At the time, she was speaking at the Ministry’s consultation on the National Energy Policy at the National Academy for the Performing Arts (NAPA), Port-of-Spain.
Speaking to a large audience last Wednesday, she spoke of the different fiscal measures which have been proposed to support TT’s aggressive pursuit of the renewable energy agenda.
She said the incentives and input from the audience would be used to formulate the overall energy policy and these would facilitate the HESS.
Seepersad-Bachan said after all the input, the Ministry would collaborate with the Ministry of Public Utilities and Regulated Industries Commission to launch a few projects within the current fiscal year.
The National Energy Corporation (NEC) has been mandated to develop an energy efficient policy and establish a framework for development of an Energy Management programme which would include an energy audit programme, inclusive of manuals and mechanisms for industry compliance.
Seepersad-Bachan said it was critical for the consultations to achieve maximum results as the findings would give direction and context to the work started by the NEC.
Commenting on reduction of carbon emissions she said the use of carbon dioxide for “enhanced oil recovery” has been recognised as a potentially tremendous business opportunity.
She said the process would involve capturing CO2 from available sources and transporting it via a dedicated network to areas suitable for storage, sequestration or utilisation in the enhanced oil recovery process.
Seepersad-Bachan said after the network was developed, government would encourage participation in “various carbon reduction initiatives via disposal of carbon dioxide into the system and the introduction of other financial incentives, or the imposition of penalties where appropriate.”
Randy Maurice, senior planning officer at the Ministry in his presentation “Update on MEEA’s Renewable Energy Committee” said the committee was working with the Global Environmental Facility to introduce green design and renewable energy technologies in community centres.
Robert Tang Yuk representing the Manufacturers’ Association said while there was agreement that the economy had to be diversified, the question had to be answered what the country was diversifying to and what would be the competitive advantages.
Trinidad and Tobago lie in the Caribbean Sea off the northeast coast of Venezuela. Trinidad, the larger at 1,864 sq mi (4,828 sq km), is mainly flat and rolling, with mountains in the north that reach a height of 3,085 ft (940 m) at Mount Aripo. Tobago, at just 116 sq mi (300 sq km), is heavily forested with hardwood trees.