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Suriname’s Path to Prosperity: Balancing Gas Exploitation and Carbon-Negative Status

Navigating Economic Growth and Environmental Responsibility in Suriname’s Gas Industry

Suriname’s Path to Prosperity: Balancing Gas Exploitation and Carbon-Negative Status

The Presidential Steering Committee on Gas Exploitation issued an interim report to President Chandrikapersad Santokhi on August 24, 2023, outlining the opportunities for Suriname to benefit from gas exploitation. Before the country can derive benefits from gas, developments in the oil and gas industry need to be initiated. Willem Bloem, Chairman of the Presidential Steering Committee on Gas Exploitation, outlined a timeline for the various steps that must be taken before production begins. According to expectations, Suriname could earn its first American dollars within a few years, depending on technical feasibility.

Bloem conveyed that the gas industry, in addition to creating jobs, brings about prosperity and has the potential to increase the country’s gross domestic product (GDP). However, there are several prerequisites that the government must meet. The government must have a clear objective for the direction it wants to take with this sector. Other conditions include maintaining a good reputation, expertise from Surinamese partners, a clear emissions policy, transparency in decision-making, a robust communication strategy, improving the ease of doing business, and providing education and training for Surinamese individuals along with a clear policy for skilled migration.

President Santokhi emphasized the preservation of Suriname’s carbon-negative status. He inquired whether the committee had assessed the amount of CO2 emissions this industry would produce and the potential consequences for this status. The head of state supports investments, but not at the expense of the carbon-negative status. He reiterated Suriname’s potential leadership role in carbon credits. President Santokhi highlighted that, in a time when many are advocating for the phasing out of oil and gas, it is important for Suriname to operate in an environmentally friendly manner within this sector, ensuring the country retains its carbon-negative status while also benefiting from carbon credits.

Source: https://gov.sr/suriname-streeft-naar-welvaart-uit-gasexploitatie-met-behoud-van-carbon-negatieve-status/

Date: 27 augustus 2023

Categories:   

Tags:  Carbon Credits, Gas Exploitation, President Chandrikapersad Santokhi 

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