BY OYAOL NGIRAIRIKL
Journal Staff
Guam is looking to attain 100% renewable energy for its power gride by 2045, said Gov. Lourdes A. Leon Guerrero during a presentation at a virtual forum on April 18.
The Island Finance Forum 2023 was a global event that aimed to promote sustainable finance and investment for islands.
The forum brought together a cross section of government leaders and representatives, as well as entrepreneurs and nongovernment organization managers from around the world to discuss the current challenges and opportunities of mobilizing financing for inclusive and sustainable development. Also speaking at the event from the Micronesian region was Irene Olkeriil, founder of Palau Entrepreneurs for Growth.
The forum, which continued through April 20, also aimed to bridge the gap between sustainable development practitioners and financial stakeholders; provide access to expert knowledge and potential financial opportunities; and showcase the economic opportunities available from investing in the sustainability sector on islands, according to the program website, https://islandinnovation.co/events/island-finance-forum.
Leon Guerrero said in addition to achieving the renewable energy goal, her team is also working on bringing electric vehicles to Guam through several public policy measures ranging from government procurement to the tax incentives.
“By shifting the energy needs for transportation to a power system based on renewable energy, it is our objective to sharply reduce our dependence on expensive fossil fuels which significantly increases our cost of living,” she said.
The governor said that Guam isn’t affected by the heat and coral bleaching and the destruction of reefs. But it’s also hindered by Guam’s status as a U.S. Territory, which she said “often precludes Guam from accessing resources made (available) to the global community, including the Asia Development Bank.”
“I make this argument not out of a complaint, but out of feedback for you today. Our islands are beautiful and our cultures are unique, and just as nuanced are our government structures. Navigating through delivering solutions to each island community takes exceptional perseverance and dedication,” she said.
“I believe Guam has the capacity to administer large amounts of capital and remain accountable to donors, grantors, and the like.Where we need to be viewed and considered is closer to our island counterparts versus an extension of the continental USA.”
She said as a banker she saw how access to capital is essential for starting a business regardless of where you are – a metropolitan city or a remote island.
“Access to capital is key. Systematizing made access affordable, but the personal relationship really brought out the best in our local entrepreneurs across the region and increased the odds of success,” she said.
She has tasked a group of advisors to research just U.S. federal funding opportunities to engage in finding money to build a state of the art medical campus that serves our island and the region at large.
“That space alone finds intersections in traditional healthcare, behavioral health, teaching and capacity among indigenous populations, and just plain old fashioned looking for free money to build big buildings,” she said.
“If I could navigate the world of access to financing outside of US borders, I can view this as a tremendous contribution the island of Guam and to the many islands we are all concerned with here to today.”
She also spoke of ways to keep Guam pristine in light of the tourism-dependent economy. She said a cleaner island is also better for tourism and noted that prior to the pandemic Guam was receiving almost 2 million visitors a year.
“Water conservation, utilizing native species to reduce the importation of invasives, changing construction and maintenance program for energy efficiency – all of these practices make good business sense and reduce this industry’s footprint on our island,” the governor said.
She said the 14th Conference on Island Sustainability, recently held in Guam, offered various ideas for planning, development, reporting and accountability, concerning the island’s progress towards sustainable development. mbj
Journal Staff
Guam is looking to attain 100% renewable energy for its power gride by 2045, said Gov. Lourdes A. Leon Guerrero during a presentation at a virtual forum on April 18.
The Island Finance Forum 2023 was a global event that aimed to promote sustainable finance and investment for islands.
The forum brought together a cross section of government leaders and representatives, as well as entrepreneurs and nongovernment organization managers from around the world to discuss the current challenges and opportunities of mobilizing financing for inclusive and sustainable development. Also speaking at the event from the Micronesian region was Irene Olkeriil, founder of Palau Entrepreneurs for Growth.
The forum, which continued through April 20, also aimed to bridge the gap between sustainable development practitioners and financial stakeholders; provide access to expert knowledge and potential financial opportunities; and showcase the economic opportunities available from investing in the sustainability sector on islands, according to the program website, https://islandinnovation.co/events/island-finance-forum.
Leon Guerrero said in addition to achieving the renewable energy goal, her team is also working on bringing electric vehicles to Guam through several public policy measures ranging from government procurement to the tax incentives.
“By shifting the energy needs for transportation to a power system based on renewable energy, it is our objective to sharply reduce our dependence on expensive fossil fuels which significantly increases our cost of living,” she said.
The governor said that Guam isn’t affected by the heat and coral bleaching and the destruction of reefs. But it’s also hindered by Guam’s status as a U.S. Territory, which she said “often precludes Guam from accessing resources made (available) to the global community, including the Asia Development Bank.”
“I make this argument not out of a complaint, but out of feedback for you today. Our islands are beautiful and our cultures are unique, and just as nuanced are our government structures. Navigating through delivering solutions to each island community takes exceptional perseverance and dedication,” she said.
“I believe Guam has the capacity to administer large amounts of capital and remain accountable to donors, grantors, and the like.Where we need to be viewed and considered is closer to our island counterparts versus an extension of the continental USA.”
She said as a banker she saw how access to capital is essential for starting a business regardless of where you are – a metropolitan city or a remote island.
“Access to capital is key. Systematizing made access affordable, but the personal relationship really brought out the best in our local entrepreneurs across the region and increased the odds of success,” she said.
She has tasked a group of advisors to research just U.S. federal funding opportunities to engage in finding money to build a state of the art medical campus that serves our island and the region at large.
“That space alone finds intersections in traditional healthcare, behavioral health, teaching and capacity among indigenous populations, and just plain old fashioned looking for free money to build big buildings,” she said.
“If I could navigate the world of access to financing outside of US borders, I can view this as a tremendous contribution the island of Guam and to the many islands we are all concerned with here to today.”
She also spoke of ways to keep Guam pristine in light of the tourism-dependent economy. She said a cleaner island is also better for tourism and noted that prior to the pandemic Guam was receiving almost 2 million visitors a year.
“Water conservation, utilizing native species to reduce the importation of invasives, changing construction and maintenance program for energy efficiency – all of these practices make good business sense and reduce this industry’s footprint on our island,” the governor said.
She said the 14th Conference on Island Sustainability, recently held in Guam, offered various ideas for planning, development, reporting and accountability, concerning the island’s progress towards sustainable development. mbj