“Suddenly Swimming in Oil”: Guyana’s Solution to Climate Change and Vulnerability

Recently, Guyana has been made a topic of conversation in Bloomberg’s Businessweek, and popular podcasts such as “The Big Take” and “Odd Lots.” A major question arising from these podcasts, was whether Guyana is equipped to handle climate change and vulnerability, given the projections of sea and ocean level rises between 8-10 inches within the next 30 years as per estimates by the U.S. National Ocean Service. The concern lies in the greenhouse gas emissions produced by oil economies in the burning of fossil fuels, through which the Atlantic ocean may rise to 6 feet by the end of the century. According to Bloomberg, the government is “betting on a paradox,” through investing in the oil economy in hopes to use its resources for climate adaptability measures associated with the Low Carbon Development Strategy 2030 which denotes promises made to sustain infrastructural projects, and the funding of an energy grid that will transition the energy industry to run exclusively on renewable sources. Another promise made was to avoid flaring of oil which produces some of the most drastic greenhouse gas emissions during exploration and production, except at the initial phase where temporary flaring is inevitable. The article points out that for many, especially those living below the poverty line, are aware of Guyana’s movement as the “fastest-growing economy,” yet in circumstantial feats, believe it is not moving fast enough.

Source(A Nation in the Crosshairs of Climate Change Is Ready to Get Rich on Oil, Image: Rose Marie Cromwell for Bloomberg Businessweek)

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23 Nov 2022 17:00 | by anaraine

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