Energy moguls: Embrace the green agenda

Regional president of BPTT Claire Fitzpatrick called on all stakeholders in the energy industry to join in the green agenda as the demand for renewable energy increases.

At the second day of the Energy Conference 2021, during a panel discussion held virtually on Tuesday, Fitzpatrick pointed out that the need for energy would not go away, but would increase over the next 30 years. However, the format of the energy mix, which currently has different forms of fossil fuels providing the majority of energy, will change.

“The role of fossil fuels will decline, offset by renewable energy and a growing role for energy,” Fitzpatrick said. “Gas will remain key and that is reassuring news, but we also know that society is demanding energy that is cleaner.”

The demand is not just coming from environmental groups, Fitzpatrick added. The call for cleaner energy is being made in courtrooms in public offices and many other areas in society.

The planet itself is in demand for cleaner energy and the reduction of the carbon footprint worldwide. If climate change owing to carbon emissions continues on its path, it could have devastating effects on weather patterns and the sea level.

Mark Loquan, NGC president noted that the effects of climate change are already being seen and the region is already being severely affected.

“There has been an eight-inch increase of the sea level in the last century. You are also seeing the rise in effects of natural disasters – hurricane Maria and Irma come to mind – and we see that has caused $170 billion in damage in the region, with long-lasting effects on food security and everything else,” Loquan said.

The region is working on its carbon footprint, but it has a long way to go. Caricom made a commitment to increase its use of renewable energy to 48 per cent of its energy mix by 2027. But Loquan said, to meet that goal, the region would have to invest four times as much into energy transition readiness.

“If you look at energy transition readiness, you look at the trilemma of energy equity. In the environmental sustainability side that is put out by the World Energy Council, we are 98th. If you look at the World Economic Forum we are 85th. When you go to the transition readiness side of it, that is listed as 95. That shows you the level of work that is required.