…Jagdeo does not own the country’s resources Kaieteur News – President of local watchdog organization, Transparency Institute Guyana Inc (TIGI) Frederick Collins is calling on the Government of Guyana (GoG) to release the reports submitted by ExxonMobil, outlining the impacts of the COVID-19 Pandemic on their operations. The quarterly reports were a prerequisite to the extension…
In the part 4 we described how even before Transparency Institute Guyana Inc (TIGI) began to write on the petroleum contract and advocated for insurance to be included in local content (we had not then made representation for oil spill protection as we began to make recently) Berbice fishermen had demanded oil spill insurance. We…
In part 3 we showed that oil companies seemed to have no trouble providing insurance to protect foreign stakeholders and how moral hazard featured in banking, so much so that it helped bring down the financial system in 2007/8. We also showed that the extent of the Deepwater Horizon damage far exceeded “astounding”. In this…
In part 1 we showed that insurance companies knew how to mitigate the risk of ‘moral hazard’ so that while the tendency of the insured to benefit financially from information asymmetry existed, it could never ever be enough to frustrate a properly functioning insurance market. In part 2 we presented the quote Dr CYT should…
In Part 1 of our response to Dr. CYT, we pointed out that he had neglected to take into account some fundamental points concerning the nature of the insurance business. We pointed out that, even if the oil company decided to indulge in more risky behaviour as a result of taking out the insurance, the…
Dr. C.Y Thomas, in his column of Sunday 17th April last (https://www.stabroeknews.com/2022/04/17/sunday/guyana and the wider world/critiques-2-3-exxonmobil in the courts of law and public-opinion/) under the guise of a critique of ExxonMobil, continued his ridicule of those of us calling for guaranteed compensation in the form of insurance against any damage to the environment of Guyana and that…
I refer to the letter in Stabroek News yesterday in which the Insurance Association of Guyana has spoken up. It is nice to see that my old association is taking a public stand in representation of the insurance industry and its capabilities, and in the process, correcting the false notion that Guyana is unprepared for…
The Escazú Agreement, or “Escazú”, is a regional agreement in which Guyana is obligated to guarantee citizens’ right of access to information, public participation and justice in environmental matters. Part One of this presentation dealt with two legal rights of citizens in environmental matters – namely, access to information and access to justice. This second…
By guest writer, Donald Rodney In April 2021 the Escazú agreement became effective and President Irfaan Ali on the occasion said, “Guyana as a signatory to the ‘Agreement’ hereby endorses the right of access to environmental information. It welcomes public participation in the environmental decision-making process. It supports access to justice in environmental matters and…
