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Blueprint for a Bold New Economy The challenge of renewable energy Depleting oil and gas resources, and a 79% growth in Trinidad and Tobago’s carbon footprint: these alone should provide enough impetus to resolve the many problems associated with renewable energy and energy efficiency by Dr Zaffar Khan Programme Director UWI-Arthur Lok Jack Global School of Business Atiyyah A. Khan Energy Consultant Econsultants Limited For fifteen years, Trinidad and Tobago has been adversely affected by natural gas curtailment issues, despite recent increased production resulting from attractive capital allowances in the oil and gas fiscal regime. In addition, the recently signed MOU with Venezuela for the supply of natural gas has its risks and challenges, especially in terms of security of supply and regional geopolitical considerations. Fig. 1: Trinidad and Tobago’s high energy consumption per capita in kilograms of oil equivalent in comparison to other countries Nations using the most energy United Arab Emirates Kuwait Trinidad and Tobago Canada United States Finland Sweden Belgium Australia Saudi Arabia 5,754 5,701 5,668 5,607 9,707 9,566 8,553 8,240 7,843 7,204 Source: Ugursal 2011; Wall Street Journal 2013 Trinidad and Tobago’s low electricity cost of US$0.06/kWh in some cases is at least ten times cheaper than other Caribbean and Latin American countries Trinidad and Tobago has the third highest energy consumption per capita in kilograms of oil equivalent in the world (Figure 1), and currently uses natural gas to generate most of its electricity. While natural gas is the cleanest of all the fossil fuels, it emits atmospheric greenhouse gases. This, coupled with the CO 2 emissions from the transport sector, has led to a 79% growth in our local carbon footprint (Figure 2). 36 MARCH 2019 CHAMBER.ORG.TT
Renewable Energy Fig. 2: Estimated levels of carbon emissions (million metric tonnes) from Trinidad and Tobago’s transport sector, 2002-08 2.4 2.31 2.13 2.15 2.0 1.97 1.76 1.6 1.67 Jan ‘04 Jan ‘06 Jan ‘08 Source: US Energy Information Administration 2013 It is therefore essential for Trinidad and Tobago to urgently increase its use of renewable energy (RE) and develop its energy efficiency (EE) initiatives. These will provide the following benefits: • lower levels of energy consumption, resulting in lower energy bills for residential, commercial and industrial consumers, which can improve the reliability of the electricity generation, transmission and distribution system • reduced need for investment in new power generation infrastructure • new employment opportunities, from research and development to manufacturing. Fig. 3: Comparison between Trinidad and Tobago and other developing nations in terms of trends between GDP growth per capita and carbon intensity growth 42,000 3.5 2.10 25.0 22.5 15.0 Trinidad and Tobago has increased its carbon footprint by 79% because both its GDP per capita and its carbon intensity have increased. 12.5 Trinidad and Tobago Developing countries 16,800 12,600 8,400 4,200 0.70 0.35 2.5 Developing countries have increased their carbon footprint by 41.2% because its GDP per capita has increased faster than its carbon intensity has decreased. GDP per capita PPP US$ CO 2 emissions refer to energyrelated emissions. Emissions from deforestation are not included. Carbon intensity of growth CO 2 emissions per unit of GDP Kt CO 2 per million 2000 PPP US$) Carbon footprint CO 2 emissions per capita (t CO 2 ) Source: United Nations Development Programme 2013 Barriers to RE and EE development Despite its many benefits, the implementation of local RE and EE initiatives is challenging. The sector is hampered by several barriers (Figure 3): • high capital and transaction costs • the low price of electricity and fuel as a result of energy subsidies • inability to implement appropriate legislation and regulations • limited government support via fiscal incentives • lack of public awareness • limited access to EE technologies and measures Source: UN Advisory Group on Energy and Climate Change 2010 CHAMBER.ORG.TT MARCH 2019 37
Page 1 and 2: Vol.19 No.1 - March 2019 The Voice
Page 6 and 7: Vol.19 No.1 - March 2019 Contents E
Page 8 and 9: COURTESY INVESTT 6 MARCH 2019 CHAMB
Page 10 and 11: Energy COURTESY PIXABAY.COM 8 MARCH
Page 12 and 13: Blueprint for a Bold New Economy Oi
Page 14 and 15: Blueprint for a Bold New Economy Fi
Page 16 and 17: Blueprint for a Bold New Economy An
Page 18: COURTESY FRANK MCKENNA / UNSPLASH.C
Page 21 and 22: Services Selling our services The s
Page 25 and 26: Tourism Where are all the tourists?
Page 27 and 28: Tourism Now let’s review Trinidad
Page 29 and 30: 1968 / SHUTTERSTOCK.COM Resilient m
Page 31 and 32: Creativity Empowering our artists T
Page 33 and 34: Creativity CHAMBER.ORG.TT MARCH 201
Page 35 and 36: Agriculture and Food Security Towar
Page 37: Agriculture and Food Security NHATT
Page 41 and 42: Renewable Energy COURTESY A.P.P.A./
Page 43 and 44: InvesTT Attracting the investor Whe
Page 45 and 46: InvesTT Christopher Lewis President
Page 47 and 48: Economic Outlook METAMORWORKS/SHUTT
Page 49 and 50: Energy Update A comparison of Q3 20
Page 51 and 52: CHAMBER.ORG.TT/CONTACT-MAGAZINE MAR

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