Guyana, Suriname to...

the cycle of low emissions and low income.

“We’re trapped in that sort of cycle, so our argument is nuanced, once you need it, we should be supplying it but we support the world moving to a decarbonised future. If you can end fossil fuel demand, we support a carbon tax. If you can end it 10 years, then fine, but if you need it for another 10 or 20 years, then let us be part of the supply chain,” he said.

He went on to emphasise that Guyana is only contributing to a tiny portion of global emissions with its fossil fuel industry but this is not even an issue because Guyana is a carbon sink. According to Jagdeo, this would continue to be case even if ExxonMobil was producing at its maximum capacity in Guyana.

“[Our oil and gas industry] is not going to affect our commitment globally, or nationally towards climate change goals but we need resources to develop our country and people once there is a demand [for fossil fuels] globally,” the Vice President said.

Only a few days ago, Exxon increased its estimate of the discovered recoverable resource for the Stabroek Block offshore Guyana to approximately 10 billion oil-equivalent barrels.

The updated resource estimate includes a new discovery at the Cataback-1 well, which brings the total significant discoveries to more than 20 within the Stabroek Block.

Meanwhile, the report released by the IEA is its most comprehensive report yet into what is needed to achieve the world’s climate goals, the implications of which will be felt around the world. The IEA set out 400 milestones for governments to reach, including the phasing out of new fossil-fuel cars from 2035 and the decarbonization of global electricity generation by 2040.