THE recently concluded Energy Conference in Georgetown, from all indications, was an unqualified success. The conference, which built on the successes of the previous conferences, has now cemented Guyana’s place as a regional energy powerhouse.

The fact that so many luminaries in the fields of energy, oil and gas were in attendance speak to the tremendous potential of Guyana as a major player in terms of energy security not only for Guyana but the region as a whole.

Cheap energy is critical for economic development. It is a fact that our competitiveness as a producer of manufactured goods were hampered by higher-than-average energy costs. Now, with the country poised to be a major generator of clean and reliable energy from multiple sources including gas, hydropower, solar and wind, the prospects for Guyana are indeed bright.

The fact is that the demand for energy in Guyana has been increasing at an unprecedented pace especially in the context of the massive transformative projects currently underway.

As the economy further heats up, the energy demand will increase exponentially. At the global level, it is expected that by 2040 the world’s energy demand will double. Guyana is in a position to take advantage of global energy needs to the extent possible.

As pointed out by President, Dr. Mohamed Irfaan Ali, at the opening session of the conference, Guyana is always open for business for both regional and international investors. The development trajectory of Guyana, he said, is being recalibrated towards increasing natural wealth building, creating economic resilience, expanding opportunities, enhancing social services and investing in Guyana.

“The wealth from our oil and gas will be used to achieve these objectives and broaden the economic platform that drives the current and future growth of our country. In this regard, agriculture, mining, forestry, fisheries, aquaculture, information and communication technology, manufacturing, tourism, education and health services are key sectors of focus,” the President said.

In short, no sector will be left behind in this developmental momentum triggered in large measure by the impact of oil and gas. And even though the revenues from oil and gas are significant from a developmental perspective, it does not follow from that that the government will abandon its commitment to climate mitigation measures.

As noted by President Ali, as the country develops, there will be a reduction in the dependence on fossil fuels. Guyana has in fact committed to reducing our dependency on fossil fuels by 70% by 2027 and 90% by 2030.

But even as the climate-change commitments are being observed and implemented through the revised Low Carbon Development Strategy, the developmental momentum and the need to attract foreign investments are being encouraged.

President Ali took the opportunity at the conference to reinforce this point: “We welcome every single investor, be it Exxon, be it the international investors, Hess, every single stakeholder whether you are regional, international, we welcome you, but all we are saying is that that space for technological transformation, collaboration, local growth and competitive and increased productivity must be built into the system to bring benefit to the people of the country.”

The fact is that the dialectics of development requires, on the one hand, the sustainable optimization of all available resources while, on the other hand, ensuring that such exploitation is being done with due regard to environmental safety and protection. The end result is the creation and distribution of wealth for the benefit of all Guyanese.

This year’s International Energy Conference and Expo has seen the participation of close to 1000 persons with over 60 local and international speakers. The theme of the Conference was ‘Harnessing Energy for Development’.

The conference provided a good platform for stakeholders in the energy sector to share experiences and best practices on a range of topics especially as they pertain to the transition to an efficient, flexible and reliable energy mix.