Paradox of being an oil-producing state and pursuing a green development agenda
Full details
| Authors & editors | |
| Publisher | Academia Letters |
| Year of publication | 2021 November |
| Languages | |
| Medium | Digital |
| Edition | 1 |
| Topics | Climate, environment and development > Renewable energy policy and economics |
| Tags | |
| Scope & content | This creates an interesting paradox, in that beyond a certain point, the ever-increasing material gain can become not a gift but a burden (Barbier, 2005). Guyana finds itself at the heart of this paradox, as it is projected to be showered with unprecedented wealth, with the most recent IMF data projecting some 86% growth in GDP in 2020 (IMF, 2019). Even in the face of COVID-19, Guyana’s economic outlook remains positive. This wealth is to be earned primarily from the offshore production of hydrocarbons recently discovered in Guyana’s exclusive economic zone. The magnitude of these discoveries and the economic benefits they are projected to bring to Guyana is both exciting and terrifying given Guyana’s history with natural resource extraction and our tendency to jump from one development plan to the next without proper implementation or documentation of lessons learned. |
| Web URL | https://doi.org/10.20935/AL3878. |