President of National Energy Corporation of Trinidad and Tobago Limited, Dr. Vernon Paltoo recently underscored Guyana’s unique position to develop its oil and gas industry while integrating low-carbon mechanisms. This he noted would give Guyana a competitive advantage in global markets.
During an interview on the Energy Perspectives podcast, Dr. Paltoo highlighted that the global shift toward decarbonization presents both challenges and opportunities for emerging oil-producing nations like Guyana. “We are into a decarbonization drive, yes, that is, you know, throughout the entire world. Most of the industries that are being developed, it is with a low-carbon initiative, a push that entails decarbonizing existing energy processes,” he explained.
Dr. Paltoo highlighted that access to global markets, particularly in Europe, is increasingly dependent on carbon reduction efforts. He pointed out that mechanisms like the European Union’s cross-border adjustment mechanism create higher costs for traditional fossil fuel-based products. However, he said Guyana is in a unique position to capitalize on this trend by incorporating low-carbon technology into its growing oil sector.
“Guyana is in a unique position to be able to benefit, from being now in a position to build your industry. You have an opportunity to naturally building low carbon mechanisms as you develop your industry,” he stated.
He further noted that as Guyana expands its petrochemical and metal processing industries, the country has a chance to integrate sustainable technologies from the outset, making its products more attractive to international markets.
“There is an opportunity now to incorporate a low carbon technology. And so the carbon footprint of the product already meets a requirements for international exporter, which gives you a competitive advantage, right. So the fact that your industries are now being built gives you that opportunity to do so,” Dr. Paltoo said.
