ carbon credits worth $750 million over the next ten years. This deal aims to provide support for the protection of Guyana’s Amazonian rainforests.

Hess Corporation is an internationally recognized energy company with a focus on the exploration and extraction of crude oil and natural gas. It holds a prominent position in promoting and disclosing its exceptional environmental, social, and governance (ESG) practices.

Hess is a major partner with ExxonMobil and CNOOC of China in Guyana’s offshore project, the “Stabroek Block”. It’s one of the world’s largest oil and gas discoveries near Suriname’s border.

Under the UN Reducing Emissions from Deforestation and Forest Degradation program (REDD+), there is a multi-year agreement between Guyana and Hess. This agreement spans from 2022 to 2032 and entails Hess’ acquisition of 37.5 million REDD+ jurisdictional carbon credits, including both current and future issuances.

 

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