Consider hydrogen as the renewable source of the future – President Ali
President, Dr Mohamed Irfaan Ali says that the Caribbean Region should consider making separate investment in hydrogen as the renewable energy source of the future.
He made the suggestion at the discussions held at the International Solar Alliance (ISA) Regional Meeting of the Latin America and Caribbean Region.
The President’s suggestion is premised on the fact that the gas is viable as a renewable energy solution owing to its many advantages, chief among them, affordability.
“We have to start designing a strategy that looks at green hydrogen and how that is formulated because the reality is if hydrogen is for the future and the financial implication is that banks and international community is willing to finance hydrogen against solar then unfortunately, it is the death of solar, this is the reality”, he said.
He explained further, “If the world moves into the direction that we are going to push hydrogen, then the financing for hydrogen has to come from somewhere and if hydrogen is the preferred investment for sustainable energy and for renewables in the future, then definitely the types of resources behind solar would not be there.”
President Ali made it clear that, “I am not saying that is the answer, I am saying that is one suggestion, and those are the hard questions…I am speaking on the basis that we are all agreeing that we are going on a renewable pathway as part of our global commitment, that is a given.”
The Head of State was speaking against the backdrop that while the Caribbean region has great solar potential, the cost to fund the projects is enormous.
He therefore, posited that natural gas be examined as a reliable renewable energy source that can be utilised, but at a significantly lower cost.
As it relates to Guyana, the President said during his recent visit to the United States, following a meeting with the energy department, it was decided that a technical team from Guyana would work along with the department to examine the Amaila Falls Hydropower Project.
“The hydro potential here is enormous and we have to advance that project and that is part of our renewable pathway,” Dr. Ali noted.
Highlighting statistics, President Ali noted that one trillion cubic feet of gas will generate approximately 142 million megawatts of hours of energy.
Solar energy generation is just one component of Guyana’s low-carbon goals under its Low Carbon Development Strategy (LCDS).
Under this national advancement plan, Guyana looks to complement the national grid with other forms of clean and renewable energy – namely natural gas, hydropower, wind power and biomass. It is anticipated that by 2030, 70 per cent of Guyana’s energy mix will be supplied through green energy.
Additionally, the highly-anticipated gas-to-energy project terminating at the Wales Development Authority, will see 250 MW of new power generation constructed.
This US$900 million project will utilise natural gas from the Liza One and Liza Two development projects offshore Guyana.
The project is being developed in partnership with ExxonMobil, the operator of the lucrative Stabroek Block.
It is expected to come on stream by 2024 and with a lifetime of 25 years.