Confidence in local leadership...

From page 10 capabilities of addressing pressing global challenges.

President, Dr. Irfaan Ali has said that Guyana’s intention is to leverage its oil discoveries to foster strong global leadership in these critical areas. Of particular importance is Guyana’s commitment to forest conservation and its role in combating climate change.

He highlighted a historic deal in which Guyana will earn a minimum of US$750 million from the sale of internationally certified carbon credits to the Hess Corporation over the next decade, with at least 15 per cent of the funds being reinvested in Indigenous communities.

As part of this commitment, the government, in December 2021, introduced the Local Content Act. The law identifies 40 sectors or services and requires oil firms and their subcontractors to purchase a minimum percentage of their total expenditure on those services from Guyanese vendors.

As a result, the Act creates an enabling environment for the growth and expansion of Guyanese businesses, as well as business and job opportunities for Guyanese nationals. The LCA is expected to be updated soon.