Guyana set to benefit from highest oil and gas prices

country should not be punished for discovering new energy sources, could become leader in green energy transition, says IDB

DEMOCRACY is essential for Guyana to move from a developing nation to a developed nation because the country will have the resources to do so and it has the capacity to be another Norway, according to Inter-American Development Bank (IDB) President Mauricio Claver-Carone.

Norway is considered to be the most sustainable country in the world with output of fossil fuel that is the cleanest, while being environmentally friendly. The country has also led the charge towards renewable energy.

In a roundtable with Caribbean journalists on Monday during a virtual meeting over Microsoft Teams, the IDB President said Guyana will have the per capita resources if managed well, to be a shining example for the Caribbean Region

“We have a unique opportunity to help a country to take that developmental path like Norway did, we want Guyana to be Norway, we don’t want it to be some of the Middle Eastern and African models that have seen development stalled with the new resources and democracy trampled in that regard,” he said.

He continued: “Our goal is for Guyana to be the Norway model and if we can help do that successfully, then it will be the first time we see that in Latin America and the Caribbean, we can help a country through its entire development phase and green transition.”

Norway, he said, is now a champion with regard to green energy and sustainable development goals.

“It’s incumbent upon us to get it right and that is why we are proud to be the largest development partners of both Guyana and Suriname and we will continue to work this way because we have the opportunity to do something very special and very unique,” the IDB President noted.

He said Guyana and Suriname will also benefit from a cleaner energy transition and achieve their sustainable development goals.

“These countries should not be punished because they discovered new energy sources in the 21st century, we will help them at the same time they undergo that transition in that regard,” said Claver-Carone, noting that a mixed-energy matrix will be favoured.

He emphasised: “We have a once-in-a-lifetime opportunity that we have not seen since Norway discovered its resources in the 20th century to help a democratic country, in this case of Guyana, to truly ensure that those resources go to the development of the country and within that democratic structure for the benefit of its people in a sustainable and inclusive fashion.”

The IDB President said Guyana and Suriname are in a different time, while Latin America and the Caribbean are at another phase of development and energy needs.

The IDB, he said, is fully committed to helping Guyana with its overall logistics, transportation and infrastructural needs with a focus on sustainability and inclusion.

“I am very optimistic in this regard and I think we have an opportunity to walk and chew gum at the same time, we are going to be able to work with Guyana, Guyanese companies [and] investors to ensure projects are done in an inclusive and sustainable fashion in its energy transition to benefit the citizens of Guyana and their developmental needs,” he noted.


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