Kalain Hosein
Meteorologist/Reporter
kalain.hosein@guardian.co.tt
In the age of rising sea levels, warmer temperatures and a changing climate, countries globally are choosing to invest in greener sources and moving away from fossil fuels for energy generation and fuel,.
Though T&T is one of the highest per capita emitters of greenhouse gases in the Caribbean, wealthier countries have substantially polluted the air with carbon dioxide or the more potent methane, gaining from the spoils of extracting oil and gas from the earth.
Now, decades later, these wealthier countries, generally considered the global north, are better financially positioned to invest in the transition from using fossil fuels for energy to greener sources like solar, geothermal, hydroelectric and wind.
T&T, with an economy supported by natural gas and its byproducts, is not, or rather cannot, make the transition as fast as others for chiefly one reason–the price.
As Mark Loquan, president of the National Gas Company (NGC), explained at the launch of the Caribbean Climate Investment Programme (CCIP) on Wednesday: “If you look at the realities, why then are we not moving as fast as possible? Why, then, are renewables not [developing] five times faster? Ten times faster? And the answer is it takes money. Two, countries have other things to consider, like education, poverty, etc. Three, the technology doesn’t exist for that size.”
Loquan said this transition will take decades, but NGC can play an integral role.
“This is going to take decades, so this is not going to be solved by next year. Gas–which is clean as far as fossil fuels is concerned, is transportable, can be compressed, can go from any side of the world to the next–is needed,” Loquan explained.
He continued, “Gas is an essential part of the sort of fossil fuel continuation and part of the needed clean energy transition.”
Stressing the importance of natural gas to the country, Loquan explained that with the country’s ten ammonia plans and seven methanol plants, T&T is one of the largest exporters of both petrochemical byproducts, producing nearly 20 per cent of the world’s ammonia, which is integral for fertilisers.
Though this process of extracting ammonia from hydrocarbons emits carbon dioxide, a greenhouse gas, Loquan said, “We need to capture it. We need to sequester it, so you need to clean up your estate.”
But this also comes at a cost. He added that per year, the world needs anywhere from US$2.4 trillion to US$4 trillion, emphasising the need for investment from different sources.
Loquan concluded his remarks at the launch of the new financial facility for climate investment, the CCIP, with support for building an ecosystem of players in the energy space while pursuing projects to limit emissions.
“It’s not cheap, and it’s not free. We are building a bridge that says let’s focus on our energy security, and let’s focus on reducing emissions,” said Loquan.
