Stuart Young defends energy sector at BBC World Questions forum: 'THANK GOD FOR OIL & GAS'

ENERGY Minister Stuart Young put in a strong defence of this country's continued reliance on its energy sector at the BBC World Questions TT event on Wednesday evening, declaring: "Thank God we have an oil and gas economy."

He was at the time facing queries from moderator, BBC royal correspondent Jonny Dymond, on what was Government doing to move towards more renewable forms of energy in order to lower TT's carbon emissions and its carbon footprint.

The BBC World Questions TT, staged in collaboration with the British Council, was held at the Central Bank Auditorium before a live audience of 200 people with questions being asked around a range of topics specific to this country including rampant crime and murders, reliance on oil and immigration.

Young was the Government's representative while Tabaquite MP Anita Haynes represented the Opposition at the forum. Others who spoke on the panel were UWI economist Marlene Attz and Lawrence Arjoon, CEO of the Heroes Foundation.

The show will be aired on the BBC's World Service on Saturday.

When Young noted the county's major achievements towards creating a sustainable renewable energy system, the audience appeared irritated at his comments about the returns TT got from its oil and gas industry.

Young said, “One thing we should all learn from the Russian/Ukraine war last year, is that a lot of the developed countries in Europe are in a rush to restart coal plants. They didn’t have what we have.

“The first thing I'll like to propose is, let us thank God we have an oil and gas economy. Now at the same time, government is the front leader in the whole of the Caricom region in implementing renewable energy.”

Earlier this year, Government launched what it described as the Caribbean’s largest solar project. In April, the Prime Minister turned the sod for construction of a 112 megawatt (MWac) solar project in Golden Grove, Arouca.

In March, the Ministry of Planning and Development commenced construction of a Solar Farm at the Piarco International Airport.

Over an area of 1.54 hectares, the installation of 25 tonnes of photovoltaic (PV) ground-mounted structures, 960 PV modules, a transformer and high voltage cables is expected to generate 1,443,830 kilowatt-hours annually.

Then, last November, Government launched the Roadmap for a Green Economy.

This is a project in collaboration with the National Energy Corporation and the Inter-American Development Bank. At that launch, Young said TT was well-poised and had the advantage of being a global leader in the energy sector through the production of blue and green hydrogen.

At the BBC World Questions event, Young told the audience, "It’s not a set of old talk that is taking place. At the same time, energy security is one of the biggest conversations taking place globally. Every one of us takes for granted that when you go home, you put on your light switch...”

Before Young could continue, Dymond interjected: “Minister, what is being done?” This interruption was greeted with applause from the audience.

Young said that on the issue of renewable energy, the first thing TT must not do is bastardise its oil and gas industry.

“I am happy we have an oil and gas-based economy. Are we moving to renewable energy? The answer is that we are the ones who have moved the most along that line.

"But we will continue to work on our hydrocarbon-based economy until the last (drop of) oil comes out of the ground and until the last gas is out of the ground. That’s what we are going to do.”

The energy sector accounts for around 34.9 per cent of the country’s GDP.

Young said, “This means 65 per cent of our GDP is not based on oil and gas. So, one of the main areas we are also focusing on is geographical location and we are looking to get into the maritime shipping industry.

"The truth is we have become very dependent on the type of foreign exchange, the type of revenue that comes from an oil and gas-based economy.

“So the answer is while we are moving toward other alternatives and trying to diversify the economy, the proposition is – don’t run from oil and gas because nothing is wrong with having an oil and gas-based economy.”