Guyana has committed to 100 percent renewable energy by 2025. Moreover, work in this regard is ongoing to ensure the expansion of renewable sources of energy from solar and mini, micro and pico hydro facilities.
This disclosure was made Thursday evening by Minister of Finance, Mr. Winston Jordan, when he addressed the Guyana Manufacturing and Services Association Business Dinner at the Kingston, Georgetown, Pegasus Hotel.
According to Jordan, as a transitional fuel option, the natural gas supply is being explored by Government with Exxon. Added to this, he said that liquefied natural gas promises to be an option that can contribute to lowering fuel costs in the medium to long term.
In this regard, Jordan said that “Costs are being reviewed to determine feasibility including the possibility of a micro liquefied natural gas station and distribution via trick and barge, which may be able to extend the range of consumers to include those residing in hinterland regions.”
This apart, renewable energy sources remain a top priority, Jordan noted.
This year, over $200 million was allocated for a 400 kW solar farm at Mabaruma, which is expected to be operational four months after the contract is signed. The Mabaruma community is afforded a mere eight hours of electricity per day currently; however, upon operationalization of the solar farm, residents will benefit from a 24 hour supply, using both diesel and solar sources. This type of investment will be replicated in other communities in upcoming budgets, Jordan informed the gathering at the Business Dinner.
He mentioned Thursday evening too that “of 11 measures in Budget 2017 that are aimed at promoting the green agenda, nine are related to tax exemptions, tax reductions and tax holiday. This was deliberate; they were designed to make the financial considerations easier for you in determining how you incorporate green approaches in the execution of your operations.”
He moreover complemented Demerara Bank and Citizen’s Bank for going completely solar in the power generation at their Camp Street locations. “Kudos also go out to Nan Persaud for exemplary work, in this respect,” said the Finance Minister even as he questioned, “How many of you, apart from those just mentioned, have taken advantage of the tax exemptions to advance your own operations using solar energy? I submit that, given the regional tax concessions to hinterland locations and the tax concessions on renewable energy infrastructure, your members would be well advised to seriously consider locating more manufacturing and services industries in those locations. I would be excited to know which of you will be the first to establish an electric docking station or drive the first fully electric car to replace your expensive Hummer, Prado, Fortuna or other gas-guzzling vehicles. These are just a few of the innovative routes that can be explored,” asserted the Finance Minister.