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Charting a green future - Trinidad and Tobago Newsday

THIS COUNTRY stands at a critical crossroads, grappling with the twin imperatives of addressing climate change and sustaining economic growth.

The 2024 Report on Economic Development (Red) by CAF (Development Bank of Latin America and the Caribbean) was launched on December 2, marking the 30th anniversary of TT’s partnership with the bank.

Finance Minister Colm Imbert, delivering opening remarks at the Central Bank auditorium, Port of Spain, suggested this relationship was as critical as ever.

Imbert described CAF as his favourite bank and credited former finance minister and Central Bank governor Winston Dookeran for helping him see its value years ago.

“Allow me to begin by expressing my sincere gratitude to CAF for its dedication to development in the region,” Imbert said. “Through its research, financial initiatives, and steadfast commitment to becoming a ‘green and blue’ bank, CAF continues to be a pillar of support, promoting sustainable development and fostering social and economic resilience across our nations.”

Stacy Richards-Kennedy, CAF’s regional manager, and Lian Allub, principal economist at CAF’s department of socioeconomic research, made resounding calls for strategies tailored to TT’s unique context.

Richards-Kennedy focused on the transformative power of research and data in navigating these challenges.

“Research and data analysis constitute one of our most valuable assets,” she said. “They allow us not only to make informed decisions about our present and future actions but to optimise the use of scarce resources.”

Energy transition: Complex balancing act

This year’s report spotlights energy transition, an issue especially pertinent to TT, where the oil and gas sector accounts for approximately 27 per cent of GDP.

Imbert highlighted the challenges facing small, energy-dependent economies: “For countries that have few alternative sources of income, the future will be difficult. TT’s energy transition must be measured and sensible.

“Continuing this heavy reliance on fossil fuel exposes these economies to volatility in prices in the global energy markets and continues environmental degradation.

“For the region, a just energy transition offers a chance to foster economic growth by means of investments in green technologies, energy efficiency and renewable energy.

“For example, the creation of green jobs can aid economic diversification and reduce unemployment, particularly in regions that presently rely on fossil fuel industries.”

CAF’s report also acknowledged the unique challenges facing hydrocarbon-rich economies, particularly in transitioning to renewable energy. Allub said TT’s hydrocarbon reserves could sustain current consumption levels for over 200 years, making a rapid pivot to renewables potentially destabilising to the economy.

Allub said the transition must strike a balance between reducing emissions and ensuring economic stability, noting that all electricity in the country is currently generated from natural gas.

The report also found that achieving net

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