In December 2021, we repealed the flawed Natural Resource Fund bill and passed a new Natural

Resource Fund Act. Under this law, no withdrawals can be made without prior approval by parliament. The finance minister must publish quarterly reports on all inflows and outflows, with every transaction published in the Official Gazette of Guyana.

Accountability is enforced not just by the executive, but by parliament’s Public Accounts Committee, the auditor general and civil society; every dollar flowing in and out of the fund is subject to public scrutiny. This heightened level of transparency – and the fact that the rules cannot be changed without a two-thirds parliamentary majority – protects us from the mismanagement that has plagued many resource-rich countries.

Our mining sector has long been the bedrock of Guyana’s economy, employing roughly 30,000 people in rural and indigenous communities. Under our Low-Carbon Development Strategy 2030, we support sustainable and responsible mining and logging. We have commissioned airborne geophysical surveys to update our 40-year-old mineral inventory and pinpoint higher-grade deposits. At the same time, we are working directly with small-scale miners to introduce mercury-free gold recovery technologies and provide technical assistance to raise recovery rates and reduce environmental impact.

We have also tightened environmental permitting. Mining operations are required to submit and adhere to rehabilitation plans before any operation can begin. These measures minimize deforestation, guide miners toward richer ore bodies and open the door for the exploration of critical minerals. Beyond gold, we are identifying deposits of bauxite, manganese and other strategic resources that can feed both domestic value-added industries and global supply chains.

Guyana is one of only a handful of carbon-negative nations on the planet. Our Low-Carbon Development Strategy 2030 shows the world how to balance economic growth with environmental stewardship and human development. To reinforce our credentials, we have signed long-term forest management agreements with the European Union, launched joint conservation partnerships with the United Kingdom and entered into carbon credit programs with private sector investors.

These steps assure ESG-focused funds and multilateral financiers that our governance structures meet or exceed the highest international benchmarks. We submit to third-party audits under the Verified Carbon Standard and adhere to the Extractive Industries Transparency Initiative. Our track record has already helped us secure more favorable financing terms for our infrastructure projects.

We refuse to choose between leaving oil in the ground and unchecked extraction. Instead, we pursue responsible production while leveraging our vast forest carbon assets. Guyana’s forests cover 86% of our land and store approximately 19.5 gigatons of carbon. Through agreements with Norway and private sector partners, we have already generated nearly $1 billion in carbon credit revenues.

We channel those funds directly into community-based conservation, reforestation programs and renewable energy projects, especially solar and hydro developments in remote regions. Meanwhile, our petroleum regulations mandate strict limits on flaring, enforced by robust monitoring systems. This dual approach ensures we meet our Paris Agreement targets even as we ramp up our oil and gas output.

In December 2021, we elevated local content from policy to law. Today, 40 distinct service areas from drilling services and catering to logistics and security are reserved exclusively for Guyanese firms, with participation targets ranging from 25% to 100%. We also require that all companies have at least 51% local ownership, 75% of senior management positions are held by Guyanese nationals and 90% of the total workforce is comprised of Guyanese employees.

A dedicated local content secretariat within the ministry oversees compliance, issues implementation guidelines and maintains a registry of certified Guyanese service providers. So far, nearly 7,000 Guyanese nationals work directly in the oil and gas sector. To sustain and expand this workforce, we are establishing a technical training college and offering a petroleum engineering degree at the University of Guyana, complete with full scholarships and guaranteed internships on our FPSOs.

We have overhauled our petroleum legal framework by replacing the 1986 Petroleum Act with the Petroleum Activities Act and introduced a modern production sharing agreement model. Environmental permits now mandate cradle-to-grave waste management plans and impose fees on excessive flaring. In mining and forestry, we have strengthened the Guyana Geology and Mines Commission and Guyana Forestry Commission, equipping them with satellite-based monitoring, reporting and verification systems and beefed-up enforcement teams. We have also begun modernizing port facilities in Georgetown and Essequibo to handle larger bulk carriers in addition to improving roads and bridges that connect remote mining areas to export terminals.

Our forestry regime is among the most rigorous in the world. Only selective felling is permitted, every concession must submit a comprehensive management plan and real-time satellite-based monitoring, reporting and verification systems are used to ensure compliance. Concessions are required to fund and execute replanting programs before any harvest commences.

In the mining sector, we have ratified the Minamata Convention on Mercury and are helping small-scale miners transition to safer, mercury-free extraction technologies. All mining permits now require strict water-quality monitoring and sediment-control measures, and operators must rehabilitate each site according to the Environmental Protection Agency’s guidelines before moving on to new areas.

Our ongoing boundary case with Venezuela has deepened international support for

Guyana’s rightful territorial integrity and underscored the importance of our strong institutions. We have strengthened ties with Caribbean Community partners on fisheries and forest management, and we collaborate with Amazon-basin nations on biodiversity and indigenous rights.

On the global stage, we actively participate in the United Nations Forum on Forests, the Organization of American States and the Guyana-European Union Political Dialogue. These platforms allow us to share best practices, attract technical assistance and harmonize our standards with leading resource governance regimes around the world.

Guyana is open for business. While oil and gas production will continue to anchor our growth – rising to 1.3 million barrels per day in just a few years – opportunities extend far beyond hydrocarbons. Key sectors such as agriculture, forestry, mineral resources, ecotourism, renewable energy, manufacturing and infrastructure all stand to benefit.

Our stable political environment, transparent regulatory framework and skilled Guyanese workforce mean investors can partner with confidence. We have shown that we can manage rapid growth without sacrificing environmental stewardship or social equity. We invite the world to join us in building the new Guyana, where prosperity is shared and sustainability is real.