FACING the future with confidence that this country would achieve its ambitious development goals requires a keen understanding of the times, along with sound analysis of the state of the world in which the Guyanese nation functions as an interdependent member of the global village, and also securing knowledgeable advise on the road ahead, given global circumstances. Guyana is unique and in a powerful position, as one of the world’s only net generator of clean air. And as it balances its role as also a major oil and gas producer, this country cannot afford to focus only inward, looking solely at the national situation, but must position the local scenario within the context of the world order, an order that is now undergoing enormous stress.
It is all too easy to get caught up with local politics and on-the-ground existential needs, that the nation does not absolutely emphasise zeroing in its analytical lenses to focus on the dynamic international atmosphere relevant to national interests. In a real, concrete way, the world is an interdependent community, and Guyana needs to constantly assess its function, role and positioning in that global context.

Major societies on the world stage stare with consternation today at tremendous challenges, and were it not for the oil and gas sector, Guyana itself would be facing tough times. Canada, in 2020, recorded its worst GDP growth in history, Spain is suffering from its worst unemployment situation in several years, with upwards of four million people not employed, and across Europe and the US, governments are undergoing major financial stress, with record stimulus plans having to re-work macro-economic financial policy to cater for severe revenue shortfall.
The world today faces three major threats, each directly affecting and impacting Guyana: COVID, climate, and credit.
In the COVID pandemic, and in a global push to achieve the Paris Agreement through the Sustainable Development Goals and the great reset that aims for worldwide net-zero emissions, countries face their biggest challenge of how to reform monetary policy to supply ongoing credit financing so that the major necessary reforms happen without devastating disruptions and crushing chaos on fragile society.

In dealing with the dire state of affairs across the world that is impacting their own nations, Britain and Canada have turned to Dr Mark Carney, a former Governor of the Central Bank of Canada and subsequently also of the Bank of England, who is advising both the Canadian and British Prime Ministers. Carney is lining up to be the main figure at the global Climate Summit coming up in November this year in Glasgow, England, with Guyana making a main presentation and participating with full commitment to play its role in the climate agenda. Vice President Bharrat Jagdeo is this country’s best known climate advocate, and from his position in government, would understand the balance that is necessary between the oil and gas sector and the global climate mandate.
Guyana is in a good position, because in the grand scheme of things, this country is a net producer and generator of clean air, with the Norway forest preservation deal providing a concrete recognition of this fact.

Yet, Guyana cannot sit back and take things for granted. In the battle to defeat the COVID pandemic, the country would want to align with the global strategy of reforming its credit financing system to ensure that foreign and local investments into the burgeoning economy factor in sustainable growth as the main value in doing business, rather than just aim for profits. Government is showing encouraging signs that this country understands its role well, with the gas-to-shore project working alongside the Amaila hydro project and other alternative energy sources already in the works, as the country prepares to achieve energy independence.
The climate agenda is one thing that is urgent and of utmost concern around the world, but the COVID pandemic injected, literally, a state of emergency across the globe.

Dr Carney is advocating to the world’s Heads of State, major business leaders, and administrators of global organisations, that the way to handle the crisis is to shift the fundamental value on which society pivots, away from mere profits, into a laser focus on net-zero sustainability, through a system of monitoring, with reports keeping track of progress and climate risks, risk management to minimise adverse impact and effects, both on the climate and on financial investments, and returns that benefit the planet, with economic measurements and thresholds and key-points factoring in not just financial returns, but, fundamentally, returns on how an investment brings value and worth to the environment, including reporting such a return to shareholders in annual general reports.
In this world, Guyana stands out, with its net positive clean air generation, its miraculous socio-economic growth in the foreseeable future, and its position as a major oil and gas producer. Hence, it is prudent for the Guyanese nation to know its place in the world, play its role with strategic positioning, and assume a leadership post in the global village, with its eye firmly fixed on the trifold factors of Covid, climate, and credit, and with systems and legislation providing a playground for reporting, risk assessment and management, and socio-economic returns that emphasise climate cleanliness.