Surinamese President Chan Santokhi today underscored the importance of countries utilising its oil and gas resources for the benefit of both current and future generations.
He made the remarks during Day One of the 2022 International Energy Conference and Expo hosted by Guyana from February 15 to 18.
A good approach to achieving this is to facilitate the transition from carbon-based economy to green economy with affordable energy, he reasoned.
However, he contended that the question is, “how do we make that transition utilising the newfound natural resources wisely?”
According to the Surinamese President, both nations must also utilise modern technology to law a solid foundation for a more diversified economy “for generations to come”.
He highlighted that the pandemic, global financial risks, the impact of climate change and looming global instability as a consequence of political conflict will all will have an impact of energy generation, demands flow and prices.
As such, he asserted “we must consider how energy will transform our lives and our economies as we go forward.”
“In charting this transition, we must recognise that others have gone before us and have profited from the earned revenues to develop a modern economy and create a future path of economic development where oil and gas may not play such a significant role anymore,” he added.
Against this backdrop, the Surinamese Head of State underscored the importance of building an oil and gas sector that will provide for generations to come. And according to him, leaders must be responsible in their approach.
He said the resources must be developed in an environmentally-friendly and sound manner and that the private sector and ordinary citizens must be empowered to take the route towards renewable energy.
The Suriname President said the population must understand the importance of how they consume and save energy.
He revealed that in the 2022 budget for his country, significant resources will be allotted to educate youths and the private sector on how energy is utilised in a sufficient, sustainable and responsible manner.
But even as he stressed the importance of societies investing and promoting the use of renewable energy, the Surinamese President admitted that there is need for greater research on what project works best for the various demographics.
He explained that in Suriname, they are currently collecting data to consider the feasibility of wind energy. He outlined too that there are some villages in interior which are not connected to the grid and they found a sustainable solution by installing hybrid systems consisting of energy generated by solar and diesel as a backup. Now, they are looking at solutions of hydroelectric power, taking into consideration the impacts on environment and biodiversity.
According to the Surinamese President, if leaders do not look this far ahead in the future now, then “we will be left behind”.
“As responsible leaders, we must look ahead, far ahead, and if we do not start now, we will not only be left behind but we will waste opportunities,” he contended.
As such, he emphasised that both countries have a responsibility and obligation to manage the oil and gas resources well.
By this, the Surinamese President reiterated that he means in a sustainable manner, to create an economy upon which future generations can build and derive a steady income from, and that it must be done in line with internationally-recognised and accepted standards in place.
Guyana has already put robust legislative frameworks in place to properly manage the oil and gas sector, inclusive of a strong Local Content Legislation and the Natural Resource Fund Bill which puts the systems in place to transparently manage the nation’s oil wealth.
Guyana is also pursuing a diverse renewable energy setup inclusive of two major projects, Amaila Falls and the gas-to-shore project.
