‘See energy efficiency as a business opportunity’ – PM Phillips tells private sector

May 09, 2026 News

DPI – Guyana must treat energy efficiency as a structural pillar of its development and not an afterthought, Prime Minister Brigadier (Ret’d) Mark Phillips said on Friday as he opened the National Seminar on Energy Efficiency (EE) and Conservation at the Arthur Chung Conference Centre (ACCC).

Addressing government officials, private-sector representatives, financial institutions, academics, and students, the prime minister pointed out that building more power plants and importing more fuel will not be enough.

‘See energy efficiency as a business opportunity’ – PM Phillips tells private sector

Prime Minister Brigadier (Ret’d) Mark Phillips

He said that there is a need for the country to get serious about how it uses its energy.

“Energy efficiency is a national priority, a strategic imperative, and a matter of direct public interest,” he said. “Before we build a new power plant, before we import a drop of additional fuel, we should ask, have we used what we already have as efficiently as we possibly can? In Guyana, honest reflection tells us we have more work to do.”

The warning comes against a backdrop of mounting pressure on Guyana’s energy budget.

For context, the country has seen an average 74.8 per cent increase in fuel import costs since the start of this year alone. Gasoline acquisition costs rose 62.4 per cent, diesel climbed 7.3 per cent, and jet fuel surged by 102.6 per cent.

These figures, Prime Minister Phillips said, translate directly into higher costs for utilities, businesses, and households.

With electricity demand projected to grow fivefold by 2030, PM Phillips cautioned that expanding supply without managing demand would trap Guyana in a cycle of endlessly chasing a rising curve, which he explained is costly, environmentally damaging, and unsustainable.

A section of stakeholders at the Arthur Chung Conference Centre on Friday.

He urged the private sector to see energy efficiency as a business opportunity. He then called on energy service companies, technology suppliers, and building professionals to bring both their ingenuity and their capital.

Financial institutions were also asked to develop green loans, revolving credit facilities, and performance-based contracts to unlock investment at scale.

Regulators, including the Public Utilities Commission and the Guyana National Bureau of Standards, were tasked with creating enabling frameworks such as building codes, appliance standards, and alignment with CARICOM’s regional energy efficiency guidelines.

To the ordinary Guyanese, the Prime Minister said the responsibility falls on them.

He pointed to the government’s existing commitments, the excise tax on fuel held at zero per cent since March 2022, expanded fuel storage infrastructure, and a supply-side push that has added over 186 megawatts of generating capacity since August 2020, including solar farms, mini-hydropower plants, and more than 37,000 solar home energy systems.

But those achievements, he stressed, are only one side of the equation.

“Energy efficiency begins at home, with the choices we make, with the appliances we buy, and the habits we develop,” he said. Our government will invest in public education and awareness, but a culture of efficiency is ultimately built by our citizens, not by policy alone.”

The seminar, jointly organised by the Guyana Energy Agency and the World Bank, is expected to produce a roadmap covering the public, commercial, industrial, and residential sectors.

PM Phillips said he looks forward to receiving the key action points at the closing session.

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business opportunity, energy, energy efficiency, Guyana private sector

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