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Guyana: Green Commitment Reiterated, Oil Sector Boosted

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Guyana has captured the world’s attention, and more and more countries are attracted to explore its business opportunities, investment, and economic potential, thanks to the discovery of significant oil reserves in recent years.

On Monday, Guyana reiterated that it is able to keep greenhouse gas emissions to a minimum, preserve the environment, and continue to pursue climate change strategies as its energy sector gains strength.

According to Vice President Bharrat Jagdeo, these commitments will be honored even if they reach the highest levels of oil and gas extraction and production in the national reserves.

He noted that the country’s extensive forest and virgin forest cover will allow it to neutralize carbon dioxide emissions from increased hydrocarbon activity in the coming decades.

Each year, he said, Guyanese forests trap more than 150 million tons of carbon released into the atmosphere from all parts of the world and the country’s oil operations annually will only expel 12 million tons of harmful gases. The vice president added that after 100 years of producing gold, the territory still enjoys 85 percent of its land area covered by trees.

Jagdeo’s remarks follow President Irfaan Ali’s response to a BBC journalist, who expressed doubts about how Guyana will in the short term keep its ecological footprint in check as the pace of its oil activity increases.

In his reply, the president also stressed the good data on the preservation of biodiversity so far and referred to strategies to protect flora and fauna from the consequences of accelerating the extraction and production of fossil fuels.

In this context, the drafting of a law and its possible presentation to Parliament in 2024, to respond to contingencies related to oil spills, came to light.

Guyana has captured the world’s attention, and more and more countries are attracted to explore its business opportunities, investment, and economic potential, thanks to the discovery of significant oil reserves in recent years.

Likewise, governments and businesses around the globe are keen to strengthen ties and expand contacts with Georgetown, given its prospects for solid growth in the near term. (https://www.telesurenglish.net/news/Guyana-Green-Commitment-Reiterated-Oil-Sector-Boosted-20240402-0020.html)

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