By Josiah Williams | September 25, 2024
President Dr. Irfaan Ali has clarified that Guyana’s oil production is essential for funding the nation’s development while simultaneously supporting climate change mitigation efforts.
This statement was made during an interview with the New York Climate Forward at the United Nations General Assembly in New York.
The President emphasized that producing oil and selling carbon credits is not hypocritical.
He highlighted the importance of removing global subsidies for petroleum-producing countries and companies, reiterating Guyana’s commitment to sustainable development.
Dr. Ali asserted that Guyana’s petroleum industry will continue to play a significant role in the global energy mix beyond 2050.
He noted that if the global energy landscape requires a continued 25% contribution from petroleum, Guyana will lead this production due to its climate offsetting initiatives.
He explained that Guyana aims to produce this petroleum with minimal environmental impact, indicating that the country would utilize only a fraction of its sequestered carbon.
This approach positions Guyana as a leader in sustainable oil production.
The President also addressed the challenges faced by small and developing nations in sourcing capital for the transition to clean energy.
He called for a candid discussion about funding for energy transitions, emphasizing the need for actionable results rather than mere commitments.