Latest update November 23rd, 2024 1:00 AM
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Government engages Private Sector on access to financing in renewable energy sector
The Ministry of the Presidency, Department of Environment (DOE), in collaboration with the Global Green Growth Institute (GGGI), yesterday, held a stakeholder engagement forum for businesses interested in making investments in the renewable energy sector.
The open forum, which was held at the Pegasus Hotel, Kingston, Georgetown, provided participants with detailed information about the ways in which they can access the Green Climate Fund (GCF), through the GGGI.
Director, Department of Environment, Ms. Ndibi Schwiers, underscored the importance of Government’s collaboration with the Private Sector in the country’s transition towards the use of renewable energy.
“The Government is committed to working with the private sector in ensuring that Guyana transitions to a green economy, in keeping with the vision articulated in our Green State Development Strategy (GSDS): Vision 2040,” she said.
The Director also said through the GSDS, Guyana is expected to transition to near 100% renewable energy, amongst other important strategic actions, but “these actions are not possible without partnership. Today is therefore, an excellent opportunity for you to partner with us as we move towards the transition of a low carbon resilient economy”.
Ms. Schwiers said, too, that the Government and the GGGI have collaborated on several initiatives that will significantly impact Guyana’s development.
One of those projects is the technical and economic analysis of renewable energy solutions for Linden, Anna Regina, Bartica, Lethem, Wakenaam and Leguan.
Meanwhile, Director of Future Earth, Ms. Catherine Allinson, during her presentation to the business persons, said the GCF guarantees coverage of political and other risks involved and that the investment is a safe one.
“The GCF guarantees that if there is a regime change or a policy change, which means suddenly your project cannot go ahead, they will cover that…they also cover the risk of having climatic inconveniences. Frankly, I think that renewable energy, these days, is a safe bet.
“Renewable energy used to be a nice thing to have in your portfolio but now it’s a must-have if you’re a serious investor,” she said.
Also facilitating the session were Guyana’s Programme Lead on Green Growth Planning and Implementation (GGP&I), Mr. David Fernandez and Consultant to the GGGI, Ms. Sudha Gollapudi.
Among the participants were representatives of Banks DIH Limited, Gafsons Industries Limited, Massy Group and the Giftland Mall.
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