Private Sector crucial in combatting climate crisis – FS Persaud

Private sector investment and participation are critical to advancing climate resilience initiatives.

This is according to Foreign Secretary Robert Persaud, who was speaking at a private sector roundtable discussion on Tuesday, where he emphasised the vital role, the private sector must play in addressing climate challenges.

The discussion offered a prime opportunity for the Guyanese private sector to connect with United States partners, and to further strengthen Guyana’s initiatives in clean energy, food security, and climate resilience.

It was organised by the American Chamber of Commerce of Guyana, in collaboration with the ACE Consulting Group, and with the support of the U.S. Embassy. It featured the Director of Caribbean Affairs at the U.S. Department of State, Katharine Beamer. It also focused on the US-Caribbean Partnership to Address the Climate Crisis 2030 (PACC 2030).

Persaud highlighted that PACC 2030 is based on four key pillars: access to development financing, clean energy, food security, and deepening collaboration.

“The successful implementation of PACC 2030 would require greater public-private partnerships to yield more effective and efficient results for the benefit of all, because the climate crisis, food insecurity, and energy insecurity affect everyone, both rich and poor. The private sector in Guyana has an important role in meeting these challenges by contributing to the pillars of Pact 2030,” he said.

He urged the private sector to invest in innovative solutions, such as climate-smart mechanisms, irrigation infrastructure, and nature-based approaches. Tangible investments in renewable energy were also deemed essential.

“The government supports public-private partnerships and is ready to partner with the private sector to implement the objectives of PACC 2030.  The private sector in Guyana is also encouraged to actively explore joint ventures with companies, and investors from the United States on projects that will deliver some of these objectives, and in alignment with Guyana’s low-carbon development strategy,” FS Persaud underlined.

The LCDS, a cornerstone of Guyana’s climate change efforts, focuses on preserving the country’s vast rainforest.

Through international partnerships, with this strategy, Guyana receives payments for maintaining its forest cover, which is then directed towards sustainable development projects within Amerindian communities. 

In addition, Guyana is actively transitioning from fossil fuels to renewable energy sources, including large-scale solar power projects, wind farm initiatives, and exploring hydropower potential.

Persaud also underscored Guyana’s commitment to achieving food security through the regional ‘25 by 2025’ objective.’

“Already, we’ve seen significant progress being made through several projects and interventions. And given that Guyana is the lead on agriculture and food security in the region, we have been supporting a lot of member states in taking the initiative.  In fact, we are now considered donour country for CARICOM, especially in the issue of food security,” he added.

Meanwhile, US Ambassador to Guyana, Nicole Theriot, said that by leveraging existing platforms, exploring funding opportunities and fostering private-public partnerships, Guyana can advance climate resilience initiatives.