Guyana’s President cautions that global net zero ambition currently unrealistic – Says country using oil, gas revenue for clean energy transition
Even as Guyana’s economy continues to grow rapidly, supported by unparalleled oil sector expansion according to the IMF, the country’s president says it is committed to clean energy transition.
Delivering a wide-ranging speech during the United Nations General Assembly (UNGA) debates on Wednesday 19 September, His Excellency President Mohamed Irfaan Ali said Guyana is using revenues from oil and gas resources to finance its transition to renewable energy, notwithstanding its already globally recognized net zero status.
Climate change, a balanced approach to net zero carbon emissions, issues pertaining to sustainable development, food security, health, peace and security, and international law were among the issues to which he drew attention.
He warned that based on the current demand for energy, the cost of transition to clean energy and the financing commitments made thus far, global ambition of net zero by 2050 “is not currently realistic.”
For the world to achieve that target, more than 85 percent of buildings must be zero carbon ready by 2050, more than 90 percent heavy industrial production must be low emissions and almost 70 percent of electricity will have to come from renewable sources, the Guyanese President told the UNGA.
Financing the transition would take 375 trillion dollars in accumulative spending on physical assets.
Given those realities, he posed the question, how realistic is the path to net zero?
Hastening to add that he was not advocating for reduced ambition, he proposed that the world “honestly and frankly” direct its energies to “a more balanced approach towards net zero in a realistic environment.”
President Ali cautioned that the upcoming global climate summit (COP 28) in the United Arab Emirates (UAE) in November 2023, will not achieve the desired objectives of “definitely putting” the world on a trajectory of net zero, if this issue is addressed in a “doctrinarian way, ignoring current realities.”
At the same time, he presented several options to reach the goal. These included, a cut in fossil fuel production; incentivizing the introduction of renewables at scale; exploring advances in technology in using carbon capture and storage; cutting deforestation and land degradation and introducing measures to curb demand for energy.
The Guyanese President told the UNGA that his country is “blessed with the best of both worlds” with the ability to lead on climate change while using its “expansive oil and gas reserves” to contribute to the advancement and development of the country and the Region.
“As custodians of a rainforest the size of England and Scotland combined, we are of the view that the lack of financing for standing forests suggests they are worth more dead than alive. That is why we support the expansion of financial mechanisms that appropriately value the environmental services provided by forests including through the carbon market,” President Ali stated.
Speaking on international law, he warned that it is “being undermined by threats and naked acts of aggression against sovereign states and by the perpetuation of old conflicts and disputes between states.”
“The Russian invasion must end. Greater diplomatic efforts must be made to bring an end to this war,” he stated.
Pertaining to Haiti, he said, “urgent and decisive action must be taken to secure a comprehensive solution.”
The President commended the offer by the Governments of Kenya and Rwanda to lead the Multinational Force (MNF) in Haiti, as well as offers of support to the Force by The Bahamas and Jamaica.
He also used his platform on the international stage to call for “the dismantling of the unacceptable embargo” against Cuba, adding that the economic and political aggression along with the designation of the country as a state sponsor of terrorism must come to an end.
President Ali brought the attention of the UNGA to what he described as “a very threatening message from Venezuela” in the form of a Communique, after Guyana advertised that certain oil blocks in its sovereign waters were up for bids.
“Guyana considers this a threat to regional and international peace and security, as well as to Guyana’s investment partners.”
He demanded that Venezuela honor its obligation under the United Nations Charter to pursue only peaceful means to settle any disputes it may have with Guyana, including adjudication before the International Court of Justice.
“Allowing the Court to decide would ensure a resolution that is peaceful, equitable and in accordance with international law,” President Ali stated adding that “Guyana will spare no effort in defending its sovereignty and territorial integrity.”
He expressed appreciation to every member of the international community that has continued to support Guyana’s efforts to preserve its sovereignty and territorial integrity.
Source: CARICOM TODAY