Guyana will be receiving support from The Bahamas in its quest to industrialise its burgeoning oil and gas industry, despite protests from the global north, which has been unwilling to allow new entrants into the global oil market.
Bahamian Prime Minister, Philip Edward Davis KC expressed his position during a virtual address at the opening of the Guyana Energy Conference & Supply Chain Expo, which got underway at the Guyana Marriott Hotel, Kingston, Georgetown on Monday.
The prime minister acknowledged that historically, the global north has dominated the oil and gas industry and still reaps the benefits of the reserves of oil and other fossil fuels.
“We support Guyana in its quest to boldly fuel its industrialisation on its own terms, according to the resources the people of Guyana have been blessed with,” the Bahamian leader firmly expressed to hundreds of participants.
The prime minister also commended Guyana’s long-term plan for energy production, which also includes the important responsibility of protecting the environment.
Guyana is charting its development guided by the Low Carbon Development Strategy (LCDS) 2030, which was first created under former President Dr Bharrat Jagdeo and expanded by the current government led by President Dr Mohamed Irfaan Ali.
Additionally, PM Davis underscored the need for collective action to embrace clean energy, especially in the face of climate change.
He said the emerging technologies in renewable and sustainable energy could play a crucial role in providing stable and affordable power generation for the people.
“Considering our vulnerability as island and coastal nations, we must lead the way in embracing clean energy. I believe it is possible to achieve this objective but also respecting the fact that each CARICOM nation has its own unique energy reality that necessitates different approaches,” he further underscored.
Guyana is making strides to provide cheaper and more efficient power generation through an energy mix, including the Wales gas-to-energy project, which is expected to cut electricity costs by 50 per cent, and the Amalia Falls Hydropower Project.
He also alluded to the new challenges that must be addressed, such as supply chain and logistics, as well as the role of alternative energy sources in providing reliable and affordable power generation.
The 2024 Guyana Energy Conference & Supply Chain Expo is themed “Fueling Transformation and Modernisation.”
The conference presents a unique opportunity for stakeholders to deliberate on the pressing energy issues facing the region and chart a course towards a sustainable and prosperous future. [DPI]
