Stopping new fossil fuel asset development will monopolize sector for oil giants – Vice President of Guyana

The Vice President of Guyana, Bharrat Jagdeo, says the call by the International Energy Agency(IEA), the organization that has spent four decades working to secure oil supplies for industrialized nations, on new oil producing countries, to stop developing new oil, gas and coal fields, will create an on fair monopoly for already developed oil producing countries.

The IEA’s call is motivated by the fact that if the world wants to achieve net-zero global carbon emissions by 2050, fossil fuel production must stop now or the entire global risk a dangerous rise in global temperatures.


Vice President of Guyana, Bharrat Jagdeo, speaking at the bilateral talks
Fossil Fuels

It is estimated that fossil fuels will still provide 60% of the world’s energy by 2040 but the pattern of use will change, away from coal and towards gas, and increasingly concentrated in industry.

Currently, over 80% of the world’s energy is produced by burning coal, oil and gas. Fossil fuels release billions of tonnes of carbon dioxide and are the biggest driver of climate change.

Petroleum, coal, natural gas and orimulsion are the four fossil fuel types. They have a variety of physical, chemical and other essential properties in general, but the most vital thing regarding fossil fuels, perhaps, is that they are not green.

When fossil fuels are burned, they release large amounts of carbon dioxide, a greenhouse gas, into the air. Greenhouse gases trap heat in our atmosphere, causing global warming. Already the average global temperature has increased by 1C.

Speaking at the opening session during bilateral talks with Vice President Mahamudu Bawumia at the Jubilee House today the 15th of October 2021, as part of his three (3) day working visit to Ghana, Vice President Bharrat Jagdeo, observed that since the world will still depend on fossil fuel for some time to come, it will be totally unfair to ask developing oil country to completely halt their development of new fossil fuel assets.

“The call of the IEA and the IPCC that we must not do any exploration in the fossil fuel industry nor develop any assets, my point is, if we do that in the face of continuing demand for fossil fuel, what we will be effectively doing is locking in a monopoly, a four trillion dollars’ sector for the countries that have developed oil and gas sectors who really do not need to spent much more on developing or exploration of more assets” Vice President Bharrat Jagdeo said.

“If demand is growing and the renewables are not coming in at the pace to keep up with the demand, you are going to need fossil fuel for a while to come inspite of what we say. We support the carbon price; we support a decarbonized future but don’t tell us not to develop these resources” the Guyana Vice President added.

Vice President Bawumia

Vice President Mahamudu Bawumia, in siding with his Guyana counterpart indicated that Ghana supports very much, the net zero target that has been set as a global objective in order to slow down the rate at which the world’s climate is changing. However, the reality is that, the world is going to need fossil fuel over the next 20 years and any recommendation for new oil producing countries to stop new asset development will cripple the economies of developing countries.


Vice President Mahamudu Bawumia, speaking at the bilateral meeting
“Net zero is something that we all are very interested in and very supportive off, and so we want to have that as a goal down the road, but if you lock in, and nobody has to produce, then you have restricted supply in the face of increasing demand. There is only one way for price, which is up, and that will cripple our economies” Dr Bawumia said.

“We have to look at how we transition, that transition is not going to be overnight, there is going to be a demand may over the next 25 to 30 years, that is the reality” Vice President Mahamudu Bawumia added.

Schedule of the Visit

As part of his three-day working visit to Ghana from 15th – 17th October 2021, the Guyana Vice President will on Saturday 16th of October, participate in a technical meeting between his delegation and their Ghanaian counterparts at the Petroleum Commission.

He will later on the same day, visit the Kwame Nkrumah Mausoleum where he will lay a wreath, plant a tree and tour the mausoleum.


The two Vice Presidents and their delegations at the Jubilee House
On Sunday the 17th of October 2021, Vice President Bharrat Jagdeo, will visit a road construction site at Amasaman, visit a real estate company at Roman Ridge and an insurance company also at Roman Ridge.

Before departing Ghana at night, he will have a meeting with private sector representative in Ghana, at a TV/Radio interview and visit the West Coast Gas Limited at Labone.

Source: asaaseradio

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