Using Renewable Energy To Transform Guyana

  • Guyana, a new oil producer, is at the peak of a new era of development with over 11 billion barrels of proven oil reserves, one of the highest per capita levels in the world, with GDP growth rates and fiscal revenues rising enormously over time.
  • As part of aggressive climate change promises, the government of Guyana is also implementing an ambitious transformation for domestic electricity generation as outlined in the country’s Low Carbon Development Strategy (LCDS) 2030.
  • The LCDS 2030 sets out four interlinked objectives for Guyana, namely, value ecosystem services, investing in clean energy and stimulating low carbon growth; protecting against climate change and biodiversity loss; and aligning with global climate and biodiversity goals.
  • One of the first strategies implemented was a partnership between its government and the government of Norway. The partnership is aimed at preserving the quality of Guyana’s forests to help the nation meet its climate objectives and in the process, be paid for performance on this target resulting in earnings of over US$220Mn. Both countries will work together to provide the world with a relevant, replicable model for how REDD+ can align the development objectives of forested countries with the world’s need to combat climate change. REDD+ is a framework created by the United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP) to guide activities in the forest sector that reduces emissions from deforestation. 
  • With these funds earned, a significant project on renewable energy is being implemented, the Guyana Utility-Scale Solar Photovoltaic Programme (GUYSOL), which commenced in June 2022. This programme will help the nation migrate, in about three years, to a grid that uses 19% renewable energy.
  • The programme is anticipated to replace costly and environmentally damaging fossil fuels like diesel and heavy fuel oil used to generate energy and enhance Guyana’s LCDS goal of creating a cleaner and more diversified electrical generation matrix.

(Source: CariCris)