With Guyana demonstrating the ability to balance climate responsibility and development, President of the Caribbean Development Bank (CDB) Daniel Best, on Tuesday, positioned the nation as a leader, emphasising that the region must act now to modernise its energy infrastructure, especially with rising climate threats and global environmental shocks.
He made these remarks during the opening of the Guyana Energy Conference and Supply Chain Expo 2026, which will run until February 20 at the Marriott Hotel, Georgetown.
Addressing diplomats, industry stakeholders and policymakers, the CDB President warned that energy affordability and reliability are no longer secondary considerations but central determinants of where industries invest and how countries compete.
In this regard, Best underscored the importance of properly managing energy infrastructure and stated that the decisions made now will shape the Caribbean region’s future.
Speaking further on the region, he said that economic competitiveness, energy cost and reliability now shape where industries invest and how countries compete.
Best had noted that the energy sector is still the largest source of global emissions, and the cost to the Caribbean and Guyana are not abstract but reflected in coastal flooding, pressure on sea defences, risk to energy and transport infrastructure and the growing fiscal cost of resilience and adaptation.
“However, the fact that Guyana has maintained its net zero rating, and in some quarters, Guyana is listed as carbon negative, highlights this country’s commitment to balancing development with climate responsibility,” the CDB President said.
He then underscored the importance of energy security, noting that recent global shocks have reinforced the need for resilient and diversified energy systems which are capable of supporting sustainable growth and protecting economic stability.
Best said that the region is endowed with abundant renewable energy resources, namely solar, wind, hydropower and geothermal, and in Guyana’s case, emerging hydrocarbon opportunities that must be managed “wisely and strategically within a long-term energy transition framework.”
On this note, the CDB President said that strong institutions and sufficient financing for Caribbean countries are required over the coming decade to modernise power systems.
Best highlighted several constraints that impact how quickly projects can move from concept to construction, in a manner that supports long-term resilience and competitiveness.
High upfront capital cost investments, regulatory policy and clarity, limited risk appetite, project readiness and the strength of partnerships. While strong partnerships remain another concern, Best said that he was elated to hear President Dr. Irfaan Ali use his feature address to explain their importance.
For decades, the CDB has financed generation, transmission and distribution infrastructure, along with regulatory reform, Best noted, emphasising that today, the institution is focused on enabling the next phase of the transition to energy systems that are “smarter, more resilient and prepared for a low carbon future.”
Best said that CDB stands ready to work with governments, investors and partners to turn plans into projects, projects into pipelines, and pipelines into lasting impact, supporting energy systems that are “reliable, resilient and fit for the future.”
“I encourage you to be bold, practical and solutions-oriented. The tools exist, the capital exists, and with the strong leadership already being demonstrated, Guyana is well placed, not only to capture this moment, but to lead our region in turning opportunity into enduring prosperity. The good people of the Caribbean deserve nothing less from us,” he said.
