The government will be tapping into US $135 million that has already been secured for the development of renewable energy projects and to facilitate sustainable development across Guyana, according to Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh.
During his presentation on the 2021 National Budget on Friday at the Arthur Chung Conference Centre (ACCC), Dr Singh emphasised that Guyana’s focus on low-carbon, sustainable development has not changed despite the country’s new oil production pursuit.
Dr Singh’s remarks added to those made by President Dr Irfaan Ali on Thursday, during his inaugural address to Parliament. Then, the President recommitted to the reinstituting of an expanded Low Carbon Development Strategy (LCDS).
In that vein, Dr Singh highlighted that the US $135M which has been “sitting in bank accounts outside our country” will be invested in renewable energy projects, to strengthen agencies tasked with ensuring environmental sustainability, and to advance ongoing projects such as the Amerindian Land Titling Project and providing increased Information and Communication Technology (ICT) to hinterland communities.
Beyond this, Dr Singh highlighted that an expanded LCDS will be updated to take into account the challenges and opportunities that have emerged since the LCDS was first crafted several years ago.
This expanded LCDS will cater for the government’s comprehensive developmental strategy, integrating the productive oil and gas sector. It will also set out how the government will transition into more sustainable forms of development in tandem with the global transition.
“Guyana can lead the way in meeting this challenge,” the Senior Minister emphasised.
The LCDS as it is now will be broadened to include wider environmental services, water resources management, climate resilience, biodiversity, renewable energy, and the marine economy, the President said in his address to Parliament.
