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Guyana, IDB to sign Bio-energy agreement soon – Minister Persaud

Aug 13, 2008 News

As part of the 2008 estimates of the public sector, $45M was allocated for the provision and promotion of investment opportunities in the bio-energy sector.

Minister of Agriculture, Robert Persaud, has said that Guyana will be signing the agreement with the Inter-American Development Bank (IDB) to commence the project very soon.

According to him, the IDB had put on a clause in relation to intellectual property right which delayed the signing of the agreement but they are now in the finalization stages.

The IDB, the Inter-American Institute for Cooperation on Agriculture (IICA), the Organization of American States (OAS) and the Government of Guyana had signed a Memorandum of Understanding (MoU) to promote projects on renewable energy, energy efficiency and bio-energy in the Caribbean during the seminar “Expanding Bio-energy Opportunities in the Caribbean” which was held in Guyana over two days from August 6, last year.

This high-level seminar sought to formalize regional efforts towards the development of the Caribbean Renewable Energy, Energy Efficiency and Bio-energy Action Program (CREBAP), initiate a dialogue on agro-energy strategy for the region, and foster partnerships among public and private sectors, including private investors, carbon financiers, and project developers interested in the Caribbean bio-energy industry.

Under the MoU, the parties agree to explore ways in which sustainable energy and biofuels projects can be promoted and financed in the Caribbean; seek opportunities for public-private partnerships and private investments on renewable energy, energy efficiency and bio-energy; develop an agro-energy strategy to be used by CARICOM member states; and help CARICOM member states access the biofuel world markets.

Bio-energy is renewable energy made available from materials derived from biological sources.

Bio-energy is the energy extracted from biomass. Biomass is the fuel. It is any organic material which is stored sunlight in the form of chemical energy.

As a fuel it may include wood, wood waste, straw, manure, sugar cane, and many other byproducts from a variety of agricultural processes.

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