T&T is the second largest emitter of greenhouse gases (GHG) globally on a per capita basis. The Energy Chamber of T&T wants to change that, piloting a proposal to reduce carbon emissions and bring in US$3.2 billion in earnings. The Chamber's Efficiency and Alternative Energy Committee (EAEC) will submit its proposal to the United Nations within the next few weeks.
At a general meeting at Cara Suites Hotel yesterday, EAEC member Gary Clyne said the proposal involves introduction of several emissions reduction projects geared at generating carbon credits which can then be sold for cash.
A carbon credit is a financial instrument that represents a tonne of CO2 (carbon dioxide) or CO2e (carbon dioxide equivalent gases) removed or reduced from the atmosphere which can be used by governments, industry or private individuals to offset damaging carbon emissions.
"With the Energy Chamber acting as a carbon credit broker, the credits will be sold to global emitters and a percentage of the broker's fee will be used for energy projects in the Caribbean," Clyne explained.
He said some of the carbon credit generating activities will include fugitive emissions recovery and utilisation and industrial process emissions reduction.
"The change of fuel to compressed natural gas, renewable energy projects, energy efficiency projects and carbon sequestration (the process of capture and long-term storage of atmospheric CO2) can also be used to earn us carbon credits," he said.
According to Clyne, T&T releases 53 million tonnes of GHG emissions annually.
"The European Union is coming here personally to work with us. We have a high emissions content so we can leverage to have renewable projects throughout the Caribbean," he said.
He explained that emissions from T&T's 11 ammonia plants can be captured, collected and compressed for use by Petrotrin to increase its oil production.
"The capture of methane can be used as a form of energy. CO2 compressed with algae creates bio-diesel," Clyne said.
He said the entire Caribbean can benefit through wider job creation, technology transfer, local business opportunities, foreign investment and regional energy security, as well as sustainable climate finance.
CEO Thackwray Driver said the chamber is looking for validation from its members to decide whether to go ahead with the project.