Suriname, the world’s most forested country that absorbs more carbon than it emits, is embarking on a massive oil extraction project that highlights the complex tensions between climate action and economic development in the Global South.

Starting in 2028, French oil giant TotalEnergies will begin pumping nearly 250,000 barrels of crude daily from offshore platforms, generating billions in revenue for the South American nation of 600,000 people. The project could grow Suriname’s economy by over 50% in its first year alone, offering a potential escape from crushing debt and widespread poverty where average residents earn less than $500 monthly.

Suriname’s leaders argue they’ve found a climate-conscious approach to oil development. The country negotiated an unusually favorable 70% revenue share with Total, plans to use electric-powered rigs to minimize extraction emissions, and will reinvest oil profits into renewable energy, flood protection, and sustainable industries like ecotourism. They’re also developing carbon offset programs to monetize their pristine Amazon rainforest, which covers 90% of the country.

However, critics point out a fundamental contradiction: while Suriname may technically remain “carbon-negative” by only counting domestic emissions, the 750 million barrels of oil from this project will eventually be burned elsewhere, generating over 30 million tons of CO2 annually. This dilemma reflects broader failures in international climate finance, where wealthy nations haven’t provided promised funding to help developing countries build green economies. With limited alternatives for development, Suriname represents a test case for whether oil wealth can genuinely fund a transition to sustainability—or whether it will simply create another fossil fuel-dependent economy.