Govt will ensure every Guyanese benefits from the country’s wealth – VP Jagdeo

Vice President, Dr. Bharrat Jagdeo said the PPP/C Government, is ensuring sustainability in Guyana by guaranteeing that everyone ultimately benefits from the proceeds of the oil and gas industry here.

He made the comments during a webinar on the second day of the International Energy Conference and Expo at Marriott Hotel, Kingston on Wednesday. 

Presenting on ‘Guyana’s approach for a sustainable future’, the former Guyanese leader described the government’s plan for the use of Guyana’s oil revenues, including for the diversification of the economy. He said that in working to become sustainable, Guyana will not allow itself to be carried away with prescriptive goals set by the international community, which have been historically insensitive to the specific realities of the developing world.

In this regard, he argued that small countries could never compete with the developed world on the same basis. These international goals, he noted, have come and gone many times, and the policies and finances to achieve them are often lacking.

Dr. Jagdeo said that the Kyoto Protocol-the international treaty which operationalises the United Nations Framework Convention on Climate Change, was based on the capacity of individual countries to play their part. He said now, however, the situation is burden sharing, having poorer countries foot almost the same burden as richer countries, even though their respective contributions to the climate crisis are drastically uneven.

“We believe we have a global obligation to act on climate change. But we also want a future for our people,” Dr. Jagdeo said. 

This vision will be achieved through the enactment of the updated Low Carbon Development Strategy (LCDS). The document, which was launched by His Excellency, Dr. Mohamed Irfaan Ali last year, is in its consultation stage, and will be laid in the National Assembly early this year. 

One bedrock of this strategy is the diversification of the economy, including the creation of conditions for them to flourish. The Vice President described the “energy mix for the future” which includes the gas-to-energy project, the Amaila Falls hydropower project, and other small renewable energy solutions.

Discussing these and other large infrastructural projects, Dr. Jagdeo said the focus for Guyana’s wealth has to be on infrastructure and incentives to stimulate growth in the non-oil economy. These include providing access to world class healthcare and welfare, quality education, and building infrastructure. 

“We are committed to ensuring that the Dutch disease doesn’t destroy the other sectors of the economy,” he said.

The Government has seen how other countries have splurged their oil windfalls on their current expenditures to the point, when the windfall was no more, they could not sustain the new dispensation. 

He encouraged conference attendees to take the opportunity to learn about Guyana’s history, so they can understand the specific challenges of undemocratic rule and poverty which plagued the country, before it got to where it is now.

On this premise, the Vice President stressed that it is important for Guyana to guard against threats to the civil liberties of its people.