Energy Chamber president Dr Thackwray Driver has renewed the group's call for removal of the fuel subsidy which he describes as economically unsustainable as well as a threat to the environment as it promotes the use of traditional fuels which increase CO2 emissions.
He did so in his welcome address at the unveiling of T&T's Intended Nationally Determined Contribution (iNDCs) ahead of the 21st Conference of the United Nations Framework Convention on Climate Change (UNFCCC) scheduled for France in December. The launch took place on Friday evening at the International Waterfront Centre in Port-of-Spain.
Dr Driver said the chamber acknowledges climate change as a global issue that requires commitment from all countries. He highlighted the work the chamber has been doing toward development of a carbon market, including establishment of a carbon emissions trading scheme aimed at eradicating carbon emissions through the capture of fugitive emissions from onshore oil producers, carbon capture and sequestration and switching to CNG and other clean fuels.
He said: "The Energy Chamber has long been an advocate of energy efficiency within the energy sector and the wider economy. We have been encouraging the implementation of an Energy Service Company (ESCO) certification system to allow companies to access the tax incentives which have existed in the law for the past five years but which have not yet been accessed.
"We see the ESCO certification process as the beginning of an additional business line for many service companies and a catalyst for a greener economy, additional job creation and greater diversification within the energy sector."
Dr Driver added that the chamber was actively involved in the creation of an energy efficiency policy for the Point Lisas Industrial Estate where several large CO2 emitting plants are located.
"Reductions in CO2 from Point Lisas can be achieved through energy efficiency and investment in improved plant processes," he said.
Vidiah Ramkhelawan, Permanent Secretary in the Ministry of the Environment, who delivered the keynote address at the launch, said T&T was the first Caribbean country and third small island development state to formally submit its iNDCs.
She added that this country is committed to a 15 per cent reduction in overall emissions by 2030, as well as reduction in public transportation emissions by 30 per cent through the conversion of public transport vehicles to CNG.
"Thus far, significant strides in realising this goal have already been taken as evidenced by the conversion of buses and maxi taxis under the CNG Programme to promote the use of CNG," she said.
"Further, it gives me great pleasure to say that this initiative has yielded notable reductions in emissions from the public transport sector to date; and the ambition to increase the percentage of CNG vehicles in the future will contribute to further reductions in greenhouse gas emissions from this sector."