GEORGETOWN, Guyana - Finance Minister Dr. Ashni Singh says Guyana emergence as a global leader in climate policy and carbon markets as well as an economic powerhouse is the result of decades of deliberate policymaking and not simply the discovery of oil.
Finance Minister, Dr Ashni Singh, appearing on the podcastHe said also that Guyana is now setting international benchmarks in environmental innovation.
Speaking on the Starting Point podcast, Singh said Guyana is among the first countries to achieve jurisdiction-scale certification of carbon credits, enabling large-scale participation in global carbon trading systems.
He made reference to major agreements, including a US$750 million carbon credit deal with Hess Corporation, as well as sales to multiple international airlines under global offsetting frameworks.
“Small Guyana, tiny little Guyana, occupying such positions of leadership…These things don’t happen by magic… they require vision, credibility and hard work,” Singh told the podcast, explaining that Guyana’s success in this area stems from years of strategic policy development, including the Low Carbon Development Strategy (LCDS), which was pioneered when Bharrat Jagdeo was president.
He said that early efforts to promote the value of standing forests and advocate for their monetisation laid the groundwork for today’s globally recognised carbon market system.
Singh said that Guyana’s carbon credits are now internationally certified and are being used to support emissions reduction targets within the global aviation industry.
He said this positions Guyana at the forefront of climate action, demonstrating that small states can lead on complex global challenges while advancing sustainable economic growth.
Guyana’s emergence as a global economic powerhouse is the result of decades of deliberate policymaking, not simply the discovery of oil.
In fact, the country’s transformation from a “bankrupt” state in the late 1980s to the world’s fastest-growing economy was driven by sustained reforms under successive People’s Progressive Party/Civic (PPP/C) administrations.
“We did not get here by accident. We got here by hard work,” he said, noting that following 1992 electoral victory, the government focused on restoring democracy, rebuilding state institutions, and achieving fiscal solvency through structural reforms and international partnerships.
Guyana’s engagement with institutions such as the International Monetary Fund (IMF) and the World Bank has evolved significantly, from seeking financial assistance to now contributing to global economic discussions and policy direction.
In addition, Guyana is a major contributor to regional growth and commands increasing respect internationally, with its economic performance consistently outperforming global and hemispheric projections.
Singh said the country’s success is underpinned by strong macroeconomic management, a stable policy framework, and efforts to create an attractive investment climate long before oil production began.
He told the podcast of the growing international interest in Guyana as a destination for investment and as a source of policy insight, noting that global partners are now actively seeking the country’s perspectives on major economic and development issues.
He said these achievements demonstrate that small states can succeed and lead and also positions Guyana as a model for economic transformation and sustainable development.
