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Posted: Friday 11 June, 2021 at 10:19 AM

T&T Energy MInister calls for out of the box thinking…

By: Staff Reporter, SKNVibes.com

    BASSETERRE, ST. Kitts - AS the world shifts its focus to cleaner, more renewable energy, Trinidad and Tobago’s Energy Minister Stuart Young believes that the time is now to think outside of the box so that no one is left behind in the transition.

     

    That call came against the backdrop of the Awin Island nation being one of the territories feeling the impacts of the shift in focus, as more electrical and fuel efficient options are competing with mainstream oil and gas.
     
    In his address at the just concluded Trinidad and Tobago Energy Conference, Minister Young asserted that there would be casualties in the transition as the movement to the more energy-efficient and cleaner options would affect both developed and developing nations collectively.
     
    Young explained that as part of this transition there is a mass introduction of electric transport infrastructure, energy storage, improved transmission and distribution networks, coupled with the increased usage of technologies, to improve energy efficiency.

     

    All of these are massive undertakings, he noted, which would hamper both the developed nations and those that are developing.
     
    Despite transition, and Trinidad and Tobago being one of the oil and gas-based economies in the region, the Minister conceded that they are  “vulnerable” but noted that they are not flat footed.

     

    “We have to act now. The Government is conscious and aware of how stakeholders in the industry are being affected. We have some of the leading multinational players as major stakeholders here in Trinidad and Tobago. We are confident that Trinidad and Tobago is well-positioned and poised to maneuver to ensure the continuation and growth of the sector for decades to come,” urged Young.

     

    All of this is being coupled with the COVID-19 pandemic which has hampered commodity pricing, but stakeholders are being warned that the global issue has hassen the transition period.

     

    “As the world navigated the pandemic that is COVID-19, one of the effects, in addition to an increased volatility in commodity prices, was that the transition taking pace was quickened. Major players cut costs significantly, including the six planned expenditures of capital. Declarations were made of reduced exploration plans for oil and moves to invest more into renewables,” Young added.
     

     

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