Hess to buy $750 million in carbon credits from Guyana

GEORGETOWN, Guyana (AP) — Officials say that U.S.-owned Hess Corporation, a consortium partner in Guyana’s offshore oil sector, has agreed to buy $750 million worth of carbon credits from the South American nation in the next decade as it works to ensure Guyana’s almost intact Amazonian rainforests remain standing. Guyanese government officials and executives from New York-based Hess signed the agreement late Friday under the United Nations Reducing Emissions from Deforestation and Forest Degradation program (REDD). This is the second major such deal the country has won and negotiated in the past decade. Back in 2009, Norway had signed off on a deal to provide $250 million in funding.