G20’s failure to reach consensus on cutting down fossil fuel production has ‘major impacts’ on developing world – Jagdeo
The Group of 20 (G20) major economies meeting has failed to reach a consensus on phasing down fossil fuel production as well as deploying $100 billion per annum for developing countries.
And, General Secretary of the People’s Progressive Party (PPP), Dr Bharrat Jagdeo says this will have a major impact on Guyana and other developing countries as the global community seeks to achieve net zero.
Speaking during a press engagement at Freedom House on Thursday, Dr Jagdeo pointed out that the failure to reach an agreement on phasing down fossil fuel production will not help in achieving net zero.
He also reminded that the commitment to deploy financial support to the developing world was made at the UN Climate Change Conference in Copenhagen held in December 2009.
“Those are very important … particularly because the G20 Group of Nations produce about 75 per cent of global output and also over 75 per cent of global emissions come from these countries. So, the decision made would be crucial to achieving net zero, and if they fail to agree on phasing down production of fossil fuels, then it must have a major impact on this global aspiration to net zero,” Dr Jagdeo pointed out.
Dr Jagdeo also shut down claims that the Government of Guyana has abandoned its support to the target of achieving net zero.
The government, the general secretary reminded, has always sounded its commitment to supporting the target of net zero, which was made long before Guyana began producing oil and gas.
Additionally, the country is playing a major role in the fight against climate change by preserving its forest which is a huge carbon sink resulting in Guyana being a carbon-negative country.
“Although we are an oil and gas producer, we will even at maximum peak production, we will still be a carbon negative not just a carbon neutral, but a carbon negative country and we currently support the removal of subsidy on fossil fuel production globally and we also support a carbon price which will help to not just penalise the production of fossil fuel but without incentivised the production of alternative energy and we support that,” the GS stated.
Speaking on the upcoming Conference of Parties (COP) Summit, the general secretary said the Government of Guyana will be pushing to ensure that there are solutions to having phased down fossil fuel production and increasing the output of renewables.
“We are trying, and the President’s speech will reflect this at the next COP, we are trying to say that there are several things that have to be done simultaneously … we don’t need to phase down fossil fuel production but simultaneously we need to incentivise the production of renewables… we have to move faster to a carbon price globally, secondly, we cannot discard technology and future technology as part of the solution … There is a role for technology in the future,” he stated.
Additionally, he said the developing world will not allow the advanced economies to back-peddle on their promise of deploying the $100 billion per annum to these countries.
“I raised this with the Secretary of State Blinken at State House … it’s not just the funding but addressing the institutions that intermediate the funds because a lot of them are not fit purpose and the sloth between the availability of funds and their delivery is unbelievable.”
Meanwhile, he expressed that it is unreasonable to expect Guyana to limit its petroleum production, while the developed world continues to ramp up its output of fossil fuels, even though they have used up their carbon allowance.