–acknowledges government’s efforts to foster sustainable development

AS Guyana advances towards economic prosperity through careful management of its energy sector, the nation has been praised by the United States for its balance between economic growth and environmental sustainability.

Ambassador Linda Thomas-Greenfield, the US envoy to the United Nations, during a press conference at the US Embassy on Monday, commended President Dr Irfaan Ali and the People’s Progressive Party/Civic (PPP/C) government for its commitment to the environment.

She led the US delegation to the 46th Regular Meeting of the Conference of Heads of Government of CARICOM, and during her stay, she met with President Ali and other senior officials.
“I have been very, very impressed with the commitment that this government has made to the environment,” she said.

The ambassador highlighted the collaborative efforts between the United States and Guyana, focusing on the exploration of alternative energy sources.

“We [the US] are supporting those efforts, working with them to look at alternative energy sources. For example, looking at how they can use solar and wind and other sources while they develop their oil-and-gas resources,” Thomas-Greenfield said.

She also highlighted the importance of considering diverse energy options to enhance environmental sustainability.

Thomas-Greenfield acknowledged President Ali’s dedication to environmental priorities, particularly in supporting rural communities and maintaining forest cover.

“I hear directly from the President his commitment to ensuring that the environment continues to be prioritised by his government. They’re using funding coming in now to support people living in rural areas to ensure that forest cover remains,” she said.

The US Ambassador reaffirmed strong support for Guyana’s efforts, underscoring the significant commitment from the President towards environmental conservation and sustainable development.

Guyana’s commitment is evident in the initiatives aimed at combating climate change and enhancing economic resilience within the Caribbean Community (CARICOM), as it contributed US$2 million to the Regional Adaptation Fund.

Guyana is also making strides in biodiversity conservation by setting up a state-of-the-art biodiversity centre, as part of its Low Carbon Development Strategy (LCDS) 2030. This strategy aims to balance economic growth with environmental preservation.

Guyana’s historic $1.146 trillion 2024 budget, powered by the burgeoning oil-and-gas sector, is set to transform the country’s economic landscape.

Major projects such as the gas-to-energy initiative and the Amaila Falls Hydro Project are underway, aiming to provide affordable, reliable energy while reducing reliance on fossil fuels.

Some of the other alternative energy sources that Guyana is investing in include biomass and bagasse-based cogeneration, rice husk, biodiesel, ethanol and wind.

Those investments align with Guyana’s goal to transition to renewable energy sources and reduce its greenhouse gas emissions.

The country aims to achieve a 75 per-cent renewable energy consumption by 2030, as outlined in the LCDS.

Additionally, the country is making significant progress in renewable energy, with a focus on solar projects expected to power nearly 90 per cent of the hinterland population by 2025. These efforts align with global sustainability goals and support inclusive growth and energy access.

The government is also taking regional leadership through initiatives such as the ‘25 by 25’ plan, aimed at reducing CARICOM’s food-import bill by 25% by 2025 and forging innovative financing models for environmental sustainability, such as the landmark agreement with Hess Corporation for the purchase of 2.5 million carbon credits annually.

Economic forecasts for Guyana are exceptionally positive, with the World Bank predicting unparalleled growth rates in the coming years, driven by oil production and diversifying sectors such as agriculture and construction.

The forecast predicts an astounding 38.2 per cent growth in 2024 and 15.2 per cent in 2025 for Guyana, the highest in the Caribbean. Overall, the country’s economic landscape is set for continued expansion, with growth averaging 20 per cent expected annually from 2024 to 2028.

This growth is supported by an ambitious budget focused on development, infrastructure, and social welfare, funded significantly by oil revenue. However, the spectre of climate change and environmental degradation looms large.

Guyana is addressing these challenges head on, with comprehensive strategies for low-carbon development and significant investments in renewable energy projects, including solar, hydropower, and wind initiatives.

The country’s transition to cleaner energy sources is also reflected in the development of infrastructure such as the Corentyne River Bridge, enhancing connectivity and trade potential.

In preparation for the future, Guyana is enhancing its safety and environmental protection measures, particularly in the oil sector, with a National Oil Spill Response Plan and regular training exercises.

This proactive stance ensures that while the country harnesses its natural resources for economic gain, it remains vigilant against potential environmental risks.