Latest update November 29th, 2024 1:00 AM
Trinidad Int’l Energy Conference… Trinidad moving faster towards renewables
…sets new target of 30 percent by 2030
By Davina Bagot & Kiana Wilburg in Port of Spain
Kaieteur News- Over the next eight years, one of the Caribbean’s leaders in oil and gas production, Trinidad and Tobago, will be moving to increase its use of renewable energy, by as much as 30 percent.
This is according to the Twin Island Republic’s Prime Minister, Dr. Keith Rowley. He made the disclosure on Tuesday as a three day Energy Conference opened at the Hyatt Hotel in Port of Spain, under the theme ‘Leveraging the industry’s strengths for the energy transition’.
To this end, the Head of State told conference delegates that, “Government has increased its target for renewables in power generation from 10 percent to 30 percent of the country’s power generation capacity.” He was keen to note that by incorporating renewables in power generation, Trinidad and Tobago is following the global trend.
Prime Dr Keith Rowley, Prime
“The U.S. Energy Information Administration (EIA) projects that renewables will collectively increase from 28 percent in 2020 to 49 percent of global electricity generation by 2050. The growth in electricity generation of renewables has been due to rapid technology improvements and decreasing costs of renewable energy resources, along with the increased competitiveness of battery storage,” the Prime Minister explained. In Trinidad, he said that to ensure a successful long-term energy transition it was particularly important to pursue policies that engender affordable and sustainable energy and serve as a foundation for operationalisation and prosperity.
Meanwhile, to achieve the country’s climate change commitments a range of policies were adopted which include electrification of the transportation system, the adaptation of renewable energy projects, carbon capture, utilization and storage and carbon offsets. The country is also actively exploring the promotion of a hydrogen economy, the Prime Minister said.
Dr. Rowley explained, “As part of our Nationally Determined Contribution we have pledged to a reduction in greenhouse gas emissions of 30 percent by December 31, 2030 in the public transportation sector. A key measure in achieving this objective is the promotion of electric vehicles as the preferred mode of transportation. To facilitate the transformation we have removed all customs duties, motor vehicle tax and value-added tax on the importation of battery powered electric vehicles with an age limit.”
The Prime Minister said that the change would not only help T&T to recognize its goals but also present an opportunity for the government to reduce or eliminate the fuel subsidy. Expounding further, the PM said, “…Over the last 10 years, the subsidy paid amounted to TT$23 billion and with the current high oil prices, the subsidy for fiscal 2022 to date has averaged TT$142 million per month.”
The Prime Minister said too that Trinidad took the decision to increase fuel prices to mitigate the financial impact of the subsidy on the Treasury and to better utilize the improved revenue in financing social and capital expenditure as well as the reduction of debt. At the same time, the subsidy on premium gasoline was reduced by 52 percent, super gasoline was reduced by 38 percent, kerosene was reduced by 31 percent and diesel was reduced by 11 percent. There was no increase in the price of Liquefied Petroleum Gas (LPG).
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