Government explores carbon pricing opportunites

PLANNING and Development Minister Camille Robinson-Regis on Wednesday said Trinidad and Tobago would explore opportunities that arise from the pricing of carbon. Robinson-Regis made this comment when she addressed the the virtual Carbon Pricing Leadership Coalition’s (CPLC) high-level event at the Fifth Innovate4Climate (I4C) annual conference hosted by the World Bank Group.

The I4C is one of the leading annual global conferences on climate finance, climate investment and climate markets, combining high-level plenaries, workshops, and a virtual marketplace.

Robinson-Regis said, "Placing a price on carbon as well as participation in the carbon market can provide opportunities for TT to accelerate the net zero transition." But she added, "It should not compromise the ability to meet the country’s socio-economic needs and sustainable development objectives."

She disclosed that TT is "currently developing a Just Transition of the Workforce policy to guide potential challenges that may arise in the transition to net zero emissions." Robinson-Regis said Government hopes this will "create the policy framework to truly maximise the potential benefits of carbon pricing."

She also said, "The design of carbon markets to accommodate different national circumstances to ensure that small countries such as TT are not disadvantaged, would therefore be important to ensure that it contributes to net zero for relatively small economies.”

Robinson-Regis said a recent greenhouse gas inventory conducted for TT has identified the industrial sector as a significant emitter among the top three (along with power generation and transportation).

With the relatively high contribution of emissions in this sector, she said exploration of carbon pricing mechanisms will not only enable TT to achieve emissions reductions and facilitate the net-zero transition but also incentivise the private sector’s participation towards this end.