Prime Minister Dr Keith Rowley this morning told the annual T&T Energy Conference while this country is obligated to the transition away from fossil fuels it remains committed to the development of its energy sector and the maximisation of returns from it.
Rowley said energy transition meant different things to different countries and for T&T it was about ensuring in the transition process there were both energy and economic security.
“We remain committed to the development and the maximisation of our natural resources which will continue to provide revenue stream to our country in the short to medium term. This revenue stream is critical, not only for the well being our citizens, but may also serve as a supplementary source of funding for some of the very projects required to meet our target.” The Prime Minister told the conference.
He added, “As a government we will seek to implement our changes in a way that does not cause undue economic distress to our population.”
This year’s conference is being held virtually and is focused on energy transition as the world moves to reduce its dependence on fossil fuel and get to net-zero carbon emissions by 2050.
Rowley posited that natural gas, which is the cleanest burning of the fossil fuel, had a crucial role in the global energy transition with it’s share of the energy mix expected to grow.
He explained, “The government of T&T recognises the important role that natural gas has to play in the energy transition in both a local and global context. Furthermore our natural gas is partly enabling the energy transition by providing clean fuel for other countries and there is an opportunity for natural gas to play a greater role in the Caribbean’s energy transition.”
The Prime Minister said government is cognisant that more needs to be done reduce the carbon footprint in energy sector and he pointed to several projects to do so.
Rowley noted that the State-owned National Gas Company had embarked on a project to reduce methane emissions, that Heritage petroleum in conjunction with the Universities of the West Indies and Trinidad and Tobago and the Ministry of Energy and Energy Industries are working on a project to capture carbon and use it to increase crude production and he also pointed to efforts to create a world scale hydrogen plant.
The Prime Minister encouraged the development of LNG in the region, with this country supplying small scale LNG in the Caribbean.