Guyanese gearing for global market share

By Zena Henry

THE Caribbean Climate Innovation Centre (CCIC) in collaboration with the Institute of Private Enterprise Development (IPED) through a rigorous weekend boot camp programme is training a number of startup and existing businesses in Guyana to grab their share of what is expected to be a growing US multi-billion dollar global market in the area of green technology and innovation.

The Caribbean consortium, which is funded by Canada through the World Bank, hosted this programme in a number of other Caribbean countries, before their Guyana launch, which was held at Tower Suites on Friday. A number of young and seasoned entrepreneurs were in attendance, along with Guest Speaker, Minister of State, Joseph Harmon; IPED’s Chief Executive Officer, Ramesh Persaud, and CCIC Project Manager, Carlinton Burrell. Persaud told the gathering that reaching the green economy status brings loads of business opportunities for Guyana. He dubbed this sector as “big business” before relating global business information that estimate the recently signed Paris climate accord as an annually growing US$600B market.

He highlighted that in an essay on “Economic opportunities in the local carbon world” by international experts, McKinsey’s Climate Change Initiative, it was concluded that the shift to low carbon economies will require incremental capital expenditure, averaging 455billion Euros per annum that will improve global business opportunity in relation to green economies between 2010 to 2030. This sum, it was noted however, is only an estimated two to four percent depiction of what capital expenditure might be needed for that period. From the Goldman Sachs 2015 report, Persaud pointed out that the global commitment to low carbon economies is creating annually US$600billion.

To put this information into context, the IPED CEO posited that, “Guyana’s economy is 3.5 to 4 billion of annual output. So even if we scratch the surface of that global opportunity, our economy will be transformed.” Minister Harmon in his remarks told the entrepreneurs that in the government’s 2017 budget, the minister of finance has dedicated an entire section to green development with a range of opportunities and budgetary allocations for persons who are prepared to invest and be innovative in this area. The problem, the minister pointed out, is that some persons do not know how to access the funds recommended and that the boot camp might provide a model or examine ideas on how businesses can access government funding through budget allocations.

The minister went on to say that even at the country’s micro stage in policy formulation, funds are allocated for the related type of innovation. He noted however, that some business persons are better at garnering capital and urged these persons to share their ideas and help create opportunities for others.

“Guyana is one big business space, you are not confined to doing business in one region in Guyana,” the minister asserted to persons whom he said are concerned about business opportunities. Pointing out the numerous issues being faced locally due to climate change, the minister hoped that these “challenges would inspire you, the participants…to provide innovative and sustainable business solutions that will lead to the mitigation and adaptation to climate change in Guyana.”

CCIC’s Project Manager said that the programme seeks to foster entrepreneurship to strengthen communities and enable startups to access global environments. Over the next three days, he said the business persons will be engaging international experts and mentors that can help them launch their projects and services.

“The CCIC’S initiative is to identify, build capacity and provide a supportive ecosystem for a pipeline of clean energy technology entrepreneurs in the (Caribbean) Region.” At the end of the weekend event, three teams with the best business pitch will win first place: US$1000; second place US$500 and third place, US$250. Another business will also be adopted by CCIC and provided with top of the line assistance for a global launch.