Even with ramped up oil production Guyana remains on a carbon-negative path Pres. Ali tells int’l summit

Sep 19, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – President Irfaan Ali has reaffirmed this nation’s unwavering commitment to maintaining a carbon-negative trajectory, even with the anticipated deployment of 10 Floating Production Storage and Offloading vessels (FPSOs) in its burgeoning oil sector.

Guyana’s Head of State bold promise underlines his administration’s position as a country endowed with abundant natural resources and a steadfast dedication to environmental preservation.

President Ali made the aforementioned statement when he appeared as a panelist at Concordia’s Annual Summit to discuss “Underneath the Green Transition: The Oil Industry” accompanied by former Colombian President Ivan Duque.

Guyana’s most prominent natural treasure lies at the heart of its territory – a sprawling forest, rivaling the combined size of England and Scotland.  The forest serves as a reservoir of an astonishing 19.5 gigatons of carbon, a global environmental treasure of immense value.

During the discussion, Ali boasted about Guyana having the world’s lowest deforestation rate. He explained that it is a testament to the nation’s commitment to preserving biodiversity and providing essential ecological services. He said too that Guyana’s dedication is firmly rooted in the understanding of the forest’s pivotal role in the global climate agenda.

President Irfaan Ali during the panel discussion on Monday

On the world stage, Guyana has emerged as a prominent leader in forest management, conservation, and responsible utilisation. However, as Guyana charts a course through transformative changes, notably within its burgeoning oil and gas sector with vast reserves, questions are being asked as to how the country will balance these pursuits. To this end, President Ali delivered an emphatic message that even with the operation of 10 FPSOs, Guyana will steadfastly maintain its carbon-negative trajectory, a feat attributed to the forest’s remarkable carbon-absorbing capabilities.

Ali said that the nation is progressively steering away from heavy oil and petroleum products, embracing cleaner alternatives encompassing natural gas, solar, and wind energy sources. This shift serves as a testament to the alignment of economic growth with environmental sustainability. Yet, amid these transformative changes, President Ali underscores the urgency of a balanced conversation concerning the pursuit of net-zero emissions.