Guyana is among the first of the many countries that support the call for a cleaner and better world embodied in its sustainable development initiatives in global model management, forest, and biodiversity. As early as 2009, it has already developed its very own Low Carbon Development Strategy (LCDS) which focused on strategies that would transition to a low carbon economy.
Fast forward to the present, just as other countries are still crafting their sustainable development initiatives, Guyana is already at the forefront of this undertaking. Guyana has recently shifted to the new and expanded LCDS of 2030.
The LCDS of 2030 focuses on four strategies, namely, (a) create new incentives for a low-carbon economy, (b) invest in clean energy and stimulate low carbon growth, (c) protect against climate change and biodiversity loss, and (d) align with global climate and biodiversity goals. The first three were the guiding principles that propelled LCDS 2009 while the latter is the recent addition that will ensure that Guyana will remain adaptable and proactive with the ever-evolving environment challenges and goals as well as business climate.
How will the LCDS of 2030 affect Guyana’s oil and gas industry? Much has changed since the LCDS of 2009 took effect and the most noteworthy were the discoveries made in offshore Guyana. With this, the country aims to strategically manage its oil and gas revenues.
Firstly, the revenue generated from this sector will be used to boost the country’s standard of living through social and economic investments, especially in healthcare and education. Secondly, it aims to create a more diversified economy and will develop other sectors that can potentially support Guyana’s development goals such as infrastructure development throughout the country. Lastly, any revenues generated from oil and gas will be saved in accordance with the Natural Resources Act.
As the country is poised to become a big player in oil and gas in the global market, it has aligned its framework with the worldwide goal of decarbonization. For one, it will maintain a low-carbon emission by making sure that its forest covers can absorb the country’s carbon emission while creating low-carbon economic opportunities. Also, it continues to support the global call for low-carbon transition and the Net Zero target by 2050. This target calls for international policies that are fair which pushes for other players in the oil and gas industry including Guyana to compete with bigger and already wealthy countries.
With the LCDS, Guyana is looking at a very promising future in its oil and gas sector considering the country’s potential with all the recent discoveries. With a clear economic vision in place, Guyana will be able to harness its natural resources and use these as building blocks in its development agenda that promotes sustainability. And, for investors, it provides a lot of legroom for investment opportunities for decades.
If you are planning to invest in Guyana, it would be advantageous to have a strong business partner that has years of commendable experience across different sectors. This partner must be able to help build a strong foundation from which your business will grow.
Excel Guyana’s leadership team has more than 30 years of experience in building businesses in Guyana and the CARICOM region. With more than 10 years of local presence in Guyana, it has established business and supply chain networks in Argentina, Brazil, Canada, China, Colombia, Mexico, the United States of America, and Venezuela. Excel is committed to providing investors with all that they need to establish their business in Guyana through government relations and orientation, construction management, procurement and logistics, employee relocation, recruiting and human resources and expert accounting among others.
