Dr. Jagdeo- Govt will ensure every Guyanese benefits from the country’s wealth

Vice President, Dr. Bharrat Jagdeo disclosed that the PPP/C Government, is ensuring
sustainability in Guyana by guaranteeing that everyone ultimately benefits from the proceeds of
the oil and gas industry here.
Jagdeo made the comments during a webinar on the second day of the International Energy
Conference and Expo at Marriott Hotel, Kingston on Wednesday.  The VP presenting on
‘Guyana’s approach for a sustainable future’, described the government’s plan for the use of
Guyana’s oil revenues, including for the diversification of the economy. He noted that in
working to become sustainable, Guyana will not allow itself to be carried away with prescriptive
goals set by the international community, which have been historically insensitive to the specific
realities of the developing world.
The former Guyanese leader, in this regard argued that small countries could never compete with
the developed world on the same basis. These international goals, he noted, have come and gone
many times, and the policies and finances to achieve them are often lacking. Jagdeo disclosed
that the Kyoto Protocol-the international treaty which operationalises the United Nations
Framework Convention on Climate Change, was based on the capacity of individual countries to
play their part. He said now, however, the situation is burden sharing, having poorer countries
foot almost the same burden as richer countries, even though their respective contributions to the
climate crisis are drastically uneven.
“We believe we have a global obligation to act on climate change. But we also want a future for
our people,” thre VP said.  Dr. Jagdeo noted that this vision will be achieved through the
enactment of the updated Low Carbon Development Strategy (LCDS). The document, which
was launched by President Irfaan Ali last year, is in its consultation stage, and will be laid in the
National Assembly early this year.
He stressed that one bedrock of this strategy is the diversification of the economy, including the
creation of conditions for them to flourish. The Vice President described the “energy mix for the
future” which includes the gas-to-energy project, the Amaila Falls hydropower project, and other
small renewable energy solutions. Dr. Jagdeo in discussing these and other large infrastructural
projects, said the focus for Guyana’s wealth has to be on infrastructure and incentives to
stimulate growth in the non-oil economy. These include providing access to world class
healthcare and welfare, quality education, and building infrastructure.
“We are committed to ensuring that the Dutch disease doesn’t destroy the other sectors of the
economy,” he noted. He declared that the Government has seen how other countries have
splurged their oil windfalls on their current expenditures to the point, when the windfall was no
more, they could not sustain the new dispensation.
Jagdeo encouraged conference attendees to take the opportunity to learn about Guyana’s history,
so they can understand the specific challenges of undemocratic rule and poverty which plagued
the country, before it got to where it is now. The Vice President, on this premise, declared that it
is important for Guyana to guard against threats to the civil liberties of its people.