We want Guyana to produce oil in a net zero carbon world – VP Jagdeo

Vice President, Dr. Bharrat Jagdeo said the PPP/C Government intends for Guyana to be an oil producer in a net zero carbon world.

He made the comment in an interview with the New York based publication, Vice News, aired on Monday.

The International Energy Agency had launched a report called Net Zero by 2050, which outlined a scenario in which the world could achieve the global climate target, in a manner that prevents the world from overheating.

Dr. Jagdeo believes that even in this scenario, Guyana can, and has the right to pursue rapid development, with the exploitation of its substantial oil resources.

“The world will need in 2050, in a net zero carbon scenario, 24 million barrels of oil a day. So, it’s not that we’re going to stop producing oil entirely in a net zero carbon world. This is based on the assessment recently done. We want to be, our oil is light, sweet crude, and we are a relatively low-cost producer. We want to be part of that energy mix.”

Vice President, Hon. Dr. Bharrat Jagdeo

He said once there is a market for oil, Guyana will work to be part of it.

“People legitimately want to prosper in the country. You can’t tell them that, you know, if you don’t have electricity – like in many parts of Africa and India, millions of people, tens of millions of people don’t have electricity – that we want a zero-carbon world, and to achieve a zero-carbon world, you have to remain without electricity forever.”

He explained that Guyana wants to be of service to the world in protecting the environment, but that government will not do so in a manner that affects the legitimate right of the Guyanese people to prosper and achieve what they want out of life, which is why it was so important to launch a development strategy that reflects that. 

“So now we just relaunched it, the low carbon development strategy. We believe that you can find a balance,” Dr. Jagdeo said.

While the country pursues rapid development of its 10 billion oil-equivalent barrels, the LCDS 2030 has set out the government’s agenda for the next 10 years that sees the proceeds from oil being used to build sustainable infrastructure that reduces Guyana’s carbon footprint and provides cleaner energy for its people. The Gas-to-Energy project and the Amaila Falls Hydropower project, both slated for construction commencement this year, are expected to commence in 2024 and 2025 respectively. They will replace the heavily polluting heavy fuel oil, and will provide 415 megawatts (MW) of power to meet Guyana’s development needs for the next five years.