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Guyana not ready to go fully renewable—oil minister
Kaieteur News- Minister of Natural Resources Vickram Bharrat told the Guyana Energy Conference and Supply Chain Expo on Wednesday that if there is a reduction in the capital exploration and production of fossil fuel without enough investment in renewables, the world will be headed backwards. He said Guyana is not ready to go fully renewable.
Minister of Natural Resources Vickram Bharrat
He explained that Guyana is currently moving towards a transitional type of energy with the Gas to Energy Project, which will have less emission and be cleaner for the environment. Additionally, he said the country is also moving towards solar and in some of the off-grid areas of the country they are looking towards hydro power. “But the bottom line, I believe, is that we are not quite ready. We are not quite ready, and the oil companies will tell you how difficult it is today to acquire financing or capital to engage in new exploration activities, but if we decide as a world that we’re going to reduce capital exploration and production of fossil fuel while at the same time not investing as much as we should in renewable energy, we are going to face a major problem,” he warned.
“It is a more sensible approach to work on cutting demand, rather than cutting production, as if we take the approach of cutting production while demand is there. It means that you’re putting people back to where they started,” he lamented.
This will also mean that there will be very few producers and it will end up where many will not be able to afford the energy. On the other hand, he said if there is a cut in the demand while there is ongoing production this will be more effective as producers will automatically withdraw.
This has been the position of the Government of Guyana at every conference it has been given the opportunity to speak at. They have been constantly urging other countries to work on cutting demand, once it exists and not the supply.
He explained that the country’s model for its oil and gas sector has surrounded economic development, alongside the sustainability of the environment. However, at energy conferences the conversation worldwide is set on cutting production, as countries should be acting fast to prevent climate change and global warming.
In this vein Bharrat questioned “if we are truly and really ready to fully transition.” While he is aware that there may be countries that have the will to transition and may want to do so, the real question is are they in the position to do so?
He alluded to the fact that CARICOM while it wants to go green, this will cost billions of US dollars to make a full transition.
“If you ask any country, I was among the six country at the conference and those small islands, they’re so willing to transition the political will is there they want to do it? Do they have the resources to do it? No, they don’t have the resources to do it. That is the bottom line.” The minister went on to say that in this case countries that have natural resources must be able to produce these resources in a responsible manner.
(Guyana not ready to go fully renewable—oil minister)
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