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The future of fossil fuel is uncertain, both short and long term. With the international community conscious that fossil fuel impacts negatively on the environment and climate change things are going to change. Man has an inherent desire for longevity and a healthy life. He will critically examine anything that prevents him from enjoying a healthy and fulfilled life and put measures in place that would ensure he does.
People do not want to live in fear of tsunami, floods, fast melting of earth’s glacier and ice, unpredictable and dangerous weather patterns like drought and excessive rainfalls which are all indicators of Global Warming. People’s sensitivity to this harsh reality is not only resulting in activism but forcing business to rethink its relevance and bottom line with consumers’ expectations and demands.
Investors are responding with an eye to science and alternative use of fossil fuels. It is said that the Guianas will be the last major oil investments, suggesting there are plans by energy producers to redirect exploration, research and development away from fossil. Consumers’ sensitivity and demands will also force skeptical and unwilling companies to redirect their focus if they want to survive.
Consumers, for a while now, have been demanding energy efficient vehicles and the preference for alternative fueled vehicles. United States (U.S) President Joe Biden has not only rejoined the United Nations Paris Climate Change Agreement, but is also pushing to have motor vehicles powered by energy generated through alternative means.
Biden’s plan is to have 500,000 charging stations along America roads by 2030, once supported by the Congress who has to vote for approval of the project. This forms part of his plan to combat Climate Change and create a Green Economy. It is felt by many when America leads others are forced to follow. In this instance it will be for this good of man and the environment.
The U.S General Motors Company last month announced that it plans to stop selling vehicles with tailpipe emissions by 2035. This is the next fifteen years. This is the emission that comes from the exhaust and said to be a serious threat to the environment and health. According to climatechangeconenction.org “from a climate perspective, the most important emissions from burning gasoline and diesel are carbon dioxide.” In the ecosystem man breathes in oxygen and gives off carbon dioxide which naturally would come from the trees.
There is another school of thought based on investment (money) worthiness. Based on research by U.S multinational investment banker Morgan Stanley by 2030 traditional internal combustion engines will become money losers. Combustion engines are the backbone of motor vehicles and if it is not worthwhile, to remain relevant in the market, producers will be forced to change course.
Alternative energy production is also being intensified for homes, offices and factories. Energy is being sourced from the sun, water and wind. Guyana has all these resources to start a serious transition to alternative energy. And while Guyana does not produce vehicles we can produce the energy for our homes, offices and factories. But what Guyana lacks is vision and will among the political class to facilitate this. Even if the private sector is imbued with the ambition to follow suit if the government is unprepared to create the enabling environment nothing could be done.