Guyana’s annual energy consumption accounts for five million barrels of oil - IDB

Guyana’s annual energy consumption accounts for five million barrels of oil – IDB

Apr 02, 2014 News

Guyana’s annual energy consumption accounts for approximately five million barrels of oil, equivalent from a variety of energy sources – diesel, fuel, gasoline, avgas, LPG, kerosene, bagasse, fuelwood, charcoal, solar, biodiesel, biogas and wind, according to Inter-American Development Bank (IDB) researchers.
However, Guyana is shaping up to set a gold standard for the Caribbean in implementing a national energy efficiency strategy to curb greenhouse gas emissions from fossil fuels.

“Energy efficiency is the main method of fighting climate change and its impact [is global] since unclean energy is the main contributor,” the associate director of the Energy Resource Institute (TERI) of India, Dr. Rudra Narsimha Rao, told Inter Press Service (IPS).
“While inefficiencies in the energy sector are a global challenge, Guyana’s efforts can better position it to battle the devastating impacts of climate change,” added Rao, whose group is helping the country to reduce energy costs in its sugar and rice sectors.
TERI is collaborating with the government under the framework of its Low Carbon Development Strategy (LCDS) to carry out an energy audit of the industrial agricultural sector. Findings and recommendations were handed over to key stakeholders on March 24.
According to the World Bank, energy efficiency measures can reduce carbon emissions in some cases by as much as 65 percent.
Inter-American Development Bank (IDB) researchers estimate that the region could reduce its energy consumption by 10 percent over the next decade and save tens of billions of dollars by adopting existing technologies to increase efficiency.
IDB-financed projects have proven that the return on investment for efficient lighting and electric motor programmes, for example, is higher than building new energy capacity.
Now, the Bank is helping specific sectors – such as biofuels and water utilities – to reduce operating costs through investments in more efficient technology. It is financing programmes that will boost the electricity output and prolong the life of existing hydroelectric complexes by upgrading their turbines.
And it is underwriting programmes to reduce electricity transmission losses and build smarter power grids within countries and across borders.
Rao warned that ignoring the potential of energy efficiency will result in greater risks, in particular for developing countries.
Over the past few months, TERI has been spearheading a two-phase project which gives technical support to the government in the areas of climate change and energy. This second phase of the project was aimed at improving the output of the rice, sugar and manufacturing sectors.
Agencies which participated in the project include the Guyana Sugar Corporation (GuySuCo), the Guyana Rice Development Board (GRDB), the Guyana Forestry Commission (GFC) and the Guyana Manufacturing and Services Association (GMSA).
Rao said that the studies were conducted with rice mills, sugar estates, sawmills and manufacturing agencies to promote energy management and conservation and increase outputs.