GUYANA is one of the first among many nations to endorse the demand for a cleaner and better world, as expressed in its sustainable development initiatives in global management, forest management, and biodiversity.

An established Low Carbon Development Strategy (LCDS) in 2009 focused on how to make transformational investments towards a low-carbon economy.

Currently, Guyana is leading the way in this endeavour and other nations are now developing their own sustainable development plans.

In the recently approved revised and expanded LCDS 2030, the strategy outlines four primary areas of focus: (1) create new incentives for a low-carbon economy, (ii) invest in clean energy and stimulate low-carbon growth, (iii) protect against climate change and biodiversity loss, and (iv) align with global climate and biodiversity goals.

While the first three points served as the LCDS 2009’s guiding principles, the fourth is a recent addition that will assure Guyana’s continued adaptability to changing environmental problems, goals, and business environments.

How will the development of the oil and gas sector in Guyana be guided by the LCDS 2030?

After the LCDS of 2009 went into effect, a lot changed, but the most notable was the oil and gas find made in offshore Guyana. With this, the nation has a plan to strategically manage its oil and gas income.

First and foremost, the money made from this sector will be invested in social and economic projects that will raise the standard of living in the nation, particularly in healthcare and education. Secondly, it intends to diversify the economy and build up other industries to help Guyana achieve its development objectives, such as building the nation’s infrastructure.

Further, all oil and gas profits shall be managed in compliance with national legislation. The nation has matched its framework with the global objective of decarbonization as it prepares to become a significant player in the oil and gas industry on the international stage. For starters, it will retain, in a predominant way, the country’s position as a net carbon sink, with Guyana’s 18 million hectares of forests sequestering close to 154 million tons of carbon dioxide equivalents annually, offsetting in a significant way emissions from industry.

Additionally, it supports the worldwide push for a low-carbon transition and the Net Zero goal by 2050. To achieve this goal, Guyana’s LCDS outlines the country’s position in advocating for reducing fossil fuel subsidies and global carbon pricing.

Guyana’s LCDS 2030 outlines a clear plan to protect the environment and advance low-carbon development while utilising the country’s natural resources. These are foundational pieces in its development agenda that support sustainability and improve the livelihoods of all its people.

Furthermore, it creates many opportunities for low-carbon development initiatives by the private sector. Guyana has a wide range of investment opportunities with years of experience in many traditional sectors of the economy and growing opportunities in new sectors.