The government of South Korea has given Trinidad and Tobago a grant of US$550,000 to advance low-carbon solutions in the industrial, power and transport sectors.
Announced at the launch of the Low Carbon Trinidad and Tobago initiative’s panel discussion on May 8, the four-year grant aims to accelerate renewable energy adoption and digitisation initiatives.
South Korean ambassador Dongil Oh said Trinidad and Tobago has South Korea among its top ten trading partners, with bilateral trade worth US$360 million.
Notably, South Korea exports vehicles, railway stock, iron and steel to Trinidad and Tobago, while Trinidad and Tobago exports liquefied natural gas, ammonia and petrochemicals to South Korea.
“The economies of both our nations are highly dependent on trade and so are vulnerable to the international economy.”
Oh said the private sector plays a pivotal role in driving sustainable initiatives, particularly through business-to-business collaborations.
He called Trinidad and Tobago a potential avenue for wind energy, which is a possible means of diversification and sustainable growth.
At the panel discussion, Minister of Planning and Development Pennelope Beckles said Trinidad and Tobago must move away from traditional fossil fuel practices.
“Trinidad and Tobago must move towards the green economy and efficient waste management systems instead of being reliant on our fossil fuel systems.”
She spoke of the upcoming COP29 forum in November and called for urgency in aligning national strategies with global climate objectives. COP29 is the UN's 29th climate change conference and will be held in Baku, Azerbaijan.
Also speaking was Inter-American Development Bank representative Carina Cockburn, who said there is potential locally for job creation within the renewable energy sector.
“There is a global trend where 14 million jobs are being created worldwide in this industry,” she said.
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