– Bahamas PM says

– Rowley notes region will not ignore opportunities from energy sector

WITH recognition of Guyana’s advancements in the global energy sector, Prime Minister Phillip Davis of The Bahamas affirmed the region’s endorsement of Guyana’s pursuit to fuel industrialisation through energy production.

He delivered these statements during his virtual address at the inaugural ceremony of the Guyana Energy Conference and Supply Chain Expo, currently taking place at the Guyana Marriott Hotel.

Davis observed that Guyana’s GDP has experienced substantial growth in recent years due to the discovery of offshore oil and gas reserves. However, these findings, he stated, have not been exempt from encountering a number of challenges.

He pointed out that one of the issues is the reluctance of the global north to permit new participants in the global oil market, despite their historical and ongoing benefits from oil and other fossil fuels.

He added, however, “We support Guyana in its quest to boldly fuel its industrialisation on its own terms according to the resources that the people of Guyana have been blessed with. Providing a long-term plan for energy production also includes a meaningful effort to be responsible stewards of the environment.”

The Prime Minister of The Bahamas asserted that Guyana is charting its own course in the energy sector, while other small Caribbean states are also adopting distinctive measures to ensure energy stability.

In his statement, he emphasised the region’s progress and the accompanying responsibility. He urged leaders to carefully consider their obligations amidst these increasing challenges.

“We must think hard about how we preserve our economies, create opportunities for our people and power our nations to success; we must consider the roles that emerging technologies in renewable and sustainable energy can play in providing stable and affordable power for our people especially against the backdrop of climate change,” Davis said.

This objective, he added, is possible to achieve while also respecting the fact that each CARICOM (Caribbean Community) nation has its own unique energy reality that necessitates different approaches.

During his address, Prime Minister Keith Rowley of Trinidad and Tobago highlighted the importance of the Caribbean energy economies, namely Guyana, Suriname, and Trinidad and Tobago, as influential players in the market who are committed to responsible actions and embracing beneficial opportunities.

Furthermore, he mentioned that the region upholds the idea of sustained development by virtue of its oil resources.

Rowley said, “In order to ensure energy security for the region and combat the negative impacts of climate change, it is imperative that we effectively utilise our resources whether they be hydrocarbon or renewables through collaborative efforts.”

Additionally, he indicated that only by working together can the region obtain its objectives of fostering productive and resilient economies in what he said promises to be hostile business environment.

“With the emergence of our region as a significant player in the hydrocarbon industry, we are presented with a valuable chance to proactively utilise our combined knowledge and expertise in order to maximise future prospects,” the Trinidadian Prime Minister said.