LAST week, the International Energy Conference and Expo in Georgetown concluded, after three days of discussions on industry trends and announcements of future projects. During the event, representatives from the political sphere and the energy industry shared ideas and insights while highlighting upcoming business and investment opportunities for Guyana.

During the expo, many discussions focused on an emerging global debate about what the energy transition looks like in countries that rely on fossil fuel revenues to grow economically. Foreign investors are paying close attention to Guyana and its resources, as the global demand for oil continues to grow.

During the conference, the Prime Minster of Barbados, Mia Mottley, spoke to developing countries’ right to participate in the development of their country. “We cannot save the earth and sacrifice our people,” said Mottley, who also stressed that without the opportunity for citizens to participate meaningfully in their country’s development, disruption could follow.

She elaborated that despite some pushes from the industrialised world to limit development, emerging nations must be given the opportunity to leverage their own natural resources and cannot be expected to miss their opportunity, in order to compensate for pollution created by developed countries.

Pointing to historical underinvestment in the Caribbean as a result of colonisation, Prime Minister Mottley called for reparatory justice while also emphasizing that countries must balance equity and justice with economic wellbeing when developing their natural resources. The Prime Minister also alluded to Guyana’s unique position as a developing country with the opportunity for “transformational economic development” due to the booming oil sector.

Despite calls last year from some quarters to limit development, leaders of the U.S., U.K. and other wealthy countries have since called for more oil and gas production to help meet surging global demand amid rising geopolitical uncertainty. That helps preserve oil as one of the most viable near-term pathways to wealth for many small countries, even as they pursue cleaner energy sources simultaneously.

“You’re going to see the oil revenue going towards increasing welfare, being spent on getting world-class education to all of our people, improving their access and quality of healthcare for Guyanese because we believe that sustainable spending, building out the infrastructure for a modern economy will stimulate non-oil growth” Vice President Jagdeo said, reflecting Guyana’s commitment to leveraging economic growth to improve life for its citizens.

He also noted priorities such as “education, health and ensuring that the oil money is not wasted and it goes towards stimulating the non-oil sector, enhancing our democratic institutions, fighting aggressively to ensure that the prevailing condition in Guyana will always be one of democracy and we’re very grateful for international partners.”

Ensuring a steady flow of investments into Guyana can help ensure the country continues to have full control over its resources and its own needs for development. President Irfaan Ali supported those sentiments, making it clear that “[Guyana is] welcoming capital, but the capital must come at the right price.” He went on to declare that “the path we’re pursuing because it is a path that must bring prosperity as quickly as possible for our people.”

With geopolitical issues rattling markets and raising questions about major traditional oil producers, oil and gas continue to exhibit strong performance and remain in high demand. Regional leaders showed broad alignment on the principle that responsible oil and gas production in the Caribbean can and will exist side by side with the energy transition for years to come and will continue to be a crucial path to development.

Now more than ever, peaceful and stable producers like Guyana and other Caribbean nations can play an important and positive role in meeting critical global demands, while improving their own standards of living and paving the way for their own clean energy transitions.