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Transition to renewables will not leave Guyana with stranded oil assets
– CGX Head
As the world begins its transition to renewable energy, many concerns have been raised regarding the impact this will have on the oil sector.
Professor Suresh Narine
Guyana, like the rest of the world, had announced its intention of transitioning into renewables when it launched its Green State Development Strategy in 2017. The strategy’s main objective focuses on achieving a green economy defined by sustainable, low-carbon and resilient development that uses its resources in an efficient manner that can be sustained for generations.
With Guyana well on its way to becoming one of the world’s largest oil-producing nations, the question that now exists is whether the country’s plan to transition into a state of renewable energy will place a timeline for the country’s development of its oil assets. There are also fears that the short window may lead to some of the offshore oil assets being stranded.
During his first appearance on Kaieteur Radio’s Guyana’s Oil and You, Head of GCX (Guyana) and Director of the Institute of Applied Science and Technology (IAST), Professor Suresh Narine, was called upon to provide his perspective on this critical question.
The CGX Director was keen to share his belief that Guyana can still develop its oil and gas sector while still continuing down the path of transitioning to renewable energy. And given the long-term demand for fossil fuel, he highly doubts that Guyana would be left with stranded assets. The professor iterated that the world’s demand for energy has not abated and that is not likely to change in the near future. In addition to this, the professor noted that the world is expected to see a 20% increase in population growth by 2040, meaning that, as the world’s population continues to grow so will the demand for fossil fuel.
Expounding further, Professor Narine was keen to note that Guyana is in a particularly favourable state with it being geographically located in a region, which happens to be a net importer of fuel.
“The Caribbean region creates a great demand for us… I don’t think that we are about to see that our fossil fuel resources will become a stranded asset. I think that demand will continue,” he said.
Professor Narine further noted that although the demand for fossil fuel is expected to rise, renewables are taking, and will continue to take, increasing market shares in the coming years.
Adding to this, Professor Narine stated that there are many other oil-producing nations such as the United Kingdom and Germany that have begun transitioning to renewable energy while continuing to be some of the world’s largest fossil fuel economies.
In conclusion, the Professor was keen to note that the world’s demand for fossil fuels will eventually go down as renewables come up to scale. Until then, he posited that the need for the oil sector will remain intact hence his position that Guyana’s assets are not likely to be left stranded.
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