The Ministry of Planning, Economic Affairs and Development launched its initiative, “Strengthening Carbon Capture, Storage, and Reporting Frameworks and Mechanisms” on Monday, aimed at equipping Trinidad and Tobago to better navigate the impact of the European Union’s climate change policies.
Speaking at the launch, Professor Donnie Boodlal stated that carbon capture and storage can significantly lower CO₂ emissions and make Trinidad and Tobago’s products more competitive in global markets.
“What I would like to suggest is given that CBAM, for instance, is now about to be upon us, predicated upon all the carbon markets that are not working so well, perhaps, because of the enabling environment, for instance, in Trinidad, for geological sequestration from ammonia, it might be potentially cheaper to sequester carbon in Trinidad versus some place in Europe.”
CBAM refers to the European Union’s Carbon Border Adjustment Mechanism.
Professor Boodlal recommended how Trinidad and Tobago can store carbon emissions in its mature oil and gas fields.
“When you reduce emissions and you generate credits and you sell those credits, or you trade, it’s not so straightforward. Globally there is a reduction, but it’s not so straightforward for you to then get, for want of a better term, credit, for that on your national amounts.”
Meanwhile, Climate Change Specialist at the Environmental Policy Planning Division at the Ministry of Planning, Economic Affairs and Development, Aditi Bisramsingh, gave an update on a law for the reporting by large emitters of greenhouse gases in Trinidad and Tobago.
“The legislation that was going to make reporting mandatory rather than voluntary right now. So, when I last checked, we did draft the legislation. It was submitted to our then Minister at that time. We had to recall it to make some amendments and changes to the legislation, and we do plan to resubmit again to the new Minister, who should be able to take it forward to Cabinet and have the necessary approvals in place.”
The launch was hosted by the Ministry of Planning, the Green Climate Fund, the Caribbean Community Climate Change Centre, the University of the West Indies, the Cocoa Research Centre, and the University of Trinidad and Tobago.