The Energy and Resources Institute (TERI) and the Private Sector Commission (PSC) of Guyana yesterday signed a Memorandum of Understanding (MoU) which will allow the commission to harness technical advice and support in sustainable development and energy efficiency.
The MoU was signed between Director General of TERI, Dr Ajay Mathur and Chairman of the PSC, Edward Boyer at the Marriott Hotel. The agreement will also see the establishment of a working relationship between the two entities and the provision of research for sustainable business development in Guyana.
In brief remarks, Boyer welcomed the initiative stating that it will greatly help the manufacturing sector. “…The common impediment to the expansion of our private sector and the country’s competitiveness is its energy. The high cost of energy is perhaps the greatest barrier to the development and expansion of our manufacturing sector,” he said.
“While there may have been temporary relief due to the current low oil prices, the situation is not expected to last.” Alternative, cheap and sustainable energy sources would therefore assume greater importance.
Boyer added that the commission is fully committed to supporting the government towards a green economy. “We live in a country full of natural resources and unless we care for them properly, manage them and use them efficiently we would be doing a grave injustice to our God-given gift,” he remarked.
Dr Mathur stated that the MoU will initially be for three years and will allow the institute to work hand in hand with the private sector and other persons in the business community on matters relating to climate change and sustainable development.
The ultimate goal Mathur said, is to be able to develop solutions that can help promote sustainable development. “…then to work with various stakeholders to make sure that the solutions are used.”
He also told the gathering that a local office is expected to be established in Guyana by October and will have a number of staff who will work closely with the business community.
Mathur added that the institute has partnered with other stakeholders in Guyana and has worked with sugar factories in Guyana to improve their energy efficiency. He also said that they have carried out studies of the root causes of power quality of large consumers of electricity of the Guyana Power and Light.
Meanwhile, present at the signing was Minister within the Ministry of Finance Jaipaul Sharma who said it is significant that the PSC is partnering with the institute in the area of sustainable energy. “Because this is in keeping with President David Granger’s motto of ‘greening the economy’ and sustainable development of the country’s resources,” the minister said.
