Oil revenues shielding Guyana from climate debt – Pres. Ali
President Dr. Irfaan Ali has made it clear that without the new stream of revenue from oil production, the worsening global temperature rise would have spelled nothing short of disaster for Guyana’s economy.
In a recent exchange with a New York Times reporter, Ali was asked what the rising heat means for Guyana. His response was candid: “If we did not have the type of revenue stream that we have now, it would have meant debt. It would have meant destruction. It would have meant our economy just falling apart.”
The President stressed that while Guyana has only recently joined the ranks of oil producers, the government is not treating oil as a permanent lifeline but as a means to drive transformation. According to him, the revenues are being channelled into Guyana’s energy transition, climate resilience, and sustainable development.
Ali outlined a broad slate of initiatives being funded, including investments in solar farms, hydropower, natural gas, wind energy, and biomass, all aimed at building a low-emission energy grid. The President noted that Guyana is also constructing off-grid systems, solar farms and wind projects specifically for hinterland communities, where many Indigenous peoples live.
He added that the revenues are also helping Guyana maintain its forest cover, which stores “many gigatons of carbon,” while at the same time creating livelihood options that support conservation.
For Ali, the message is clear: oil has given Guyana the fiscal space to shield its people from the worst economic shocks of climate change while providing the foundation to build a more sustainable and resilient future.
