Climate Hero or Fossil Fool – Contradictions in Guyana’s Petroleum Development

Guyana is one of the world’s few carbon sinks. It also has oil and gas. ExxonMobil Corporation has declared finds of over 11 billion barrels of oil offshore Guyana and associated gas. While the Government of Guyana boasts of wealth for Guyana, petroleum production takes place under an exploitative deal that gives Guyana a small share of oil while burdening Guyana with all of the costs. Greenhouse gas pollution from fossil fuels, leading to global overheating and ocean acidification, increases the risk of stranded assets as consumers look for alternatives. A high oil price makes renewables comparatively cheap. In-country resistance to ExxonMobil’s operations is growing, as is the risk to ExxonMobil’s investors. This chapter examines the contradictions inherent in the government’s attempt to transform Guyana from a climate hero to a ‘fossil fool’ in the name of ‘development’. These are the lessons the world can learn from Guyana.