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REFERRING to a “hostile global business environment”, as it relates to the region's dependence of oil import, the Prime Minister has signalled that collaboration in the use of hydrocarbon resources is the only way to ensure energy security for the region.
Dr Rowley and President of Guyana, Dr Mohamed Irfaan Ali, both spoke at February 19th's opening of the 3rd Guyana Energy Conference which has a focus on transforming the system to meet energy demands while lowering global emissions.
Rowley, who is accompanied by Energy Minister Stuart Young, noted that Caricom has been made vulnerable to energy market volatilities due to its estimated 87 per cent of oil import, compared to a global average of 21 per cent.
“In order to ensure energy security for the region and combat the negative impacts of climate change, it is imperative that we effectively utilise our resources, whether they be hydrocarbon or renewable, through collaborative efforts,” he said.
“Only by working together can we attain our objective of fostering productive and resilient economies in what promises to be an increasingly hostile business environment.”
He said, “The oil and gas industry will be a major source of energy for decades to come, during a protracted period of transition, even as we invest and expand the contribution of various renewables.
“Policymakers, worldwide, need to re-evaluate the central role it plays in modern life. With rising concerns for future demand and climate change, the industry finds itself in a delicate situation.
“Only by recognising the true scope of these ongoing challenges and addressing their implications by offering leadership on solutions, can the industry continue to prosper in an increasingly complex world.
“The Caribbean energy economies, Trinidad and Tobago, Guyana and Suriname are significant players in this market and will not be irresponsible nor will we shy away from beneficial opportunities."
“...Collectively, we continue to echo the sentiments of sustained development through the availability of our resources.
“This availability has been demonstrated by the recent oil and gas findings in Guyana and Suriname," Rowley said.
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