‘On your own terms’ – Bahamas supports fuelling of industrialisation in Guyana

Guyana, the land of many waters, is experiencing a rise in tide economically, thanks to the ongoing exploitation of its oil and gas resources.

Guyana’s success is not only spurring opportunities for its citizens but also for businesses and residents of the Caribbean region and further afield.

The impact of enjoying among the highest economic growth in the world over the last two years is also not lost on regional leaders with the Prime Minister of The Bahamas acknowledging the effect on Monday, as the 2024 Guyana Energy Conference and Supply Chain Expo opened at the Marriott Hotel, Georgetown.

Prime Minister Philip Davis, delivering a video-recorded presentation, rejected those who seek to prevent new entrants into the global oil and gas market and offered his full support for Guyana – a new oil-producer seeking to balance oil exploitation with its transition to renewable energy and reducing carbon emissions.

“We support Guyana to fuel its industrialisation on its own terms with the resources the people of Guyana have been blessed with,” Prime Minister Davis said.

He offered those comments in the context of the support for sister Caribbean Community (CARICOM) countries – one of the oldest integration movements in the developed world.

“As small states, we long recognize the need to work together given our unique vulnerabilities.

“The region has taken adversity and turned it into strength, this has enabled us to flourish,” Davis reasoned.

It is against this backdrop that he offered his support for Guyana’s transformation and modernisation in recent years.

But he noted that with the discovery and exploitation of oil and gas reserves offshore Guyana, there are new issues for consideration, including supply chain and logistics, an area up for debate and discussion during the ongoing conference.

And so, even with the prospects for prosperity, Davis identified challenges and rejected those who seek to add more burden on the small developing states of the Caribbean region by blocking entrance into the oil and gas market as the world embarks on a global task to revert global warming and mitigate climate change.

He commended Guyana’s long-term plan for energy production which also includes efforts to protect and preserve the environment.

Covering nearly 91% of its landmass, Guyana’s abundant forests and the country’s exceptionally low rate of deforestation have made it a well-established net carbon sink. The country, through its Low Carbon Development Strategy, has outlined a plan to determine the balance and transition to renewable sources of energy.

And so, Davis acknowledged the need for all countries in the region to show this level of responsibility, saying it was the duty of all regional leaders and citizens.