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Oil minister claims moving to renewables too expensive
Guyana’s Oil Minister, Vickram Bharrat
…as Govt. runs behind Wales Gas Plant
Kaieteur News – Guyana’s Minister of Natural Resources Vickram Bharrat on Tuesday asserted that moving to renewable energy is too expensive. Bharrat was at the time speaking at the Guyana Energy Conference and Supply Chain Expo 2024 being held at the Guyana Marriott Hotel, Kingston, Georgetown.
The minister was trying to justify why his government is pursuing the over US$2B Gas to Energy project at Wales, West Bank Demerara (WBD).
Natural gas is one of four types of non-renewable energy resources and is also considered to be part of a group of fossil fuels which includes Coal and Oil.
Fossil fuels are formed within the earth from dead plants and animals over millions of years—hence the name “fossil”. Fossil fuels can be found in underground layers of rock and sediment. According to National Geographic, pressure and heat worked together to transform the plant and animal remains into crude oil (also known as petroleum), coal, and natural gas.
All three can cause damage to the environment but natural gas is said to be the cleanest form of fossil fuel and is now being used as a transitioning fuel to renewables.
Guyana is one of several countries moving to use natural gas and renewables as part of its energy mix despite concerns that its gas-to-energy project not only puts the country’s environment at risk but is also too costly and might not be profitable.
The country’s oil minister on Tuesday painted a picture that Guyana’s use of fossil fuel is its “and factor” because moving to renewables is too costly.
Bharrat said that there are two pillars that energy security is based on.
“When we think of energy security and accessibility and affordability that is the two pillars behind energy security,” Bharrat told the conference.
He explained that it is expensive to move to 100 percent renewable energy and there is not enough investment available to make it viable and accessible to developing countries without fossil fuel.
It is viewed that with development comes more demand for energy and because the transition to renewables is costly it will be difficult to maintain.
“CARICOM US$14 Billion to transfer to 47 percent of renewable energy. Who is going to give US$14 billion to the CARICOM?” the oil minister said while questioning “Is there enough resources being made available to move towards renewable energy? It’s costly to transition to renewable energy. It requires a lot of money to transition from fossil fuel to renewable energy that is the answer that you will get almost every single time from countries”.
Minister Bharrat continued, “Our argument here today is that there must be the ‘and factor’ or the ‘and element’ in our discussion.”
He said that in some countries there is the ‘or element’.
“It’s fossil fuel or renewable energy but our argument is fossil fuel and renewable energy its wind and hydrogen and solar and fossil fuel,” he said while explaining that Guyana will use fossil fuel as part of its energy mix.
The Natural Resources Minister told the conference that Guyana’s use of fossil fuel together with renewables is going to ensure that there is accessibility in energy for all of its population.
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