“Private sector should seize chance to be engine of green growth” in transformative economy – Minister Jordan

DPI/GINA, GUYANA, Friday, June 30, 2017

The Minister of Finance Winston Jordan stated that for a clean, green, sustainable economy in Guyana, the Private Sector has a responsibility to make this transition, possibly by changing from the traditional manner in which they conduct business.

The Finance Minister sounded his call during the feature address at the annual Guyana Manufacturers and Services (GMSA) dinner on Thursday, June 29 at the Pegasus Hotel, Kingston, Georgetown.

He cited the examples of several companies that faced limitations such as resources, labour, and infrastructure. These companies are creatively thinking “out of the box” and making profits, he pointed out.

Minister Jordan said, “In this vision for a clean, green, sustainable economy in Guyana, the Private Sector has a responsibility to ensure that this transition takes place by introducing fundamental changes in how they conduct business.”

A new study by the World Economic Forum which has identified 16 emerging-market firms that are turning eco-consciousness into a source of competitive advantage, was highlighted by the Minister.

He said, “These companies turn limitations into opportunities. Limitations such as resources, labour, and infrastructure motivate these companies into thinking creatively “out of the box” and turning these opportunities into profit. For example, India’s Shree Cement, a company plagued with water shortages, developed the world’s most water-efficient method for making cement, in part, by using air cooling rather than water cooling. Broad Group, a Chinese maker of air conditioners, taps waste heat from buildings to power its machines. Zangzidao Fishery Group, a Chinese aquaculture company, recycles uneaten fish feed to fertilize crops. Sekem, an Egyptian food producer, set itself the task of reclaiming desert land through organic farming.”

Similarly, the minister wants the local corporate sector to look beyond the conventional business model and be innovative, “Don’t wait for the government to lead the way; you — the Private Sector — are the proverbial engine of growth. You should now seize the initiative to be the engine of “green growth.”

The Finance Minister also highlighted that the government will continue to lead by example by creating the enabling conditions for a green economy.

 

By: Paul McAdam