The Ministry of Trade and Industry, in coordination with the Ministry of Energy and Energy Industries (MEEI), has taken action to remove import duties on Lithium-Ion Batteries of Ex. HS 8507.60.00 used in renewable energy systems for two years from July 1 2023. This measure is intended to reduce the cost of the item, which would provide an incentive to installing renewable energy systems thereby making these systems more accessible and affordable for adoption.
A release from the Ministry of Trade stated, "The Government of the Republic of Trinidad and Tobago recognises that clean energy transition is imperative, moving away from fossil fuel-based energy production and consumption systems such as oil and natural gas towards renewable energy sources such as solar, wind hydro and geothermal energy. Renewable energy sources preserve limited natural resources and reduce carbon emissions to acceptable levels."
Lithium-Ion Batteries are vital in the powering of these renewable energy systems versus conventional batteries. They utilize innovative technology, which allows for a more compact, lightweight, and effective alternative to conventional batteries and have a significantly longer performance time than other batteries before requiring a recharge. Lithium-Ion Batteries also charge at a faster rate, require less maintenance, are more efficient and ideal for use in renewable energy technologies, such as, solar and wind energy systems, where there is a typical lifespan of 7-15 years compared to the 1-10 year lifespan for conventional batteries.
The release further stated, "The Government of Trinidad and Tobago will continue to pursue measures aimed at promoting the use of clean energy, which will reduce Trinidad and Tobago’s carbon footprint and contribute to the preservation of the environment. Consumers and industries are therefore encouraged to utilise the incentives provided by the Government to assist in the transition to renewable energy systems."