Prime Minister commends oil companies for committing to Paris Climate pact

Prime Minister, Brigadier (Ret’d) Mark Phillips, who is performing the duties of President, has expressed gratitude to US oil company, ExxonMobil and other large oil companies for committing to the Paris Climate agreement.

The prime minister was addressing the opening ceremony for Champion X’s new storage facility at McDoom, East Bank Demerara.

“In a world where climate change threatens our very existence, we are responsible for shaping our future in a sustainable manner. In the oil and gas industry, that means the sensible and responsible usage of oil and gas.

“We are, therefore, grateful for pledges by the largest oil and gas companies in the world – including ExxonMobil – who have committed to reducing emissions through the development of low emissions technology from operations under their control in keeping with the timeframe set out by the Paris Agreement,” Brigadier Phillips said. 

The Paris Climate Agreement is a legally binding treaty between nations of the world, committing to action on climate change. Guyana is a party to the pact.

While the United States, Exxon’s home country, had initially signed on to the agreement, former President, Donald Trump withdrew the country from the historic pact in 2020.

On his first day in office in January, United States President Joseph Biden signed an instrument formally recommitting the country to the Paris Climate Agreement.

ExxonMobil has commended President Biden for rejoining the Paris Agreement. The company’s Chief Executive Officer, Darren Woods, said Exxon supports the Paris pact.

The company, which is the leading oil and gas company operating in Guyana, has outlined an emissions reduction plan, which it said is consistent with the goals of the Paris Agreement.

As such, its partners are also expected to fall in line. Champions X, for example, through its president and Chief Executive Officer, Soma Somasundaram, spoke fervently about sustainability, explaining that the company’s operations are to be managed in a safe and efficient manner.

Likewise, Guyana intends to develop its economy within a low impact framework, the Low Carbon Development Strategy.

The government has committed to instituting a diverse energy mix of renewable energy sources and natural gas, guaranteed to significantly reduce Guyana’s emissions and ensure Guyana’s sustainable development.

In addition to reaffirming the government’s commitment to sustainably managing the country, the acting President also reiterated the government’s promise to manage Guyana’s natural resources effectively.

He said where petroleum resources are concerned, there is need for a sound Natural Resources Fund Act, a solid local content policy, and capacity building for Guyanese. He also stressed the importance of investing in traditional sectors, to prevent Guyana from falling victim to the Dutch disease.

“Guyana is on the brink of transformational development, and it will take every effort and all of our resources to effectively manage this development so that the country can thrive for generations to come,” Brigadier Phillips said.

He said there is a bright future ahead for Guyana.

Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, MP, also attended the event.