Dear Editor,
Guyana is facing a complex set of challenges and opportunities in the face of decreasing demand for oil worldwide. The decrease in demand for oil is driven by a variety of factors, including the rise of renewable energy sources and the increasing awareness of the environmental impact of fossil fuels. This trend has led to a decline in oil prices, which affected the profitability of oil companies worldwide, forcing them to cut back on investment in new projects. The reality is the market for oil and gas is shrinking. That is a reality we should be very aware of as an oil-producing nation. Guyana doesn’t operate in a silo, policy changes around the world affect us.
There has been a growing trend in recent years towards reducing and banning the use of fossil fuels in an effort to combat climate change and transition to more sustainable energy sources. Here are a few examples of recent policies that have been implemented to reduce or ban fossil fuels: In 2020, the UK announced that it would ban the sale of new gasoline and diesel cars and vans by 2030, with hybrid vehicles to follow in 2035. This policy is part of the UK’s efforts to achieve net-zero emissions by 2050. Denmark is aiming to phase out the use of fossil fuels entirely by 2050, and has implemented a range of policies to achieve this goal. These include a tax on fossil fuels, incentives for electric vehicles, and a requirement that all new buildings meet energy efficiency standards. France has announced that it will ban the sale of new gasoline and diesel cars by 2030, as part of its efforts to reduce greenhouse gas emissions and improve air quality.
Overall, these policies represent a growing trend towards reducing and banning the use of fossil fuels in order to mitigate the impacts of climate change and transition to more sustainable energy sources. The current administration understands this very well. But every day we can see utterances in opposition to the pace of development. We cannot miss this golden opportunity. There are too many that do not understand the entirety of the situation. We have to move now as the window is closing. We have at best three decades to maximize extraction. We have to “move fast and break things” or forever lose this opportunity and that is what’s happening.
Sincerely,
Anil Sukhdeo