Suriname has started training carbon credits

Happy Monday!

This week we cover Suriname’s beginning of trading carbon credits as part of its movement to a green economy, a catastrophe at the Academic Hospital Paramaribo which has to the death of some babies, and inflation numbers that continue to move in a positive trend for the country.

Suriname has recently begun to train carbon credits to grow sustainably in a greener manner going forward as it continues to explore oil revenues.

• Suriname has begun trading carbon credits this month, as part of the government's green development strategy aimed at achieving sustainable economic growth.

• On July 30, 2024, ROM (Ministry of Spatial Planning and Environment) presented the start of carbon credit trading to members of the National Assembly's standing committee. The presentation outlined a profit-sharing mechanism to ensure that income from carbon credit sales is fairly distributed among investors, developers, and local communities. The Ministry promised transparent and regular reporting on the progress and impact of emission reduction projects.

• Carbon credits represent a reduction of one ton of CO₂ or the greenhouse gas equivalent of this. Companies and governments purchase these credits to offset their greenhouse gas emissions. The sale of carbon credits supports various investments in projects such as renewable energy, energy efficiency, forest conservation, and other eco-friendly initiatives.

• President Chan Santokhi has emphasized the goal of balancing economic growth with environmental protection, ensuring responsible use of resources like oil and gas while the country invests in renewable energy and CO₂ reduction technologies.

• Offshore oil and gas discoveries are expected to boost economic growth through major investments and revenue, though they could increase greenhouse gas emissions.

• The green development strategy focuses on development, poverty reduction, and the sustainable use of resources with emphasis on equity and inclusion. A draft law on this strategy is expected to be submitted to the National Assembly in October 2024.

Chaos at the Academic Hospital Paramaribo as a number of babies that have passed away recently.

• Due to limited capacity, three premature babies have died in recent days at the Academic Hospital Paramaribo (AZP) with a 7-month old baby recently passing away.

• The situation is so severe that AZP will prioritize babies with the best prognoses and shortest hospital stays. Those requiring long-term care with poorer prognoses may no longer receive help.

• The AZP management informed Health Minister Amar Ramadhin on Friday about the critical situation. Last week, an emergency meeting was held regarding the Neonatal Intensive Care Unit (NICU) and Pediatric Intensive Care Unit (PICU). Despite proposals, there are still insufficient staff to handle the workload.

• The hospital has warned the government that if more staff is not urgently provided, AZP will be forced to make drastic decisions.

  • These will be that premature babies will only be admitted from 32 weeks instead of 27 weeks.

  • Babies with severe congenital abnormalities will no longer be admitted.

  • Children from other institutions will also not be accepted at AZP.

• AZP’s General Director, Claudia Redan said she could not comment further on the worrying situation but efforts are underway to recruit more staff. Of the 33 available beds in the children's ward/NICU, there is only staff for 14 beds.

• Director Redan hopes the government will make decisions quickly as the situation needs quick action as it is dire. From January to July 2024, 88 nurses have already left, and more are expected to leave in September. The hospital has proposed giving extra allowances to nursing staff in life-saving departments to help retain them.

Vice Chairwoman of the NDP (National Democratic Party) has accused the Ministry of Internal Affairs of corruption.

• Ingrid Bouterse-Waldring, wife of former President Desi Bouterse who is currently a fugitive of the Surinamese government and also Vice-Chair of the NDP, has accused the Ministry of Internal Affairs of corruption. She has claimed that people who haven’t worked overtime are being paid SRD 60,000 to SRD 65,000 and are required to deposit a portion into the Pertjajah Luhur party fund.

• Bronto Somohardjo, Minister of Internal Affairs and Vice-Chair of PL, responded to Bouterse-Waldring stating that Bouterse's allegations are false.

• He suggested that she either unknowingly spread incorrect information or deliberately spread falsehoods, which would imply she hasn't learned from the past.

• Bouterse also pointed out that people are not learning from past mistakes, citing an example of a security company head who transferred leadership to his wife, who uses her maiden name. She emphasized that the public should be informed about such issues.

• Regarding the upcoming elections, Somohardjo assured Bouterse that sufficient safeguards are in place to prevent fraud. He also mentioned that all political parties would be invited to participate but extended special respect to Bouterse, as a former First Lady, by offering to personally invite her and explain how the elections will be organized.

Surinamese inflation numbers continue to decrease as the country continues to recover economically as its expected that inflation will be under 10% by year’s end.

• Consumer prices in Suriname have increased by 13% in July 2023 compared to July 2022.

• The monthly inflation rate is 0.1%, indicating a decline in inflation.

• Inflation in Suriname has been very high in recent years, with 32.6% in 2022 and 54.6% in 2021.

• It is expected that inflation will be below 10% by the end of the year, if the current trend continues.

• Price measurements for the Consumer Price Index are taken in most districts of Suriname, but not in Marowijne, Brokopondo, and Sipaliwini, where prices are much higher than in the rest of the country.